Chapter 7 - Promulgated Addenda, Notices and Other Forms: Practice Questions
Which of the following paragraphs of the Addendum For Property Subject to Mandatory Membership in a Property Owners Association deals with Fees...?
C
What form should be used if a buyer would like to back out of a contract after the seller refuses to fix any repairs noted during the inspection period...?
Notice of Buyer's Termination of Contract
If the seller will occupy the property after closing, which of the following forms must be used in conjunction with the purchase contract...?
Seller's Temporary Residential Lease
A ......... means the seller's net proceeds at closing will be insufficient to pay the balance of the seller's mortgage loan?
Short sale
The Addendum For Reservation of Oil, Gas, and Other Minerals favors which of the following parties...?
The Seller
Who owns any submerged lands along a coastal waterfront...?
The State
Who serves as the tenant in a Buyer's Temporary Residential Lease...?
The buyer
According to the Notice of Buyer's Termination of Contract, a buyer may terminate a purchase contract for which of the following reasons...?
The buyer cannot obtain third party financing The buyer has not received the Seller's Disclosure Notice The buyer has identified serious defects with the property during the inspection period
According to the Notice of Buyer's Termination of Contract, which of the following are grounds for the buyer to terminate the purchase contract...?
The buyer does not want to be subject to mandatory membership in a Property Owner's Association
If the parties to a transaction sign an Addendum For Sale Of Other Property By Buyer, and the seller accepts a written offer from another buyer, the seller must notify the buyer and...?
The buyer must waive the contingency created by the addendum
Who is responsible for completing the Condominium Resale Certificate...?
The condominium owner's association
If the parties to a contract also sign an Addendum For Sale of Other Property By Buyer, but the buyer cannot close on their existing house, what happens to the purchase contract...?
The contract is terminated and the buyer is refunded their earnest money
John recently entered into a contract to purchase Abby's house. If John and Abby mutually agree to terminate the purchase contract, what promulgated form should be used...?
There is no promulgated form for mutual termination
What is the maximum number of Addendum For "Back-Up" Contracts a seller can have a one time...?
1
According to the Addendum For Reservation of Oil, Gas, and Other Minerals, if the seller does not reserve all of the mineral estate, the seller shall provide the buyer with the contact information of any existing mineral lessees within...?
7 days
Which of the following paragraphs of the Addendum For Property Subject to Mandatory Membership in a Property Owners Association deals with Subdivision Information...?
A
Which of the following addenda is pursuant to Section 33.135 of the Texas Natural Resources Code...?
Addendum For Coastal Area Property
If the seller will reserve all or a portion of the property's mineral estate, which of the following forms must be used...?
Addendum For Reservation of Oil, Gas, and Other Minerals
Which of the following forms should be used if the buyer needs to sell their existing property prior to closing on a new property...?
Addendum For Sale of Other Property By Buyer
Which of the following paragraphs of the Addendum For Property Subject to Mandatory Membership in a Property Owners Association deals with Material Changes...?
B
Which of the following is considered a non-contract form...?
Condominium Resale Certificate
According to the Short Sale Addendum, the seller's net proceeds are equal to the sales price minus...?
The seller's full closing costs
Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords...?
Information About Brokerage Services Form
This refers to a contract between an owner and tenant, setting forth conditions upon which the tenant may occupy and use the property and the term of the occupancy...?
Lease
The term of a Seller's Temporary Residential Lease commences on what date...?
The date the property is closed and funded
According to the Addendum For Back-Up Contract, the Amended Effective Date is equal to...?
The date the seller notifies the buyer of termination of the first contract
According to the Buyer's Temporary Residential Lease, the buyer must pay the seller the full amount of rent by what date...?
The move-in date
Which of the following are required attachments to the Condominium Resale Certificate...?
The operating budget The insurance summary The balance sheet
Who serves as the landlord in a Buyer's Temporary Residential Lease...?
The seller
A real estate broker is required to put the interest of their client above all others...?
True
A sales agent must be sponsored by a broker...?
True
According to the Addendum For "Back-Up" Contract, neither party is required to perform until the first contract is terminated...?
True
As stated in the Addendum For Coastal Area Property, a property adjoining coastal waters may gain or lose portions of the property due to tidal changes...?
True
According to the Addendum For Coastal Area Property, a property owner cannot ..........any state-owned submerged lands below the applicable tide line?
Use Encumber Build on
A mineral estate does NOT includes which of the following...?
Water Surface shale Gravel
In a short sale, the seller's lender agrees to do which of the following...?
Accept the seller's net proceeds in full satisfaction Provide the seller with an executed release of lien Offer consent to the seller to sell the property