PROMULGATED LATEST
FORMS - CHAMPIONS
The
_____ has promulgated nine exceptions to title insurance policies. -
ANSWERS-Texas Department of Insurance
Failure to meet a contractual obligation - ANSWERS-Default
Processes of resolving contractual disagreements be- tween parties -
ANSWERS-Mediation
Funds held by a third party until performance of a contract. -
ANSWERS-Escrow
The time allowed for buyer-specified inspections - ANSWERS-Option
period
Expenses divided between parties at closing. - ANSWERS-Prorations
As a rule,______ should be given to Buyer upon closing and
END OF
PAGE
1
, PROMULGATED LATEST
FORMS - CHAMPIONS
funding. - ANSWERS-possession
The _____ paragraph is only for factual business details or statements
not addressed in the contract form, and for which there is no TREC-
promulgated addendum, lease, or other mandatory forms. - ANSWERS-
special provisions
Failure to perform is also commonly referred to as a _____. -
ANSWERS-"breach of contract."
In the event of default by the buyer, the seller has several options, which
include: - ANSWERS-Liquidated damages, Monetary damages, Specific
performance.
In the event of default by Seller, Buyer becomes the injured party. Buyer
has the following options: - ANSWERS-Refund of earnest money,
Monetary damages, specific performance.
____ means that all requirements under this paragraph must be
performed strictly on time. - ANSWERS-"Time is of the essence"
END OF
PAGE
2
, PROMULGATED LATEST
FORMS - CHAMPIONS
A______ is if one firm has listed the property, and another firm is
working with Buyer. - ANSWERS-Cooperative Sale
A _______ is if the same broker is representing the seller and is also
working with Buyer. - ANSWERS-In-house sale
_____ is the process of dividing ongoing expenses between the buyer
and the seller at closing. - ANSWERS-proration
If signed by both parties, a(n) _____ becomes a change to the existing
contract and must to be submitted to the title company. - ANSWERS-
amendment
The One-to-Four Family contract stipulates that the buyer is to receive
_____of the property on closing and funding, or according to a
temporary lease - ANSWERS-possession
In a closing, _____ are described as a cashier's check or wire transfer. -
ANSWERS-good-funds
END OF
PAGE
3
FORMS - CHAMPIONS
The
_____ has promulgated nine exceptions to title insurance policies. -
ANSWERS-Texas Department of Insurance
Failure to meet a contractual obligation - ANSWERS-Default
Processes of resolving contractual disagreements be- tween parties -
ANSWERS-Mediation
Funds held by a third party until performance of a contract. -
ANSWERS-Escrow
The time allowed for buyer-specified inspections - ANSWERS-Option
period
Expenses divided between parties at closing. - ANSWERS-Prorations
As a rule,______ should be given to Buyer upon closing and
END OF
PAGE
1
, PROMULGATED LATEST
FORMS - CHAMPIONS
funding. - ANSWERS-possession
The _____ paragraph is only for factual business details or statements
not addressed in the contract form, and for which there is no TREC-
promulgated addendum, lease, or other mandatory forms. - ANSWERS-
special provisions
Failure to perform is also commonly referred to as a _____. -
ANSWERS-"breach of contract."
In the event of default by the buyer, the seller has several options, which
include: - ANSWERS-Liquidated damages, Monetary damages, Specific
performance.
In the event of default by Seller, Buyer becomes the injured party. Buyer
has the following options: - ANSWERS-Refund of earnest money,
Monetary damages, specific performance.
____ means that all requirements under this paragraph must be
performed strictly on time. - ANSWERS-"Time is of the essence"
END OF
PAGE
2
, PROMULGATED LATEST
FORMS - CHAMPIONS
A______ is if one firm has listed the property, and another firm is
working with Buyer. - ANSWERS-Cooperative Sale
A _______ is if the same broker is representing the seller and is also
working with Buyer. - ANSWERS-In-house sale
_____ is the process of dividing ongoing expenses between the buyer
and the seller at closing. - ANSWERS-proration
If signed by both parties, a(n) _____ becomes a change to the existing
contract and must to be submitted to the title company. - ANSWERS-
amendment
The One-to-Four Family contract stipulates that the buyer is to receive
_____of the property on closing and funding, or according to a
temporary lease - ANSWERS-possession
In a closing, _____ are described as a cashier's check or wire transfer. -
ANSWERS-good-funds
END OF
PAGE
3
