RELE 1211 Final Review | 2023/24 with complete answers

RELE 1211 Final Review | 2023/24 with complete answers What is NOT one of the main contingencies in a TREC contract - Price What happens if the events or occurrences set forth in the contingency will NOT come to pass and cannot be corrected - The buyer can back out of the contact legally What is an example of a title contingency that is unlikely to be curable in time for a closing - The paperwork from the seller's divorce cannot be finalized What is an example of a property contingency that seller may either properly refuse or which is unlikely to be cured to buyer's reasonable satisfaction in time for a closing - The seller's foundation was found to be unsound by a structural engineer The house was expensive - at the limit of what the buyer might be able to afford. The interest rates went up a bit after the contract was signed and the buyer simply cannot get the loan. What contingency might this raise - A financing contingency The inspections showed the house needed a new A/C compressor. The A/C. experts estimate this will cost about $1,500 to fix. What is not one of the options the TREC "Amendment to Contract' form would make available by agreement between the parties to deal with this situation - The seller would slip the buyer $1,500 in cash "under the table" to deal with the issue What is NOT one of the standard checkboxes on the TREC Amendment form - Assignment of the contract to a new buyer Which one of the following deals with the seller agreeing to make repairs before the buyer moves in - Addenda Which of the following topics is normally addressed with a TREC notice form - Lead based paint Which one of the following deals with giving the buyer time to be approved for financing before the seller has to move out - Addenda What are the two loan documents a borrower normally signs to set up a bank loan on real estate in Texas - A note and three party deed of trust What transfers the title to the land to the borrower - A deed from the seller How many parties are there on true mortgage in Texas versus a deed of trust - 2 Which document is primarily concerned with establishing and defining the lender's right to foreclose - Deed of Trust What is the best single word or phrase to define the following statement: "occurs when property is pledged as collateral by a property owner - Hypothecation Which of the following is giving the lender the right to force the sale of property to pay off a loan - Lien When a buyer borrows money to buy the house, and the loan is being paid in monthly payments, then who owns the house while payments are made - The borrower What is the process of forcing the sale of real property under a lien called - Foreclosure What is the main or largest charge the lender makes for the use of money over time - Interest When does the borrower lose title for not paying - Upon foreclosure sale What is NOT one of the six essentials of a deed - Signature of grantee What concept particularly involves the words "to have and to hold" - Delivery When does a deed pass title from a grantor to a grantee - when the deed is delivered and accepted What doctrine holds that a deed placed in escrow with conditions that are met can still be delivered at a later date and the time of delivery is when it first placed in escrow - Relation back doctrine