Texas Promulgated Contracts: Answers Corrected: Latest Update
Terms in this set (68)
Which of these must a broker Lead-based paint addendum
maintain a copy of for three years
following a sale?
Angela's buyer has decided to Angela will have to pay back the earnest money, attorney fees, and
terminate their contract during the cost of a lawsuit.
the option period. They buyer has
sent a written demand to the
escrow agent to release the
earnest money, but Angela wants
to keep it. What penalty might
she eventually face?
A buyer needs more option period pay an additional option fee
time. They have asked the seller,
who agreed,
and signed TREC's Amendment to
Contract. What else must they do
to make the extension official?
What are two real estate governing TREC and the Broker-Lawyer Committee
bodies that were formed as a
result of TRELA?
Agent Aaron was drawing up a Yes, because the Seller's Disclosure Notice is not promulgated by TREC.
contract, and opted to use his
brokerage's (lawyer-
created) Seller's Disclosure Notice
instead of TREC's. Is this allowed?
Why or why not?
, In paragraph 6C of the one to four Three
contract, the parties negotiate the
number of days the seller has to
give the buyer an existing survey
and the T-47 form.
However, if the seller fails to
furnish the existing survey or T-
47 within the agreed- upon
number of days, the buyer will
obtain a new survey at the seller's
expense. This
occurs no later than how many
days prior to closing.
The option to terminate requires The option to terminate is a unilateral contract (for the buyer) within
extra the contract, and valid contracts require consideration (thus, the
consideration in the form of option
separate fee).
money because:
Why do townhouses require the One because unlike condo buyers, townhouse buyers are purchasing
to both the land and improvements
Four Family Residential Contract
instead of the Residential
Condominium Contract?
the seller can prevent the buyer from purchasing it. What is true is
Which of these is not true about
that it's optional, the provider is chosen by the buyer, and the buyer
the residential service contract?
is responsible for understanding the coverage they're choosing.
Which of these would be Oil. The mineral estate does NOT include water, sand, caliche, gravel,
considered part of a property's limestone, or iron.
mineral estate?
What are rules about the maximum occupancy standards
number of people allowed to
live together in a
single dwelling called?
According to the one to four The buyer should receive the title policy documents (at the address listed in
contract, the buyer should Paragraph 21 of the One to Four contract) within 20 days after the
receive their policy documents title company received the contract.
within how many days after the
Terms in this set (68)
Which of these must a broker Lead-based paint addendum
maintain a copy of for three years
following a sale?
Angela's buyer has decided to Angela will have to pay back the earnest money, attorney fees, and
terminate their contract during the cost of a lawsuit.
the option period. They buyer has
sent a written demand to the
escrow agent to release the
earnest money, but Angela wants
to keep it. What penalty might
she eventually face?
A buyer needs more option period pay an additional option fee
time. They have asked the seller,
who agreed,
and signed TREC's Amendment to
Contract. What else must they do
to make the extension official?
What are two real estate governing TREC and the Broker-Lawyer Committee
bodies that were formed as a
result of TRELA?
Agent Aaron was drawing up a Yes, because the Seller's Disclosure Notice is not promulgated by TREC.
contract, and opted to use his
brokerage's (lawyer-
created) Seller's Disclosure Notice
instead of TREC's. Is this allowed?
Why or why not?
, In paragraph 6C of the one to four Three
contract, the parties negotiate the
number of days the seller has to
give the buyer an existing survey
and the T-47 form.
However, if the seller fails to
furnish the existing survey or T-
47 within the agreed- upon
number of days, the buyer will
obtain a new survey at the seller's
expense. This
occurs no later than how many
days prior to closing.
The option to terminate requires The option to terminate is a unilateral contract (for the buyer) within
extra the contract, and valid contracts require consideration (thus, the
consideration in the form of option
separate fee).
money because:
Why do townhouses require the One because unlike condo buyers, townhouse buyers are purchasing
to both the land and improvements
Four Family Residential Contract
instead of the Residential
Condominium Contract?
the seller can prevent the buyer from purchasing it. What is true is
Which of these is not true about
that it's optional, the provider is chosen by the buyer, and the buyer
the residential service contract?
is responsible for understanding the coverage they're choosing.
Which of these would be Oil. The mineral estate does NOT include water, sand, caliche, gravel,
considered part of a property's limestone, or iron.
mineral estate?
What are rules about the maximum occupancy standards
number of people allowed to
live together in a
single dwelling called?
According to the one to four The buyer should receive the title policy documents (at the address listed in
contract, the buyer should Paragraph 21 of the One to Four contract) within 20 days after the
receive their policy documents title company received the contract.
within how many days after the
