Real Estate

According to the objections paragraph of the TREC one to four family residential contract resale, how much time does the buyer have to object to title defects after receiving the commitment, exceptions documents, and survey?

By closing or the number of days specified whichever is earlier

Through which promulgated from are consumers notified that they can submit a complaint to TREC against a license holder?

Consumer Protection Notice

If a buyer request subdivision information using the Addendum for property subject to mandatory membership in a property owner association form, who pays to obtain the information and have it delivered?

It depends, The buyer may opt to pay for it, or ask the seller to pay for it. Other alternatives can be negotiated between the parties.

Which of the following statements about thee owners title insurance policy is true?

It insures the buyer against loss due to title defects under the provisions of the title policy which are subject to existing exclusions and a list of exceptions

The seller's disclosure notice is a required form by Texas law; however it is not By TREC?

Promlugated

The property that thee Lincolns are interested in purchasing is subject to mandatory membership in the subdivisions home owners association. If the Lincolns request more information about the subdivison, what form will they receive from the property owners association?

Subdivision information, Including Resale Certificate for property subject to mandatory memebership in a property owners association.

How many days does the Texas seller have to deliver a commitment for title insurance to the buyer under the terms of the TREC one to four family residential contract resale.

20 days

Tom has purchased two acres of land from his Uncle Bob, who owns the family farm, and Tom has built two houses on the property. Sally and Jake are buying one of the homes from Tom. Because the use of the land is changing, rollback taxes will apply. Who changed the use of the land?

Tom

What type of form has been prepared by the Broker Lawyer committee, approved by TREC and made available on a voluntary bacis?

Trial Use

Which of the following is a true statement about the sales contract form in Texas?

There is no one standard form in Texas sales contract

Per TAR's Release of Earnest Money form, who is responsible for disbursing the earnest money?

The Escrow Agent

For purposes of performance what is the effective date of the Back up Contract based upon?

The date the buy

Your buyer client, Millicent, is closing on a property on January 3, but she has February 15 date of possession. Which of the following is likely true about this situatioin?

The seller is paying rent

What is the name of a document that describes additions to the scope of the contract?

Addendum

Myron has made an offer on a condominium and is waiting to find out more about the condominium owners association and any associated fees. He want this information for budgeting purposes. Which promulgated form will the seller provide Myron from the owners association?

Condominium Resale Certificate

If buyers, they are defaulting on the contract and could lose their earnest money deposit to the seller?

Fail to remove a contingency before closing

Jesse has just received two offers for a listing. One is a low ball offer, and one is for the listing price. Which of the following is true?

Jese must submit both offers to his seller client

Which of the following is sufficient as a legal description of a property on the TREC residential resale contract?

Lot2, Block 12, Greendale subdivision in the city and coutnty of Dallas

Your buyer client Melvin and Harry want to make an offer on a ranch. Which type of property description will you need to use on the Farm and Ranch Contract?

Meets and Bounds

Licensee Marvin is using a real estate contract form drawn up by his property owner client, instead of using a form with a similiar purpose promulgated by the Texas Real Estate commission. This is

Okay if Marvin's client required that form

Which of the following is an example of discrimination

Restricting families with children to a certain area of a building or complex

Which Texas addendum is required the seller has agreed to accept installment payments from the buyer?

Seller Financing Addendum