Texas Promulgated Contract Forms Chapter 7Exam Questions with 100 % Correct Answers

Why would you use the TREC No. 10-6 Addendum For Sale of Other Property By Buyer? - Answer When a buyer wants to purchase a home but needs to sell his current home to do so. How is the TREC No. 10-6 Addendum for Sale of Other Property by Buyer. used? - Answer The agent working with the buyer will write up an offer and then attach this addendum to the One to Four Family Residential Contract (Resale). What is true regarding the closing date for The agent working with the buyer will write up an offer and then attach this addendum to the One to Four Family Residential Contract (Resale).? - Answer The date for this document cannot be any later than the closing date in paragraph 9 of the One to Four Family Residential Contract (Resale). When is the Addendum for Reservation of Oil, Gas, & Other Minerals used? - Answer required for use for ANY reservation of minerals by the Texas Real Estate Commission to prevent licensees from practicing law by trying to put down in the One to Four Family Residential Contract (Resale) the parties' wishes on mineral rights. What is the central purpose of the Addendum for Property Located Seaward of the Gulf Intracoastal Waterway? - Answer It is a warning statement. When should the Addendum for Property Located Seaward of the Gulf Intracoastal Waterway be used? - Answer Anytime a coastal real property is sold near a beach. Shown is an excerpt from one of the addenda presented in this unit. What is the name of this addenda? State law prohibits the use, encumbrance, construction, or placing of any structure in, on, or over state-owned submerged lands below the applicable tide line, without proper permission. - Answer Addendum for Coastal Area Property Shown is an excerpt from one of the addenda presented in this unit. What is the name of it? IF YOU OWN A STRUCTURE LOCATED ON COASTAL REAL PROPERTY NEAR A GULF COAST BEACH, IT MAY COME TO BE LOCATED ON THE PUBLIC BEACH BECAUSE OF COASTAL EROSION AND STORM EVENTS. - Answer Addendum for the property located seaward of the Gulf Intracoastal waterway Who are the parties of a One to Four Family Residential Contract (Resale) when a "short sale" is involved? - Answer The buyer and seller