Chapter 7f

What should a licensee representing the buyer do with the information found from Subdivision Information, Including Resale Certificate for Property Subject to Mandatory Membership in a Property Owners' Association?

Present it to the buyer as soon as the documents are received but do not discuss with the buyer.

What is the meaning of the term "time is of the essence?"

Strict compliance to the dates on the contract.

Which addendum should be used when personal property is conveyed?

TREC NON-REALTY ITEMS ADDENDUM

With the Addendum for Sale of Other Property by Buyer, if a back-up offer is received by the seller and he or she chooses to accept it, the seller will notify the buyer and then what would happen to the contract?

The buyer could waive the contingency.

What goes in the blank line at the beginning of the Addendum for Sale of Other Property by Buyer?

10 Misty Mesa, Colleen, Tx 76066

When might a "short sale" occur?

A short sale occurs when a buyer has been located and an agreement is reached for an amount that is less than what is owed. The seller will receive nothing and the lender will receive less than what the bank is currently owed.

What is the purpose of the form Information About Brokerage Services?

It fully informs the buyer and the seller as to the function of the real estate licensee.

What is the central purpose of the Addendum for Property Located Seaward of the Gulf Intracoastal Waterway?

It is a warning statement.

What is the Gulf Intracoastal Waterway?

The Waterway links Texas ports with the rest of the country and enables Texas to handle most of the shipping traffic. It is a canal that runs along the Gulf of Mexico coastline from Brownsville all the way to St. Marks, Florida. It is a 1,300-mile man-made canal.

Who are the parties of a One To Four Family Residential Contract (Resale) when a "short sale" is involved?

The buyer and seller

When is the effective date of the back-up offer?

The date that the buyer was notified that the first contract was terminated

During a short sale, how much is the maximum the seller can receive?

The seller cannot make any money on the sale.

Which of the following is the best reason to use the Addendum for Reservation of Oil, Gas & Other Minerals?

To keep the real estate real estate agents from practicing law.

According to the Addendum for "Back-Up" Contract, when must the option money be paid?

Upon execution

Can a Property Owners' Association charge transfer fees legally?

Yes, this transfer fee is perfectly legal.

What do the words "to bring to a conclusion" mean?

bring something to a finish or to an end

In completing paragraph B. of the Addendum for Reservation of Oil, Gas and Other Minerals, which of the following boxes should be checked?

one-half

How will the blank be filled in under paragraph C. of the Addendum for Sale of Other Property By Buyer be filled in?

$500.00

Shown below 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.

Addendum for Coastal Area Property

Shown below 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.

Addendum for the property located seaward of the Gulf Intracoastal waterway

What is the purpose of Ground Fault Circuit Interrupters (GFCI)'s?

Any electric plugs near a water source there is a reset button that will help to prevent electric shock, those plugs are GFCI's.

According to the Addendum for "Back-Up" Contract, what happens if there is a modification to the first contract?

Any modification to the first contract does not terminate that contract.

When should the Addendum for Property Located Seaward of the Gulf Intracoastal Waterway be used?

Anytime a coastal real property is sold near a beach.

Which box should be marked on the Notice of Buyer's Termination of Contract if the buyer is terminating pursuant paragraph 23, Termination Option, of One to Four Family Residential Contract (Resale)?

Box 1

What style of transfer of ownership in which the seller gives possession of the property to the buyer and stipulates that at some time in the future the buyer will receive a deed that shows actual ownership called?

Contract for deed

According to the TREC Addendum for Property Subject to Mandatory Membership in a Property Owners Association, who is responsible for paying the title company for the cost of obtaining information from the association?

Its negotiable, the real estate agent would mark the correct box

according to the Addendum for "Back-Up" Contract, what are the parties obligations if the first transaction closes?

Neither party will have any further obligations.

Who signs the Texas Real Estate Consumer Notice Concerning Hazards or Deficiencies addendum?

No one

According to the TREC promulgated Addendum for Sale of Other Property by Buyer, what must the seller do if they accept a back-up offer?

Notify the buyer.