Promulgated Contract form Practice exam(2024)Questions And Answers

Promulgated Contract form Practice exam(2024)Questions And Answers Federal Fair housing laws forbids discriminatory practices by parties including: - answerOwners of property Lenders Real Estate Brokers all of the above Use of the TREC promulgated One to Four Family Residential Contract (resale)is allowed on the sale of a residential condominium - answerfalse What is the status of a contract if the seller does not make the buyer aware of a property being located in a municipal utility district? - answerVoidable by the buyer the Residential Condominium Contract allows a limit to the amount a Buyer will pay for Association transfer fee - answerTrue If a property was built before 1978, what specific amendment is required - answerDisclosure of Lead-base pain addendum If there is an existing survey on the property, what does the seller take to the title company and the lender - answerThe existing survey and the notarized affidavit stating if there have been any changes in the survey since the time the existing survey was completed. Intermediary requires: - answer-Disclosure of who represents whom in a transaction -Written agreement by both seller and buyer -involvement of only one company ALL OF THE ABOVE The Texas Real Estate Commissions (TREC) promulgates an addendum to be used in a short sale. This Short Sale Addendum is to be signed by - answerBuyer and seller Failure on the part of the broker/sales associate to advise the purchaser in writing to have an abstract of title examined by an attorney or obtain a title insurance policy: - answerMay be cause to have the agent's license suspended or revoked, and precludes receiving any commissions or agreed fees associate with the