TREC Promulgated Contract Forms #351Final Exam Questions And Answers Verified 100% Correct

TREC Promulgated Contract Forms #351Final Exam Questions And Answers Verified 100% Correct All of the following would be necessary regarding the affidavit with the exception of: A written document is necessary The document must be signed by the seller stating the information is true The buyer would be given a copy of the affidavit The county Treasurer must also be given a copy The county Treasurer must also be given a copy Aaron, the buyer tells the seller he is selling the property "as is": The buyer should insist on full disclosure before agreeing to the sale The buyer should now negotiate a lower price The buyer should be relieved she has found her fixer-upper The buyer should have the house inspected immediately after closing The buyer should insist on full disclosure before agreeing to the sale To obtain an environmental report from a professional, who is responsible for paying this report? Always it is the seller The buyer The real estate agency The State of Texas The buyer The term to describe a home warranty that buyers may purchase is called: Residential Service Contract Commercial Indemnity Clause Residential Indemnity Clause Probate Agreement Residential Service Contract Failure to notify the Commission of an affiliation with another company: Is deemed a violation of TREC regulations Is okay as long as the other company has been approved by TREC Is not considered a violation Is okay if notice is given within 60 days after the contract Is deemed a violation of TREC regulations What happens if the seller needs to remain in the home after the closing date? The TREC Form 15-5 Seller's Temporary Residential Lease is filled out and signed by all involved parties TREC Form 15-5 is attached to the purchase and sales contract The addendum TREC FORM 15-5 is signed and dated by all parties All of these All of these When do the requirements of the Texas property code NOT apply relating to security devices? When the residential lease is 90 days or less When the residential lease is 120 days or less When the residential lease is more than 30 days When the residential lease is more than 1 week The security device clause only applies when the temporary lease exceeds 90 days or more. When the buyer and the seller use TREC Form 16-5, the Buyer's Temporary Residence Lease Form, who may give legal advice on the interpretation of this form? The real estate licensee The insurance company involved The attorney for each party TREC because they developed the form The attorney for each party If the tenant of either Temporary Lease Form fails to comply with any provisions of the lease they would be considered to be in: Default Holding over Indemnity Compliance Default Title and closing fees would not cover: Cost of a title search Issuance of the title commitment Title insurance policy Hazard insurance Hazard insurance Fees that are NOT part of escrow would include: Interviews conducted to the neighboring residents of the property in question to determine if they know of any disputes within the neighborhood Survey fees Fees to prepare all the closing documents Bank required inspection fees Interviews conducted to the neighboring residents of the property in question to determine if they know of any disputes within the neighborhood The term to describe the arrangement that is recommended by a judge for two or more parties settle their disagreement through a 3rd party to help resolve the conflict is called: Meditation Mediation Medium Mitigation Mediation The exception to using the State of Texas promulgated forms: A lawyer licensed to practice in Texas A buyer drafting his/her own real estate contract A former real estate professional who is now the owner/broker of a real estate firm A seller drafting his/her own real estate contract A lawyer licensed to practice in Texas The purpose of Form 24-13 is for? New homes sales Established homes Improvements made to the home Equipment that goes with the sale Form 24-13 New Home Contract (Completed) is for new homes. Form 24-13 New Home Contract (Completed) is for new homes. Select the correct statement regarding rollback taxes and Section 13 of the New Home Contract: If additional taxes are due on the property because of development of the property the seller will pay the additional tax The seller is the developer The subject home is a new home All of these All of these Which of the following would not be considered a common expense assessment? Yearly assessment for the upkeep on the grounds Unit owner patio furniture for her deck Association fees Special assessments Another good reason to read over the fine print before buying into a condominium is to know what other additional costs you will be paying as the owner of the condo. What does the rollback tax statement say in Section 13 in Form 14-12 New Home? If there are additional taxes on the property the seller (developer) will pay the additional tax The condominium buyer agrees to pay all additional prorations