Promulgated Contract form Practice exam(2024)Questions And Answers

Promulgated Contract form Practice exam(2024)Questions And Answers A state government entity created to encourage agricultural development in Texas is the: - answerTexas Agricultural Development District If a seller wants to continue to occupy the property for two days after the closing and the buyer agrees: - answerthe Seller's Temporary Residential Lease form should be used 3. A federal disclosure requirement for residential properties built prior to 1978 is - answerA lead-based paint disclosure According to the Seller Financing Addendum, the interest rate is: - answernegotiated between the parties TREC has promulgated forms for: - answerresidential transactions The number of days allowed for objections to title or survey is: - answerthe number of days entered in paragraph 6. TREC promulgated contracts allow the Buyer to have the property inspected: - answerby inspectors licensed by TREC or otherwise permitted by law When one party defaults under a contract, the other party is known as the: - answerInjured party Buyer Sarah is purchasing a residential property. She plans to live in the home and operate a daycare business in the home as well. Having mentioned this to her agent, the agent should: - answerspecify the use as a daycare in Paragraph 6: Objections If a property is under contract to a buyer, another buyer may use the to enter into a contract for the property if the first contract fails to close. - answerAddendum for Back-up Contract The title company is: - answernot a party to the transaction A(n) __________ property is one where a particular event has affected the desirability of said property. - answerStigmatized Land, improvements and accessories are collectively referred to as: - answerThe property If an overage is incurred on new home construction due to a change order, the excess is paid by: - answerthe buyer