PCF - Chp. 4

(Title Policy)PARAGRAPH 6.E.(7) PUBLIC IMPROVEMENT DISTRICTS:

A PID is a taxing entity established by area property owners to enhance a neighborhood or commercial district.

(Title Policy) PARAGRAPH 6.C.2

A new survey is obtained at buyers expense.

(Title Policy) PARAGRAPH 6.C.3

A new survey is obtained at sellers expense

(Property Condition) PARAGRAPH 8. BROKER'S FEES:

Fees due to the broker are found in two separate agreements. The listing agreement and the buyer representation agreement.

(Property Condition) PARAGRAPH 7.C. SELLER'S DISCLOSURE OF LEAD-BASED PAINT AND LEAD- BASED PAINT HAZARDS:

Houses built prior to 1978 must have the lead based paint addendum attached to the contract.

(Addendum Lead-Based) PARAGRAPH A. LEAD WARNING STATEMENT:

Houses built prior to 1978, this notice states that lead exposure can be found in paint.

Charles wants the seller to pay for the title policy. He prefers to use the seller's existing survey, but he doesn't mind paying for a new one if the existing survey is found to be unacceptable. He wants to receive the survey within 7 days. In Paragraph 6. C, Martina should:

Place a check checkmark to (1), write in 7, and "Buyers"

__ __ __ are commonly referred to as home warranty companies

Residential Service Companies

Paragraph 7H of the One-to-Four Family Contract concerns:

Residential Service Contracts

(Addendum Lead-Based) PARAGRAPH B. SELLER'S DISCLOSURE

Select the correct box to check that either they do or do not know of lead-based paint or lead-based paint hazards

(Property Condition) PARAGRAPH 7.A. ACCESS, INSPECTIONS AND UTILITIES

Seller allows the buyer to run any inspections as wanted during a reasonable time.

(Title Policy) PARAGRAPH 6.C.1

Seller has existing survey that they intend to use. Format: Enter # of days the seller has to deliver the survey.If survey is unacceptable a new one will be made at buyer or sellers expense. If survey is not delivered during time period, buyer will obtain a new survey at sellers expense.

Form stating known facts and defects con- cerning a property

Seller's Disclosure

(Property Condition) PARAGRAPH 7.B. SELLER'S DISCLOSURE NOTICE PURSUANT TO § 5.008, TEXAS PROPERTY CODE (NOTICE):

Sellers disclosure should be given to the buyer prior to making the offer. This comes with three options: PARAGRAPH 7.B.(1) The buyer has received the notice. This is the most desirable option if the seller is obligated to provide a seller's disclosure. PARAGRAPH 7.B.(2) The Buyer has not received the notice, and can terminate for any reason up to 7 days after receiving the notice or prior to closing whichever occurs first. PARAGRAPH 7.B.(3) If the seller is not required to provide the notice, check this box.

(Title Policy) PARAGRAPH 6.E.(2) MEMBERSHIP IN PROPERTY OWNERS ASSOCIATION:

Shows if buyers advised if the property is or is not apart of the association.

(Title Policy) PARAGRAPH 6.E.(8) TRANSFER FEES:

Some properties are subject to a private transfer fee.

(Title Policy) PARAGRAPH 6.E.(9) PROPANE GAS SYSTEM SERVICE AREA:

Some properties fall in an area that has propane systems. An addendum notice is made and completed with the contract.

However, if the license holder or the __ __ is paid for advertising services unrelated to any one transaction, the license holder must disclose such payments to the client.

Sponsoring broker

A measurement of boundaries and land area required in some sale contracts

Survey

The disclosure form should not be attached to the contract as an addendum, but the form should be retained in the transaction records maintained by the broker as evidence that the disclosure was provided. (T/F)

T

(Title Policy) PARAGRAPH 6.E.1: Abstract or title policy

TRELA requires that license holders advise the buyer to have the abstract examined by an attorney or to obtain a title insurance policy.

The policy contains eight exceptions promulgated by the?

Texas Department of Insurance

(Title Policy) PARAGRAPH 6.B: Commitment

The title company has 20 days from the days from the date that they receive the contract to furnish a commitment to the buyer for title insurance.

