Unit 7 Promulgated Addenda, Notices and Other Forms
What information is a TREC consumer protection notice contain?
Information regarding TREC recovery funds
Which of the following best describes the information about brokerage services form?
It is approved for volunteer used by license holder. The information is mandatory but the form is optional.
Under the addendum for property subject a mandatory membership in a property owners association, who is required to pay for the updated resale certificate if required by the title? Okay
It is negotiated
How long does the seller have to notify buyer that seller has obtained a lienholders consent and agreement using the TREC short sale addendum?
The time period is negotiated
A buyer which is to sell her existing home before buying a new home. Which TREC form should be used?
Addendum for Seller of other Property by Buyer
Buyer and seller enter into an agreement to purchase sellers property which is located in a property owners association. Buyer wants additional information about the POA and agrees to obtain and pay for the subdivision information. What is the buyers option if buyer timely obtains it as required by paragraph A(1) of the addendum for property subject to mandatory membership in a property owners association?
Buyer may terminate within three days and receive the earnest money
Under the addendum for sale of other property by buyers what happens if the seller accepts a backup offer from buyer 2 and buyer 1 waves the contingency but fails to sell his existing house is and is unable to close on the new house?
Buyer one Will be in default
Which of the following is not included in the TREC notice of buyers termination of contract?
Buyer wants a refund of earnest money.
What should a licensee advise a seller to do with the seller wants to keep a TV projector that is installed in the theater room?
List the items as an exclusion in paragraph 2D
A buyer wishes to purchase a fully furnished ranch house. What form or paragraph in the contract should be used to convey the personal property?
Non-realty items addendum
Who is required to execute the buyers notice of termination of contract?
Only the buyer
Under paragraph B of the addendum for property subject mandatory membership at a property owners association, when is selling required to provide information to buy regarding material changes to the subdivision information?
Promptly
The addendum for coastal area Property in the Addendum for Property located Seaword of the gulf intercoastal waterway contain the notices is required by
The Texas natural resources code