(Property Condition) PARAGRAPH 7.H: Residential service contract

These are commonly known as Buyer can purchase a home warranty under any circumstances.

T-47 Affidavit states that?

They are the owner of the property

What is PARAGRAPH 6?

Title Policy and Survey

Insurance policy against losses resulting from defects in title

Title policy

(Title Policy) PARAGRAPH 6.E.(6) PROPERTY LOCATED IN A CERTIFICATED SERVICE AREA OF A UTILITY SERVICE PROVIDER:

Utility Service Providers are businesses licensed by the Texas Commission on Environmental Quality. They are not taxing authorities like utility districts, but do charge for water and sewer services, primarily in rural areas.

(Title Policy) PARAGRAPH 6.E.(5) ANNEXATION

When the property is outside the boundaries of a municipality, there is a chance the property will get annexed in the future.

The property Charles is making an offer on was built in 1970, and there was a signed seller's disclosure in the documents section of the multiple listing service, but there was no Lead- Based Paint Addendum. Martina has not been able to get the signed addendum from the listing agent, and Charles has indicated that he would like to move forward with making an offer. Martina could:

a. Advise Charles that moving forward with an offer before receiving the signed adden- dum could be very risky b. Advise Charles of his right to get an inspection and terminate the contract within 14 days if lead-based paint or lead-based paint hazards are present c. Inform Charles about the risks of moving forward with an offer and make sure he has received the pamphlet and signed the addendum ***All of the above are actions that Martina can take

There are __ exceptions to the sellers disclosure form.

11

In the T-47 Affidavit form, the date is entered in what paragraph? And also the changes to the property?

4

(Earnest Money Requirement) PARAGRAPH 5. EARNEST MONEY: What is the format to write this?

Amount of earnest money, name and address of the title company. If additional, enter the amount and then the amount of days.

(Property Condition) PARAGRAPH 7.D?

Acceptance of property condition

(Addendum Lead-Based) PARAGRAPH E. BROKER'S ACKNOWLEDGMENT:

Broker must inform Seller of the seller's need to: (a) provide Buyer with the above named pamphlet on lead poisoning prevention (b) complete this addendum (c) disclose if Seller is aware of lead-based paint and/or lead based paint in or on the property (d) deliver all records and reports to Buyer concerning lead-based paint and/ or lead-based paint hazards in the property (e) give Buyer 10 days to have property inspected by an inspector of Buyer's choice (f) keep a copy of this addendum for at least 3 years following the sale of the subject property. Brokers must ensure compliance.

(Property Condition) D(1) means?

Buyer accepts property in its present condition

(Title Policy) PARAGRAPH 6.D.4: Objections

Buyer may object to any matters that might prohibit a certain use or activity of the property. (ex: Parking an rv on the street.) The use of the property must be listed. Such as "residential use"

(Addendum Lead-Based) PARAGRAPH C. BUYER'S RIGHTS

Buyer to indicate whether Buyer waives the right to conduct a risk assessment or inspection.

(Addendum Lead-Based) PARAGRAPH D. BUYER'S ACKNOWLEDGMENT

Buyer will verify in check box that he or she has received copies of all information mentioned above, and has received a copy of the pamphlet "Protect Your Family From Lead in Your Home."

(Addendum Lead-Based) PARAGRAPH F. CERTIFICATION OF ACCURACY:

Certification that everybody is aware that the addendum is correct. The broker, seller, and buyer signs this.

(Environmental Assessment) PARAGRAPH B, what does the box mean?

Checked if Buyer is concerned that there may be threatened or endangered species or their habitat on the site

A "deposit" paid upfront by the buyer

Earnest Money

A change made to a standard insurance policy

Endorsement

(Environmental Assessment) PARAGRAPH A, what does the box mean?

Environmental assessment - Box is checked if the buyer wishes to obtain it.

(Property Condition) PARAGRAPH 7.G. ENVIRONMENTAL MATTERS:

If Buyer is concerned about environmental matters affecting the property, a TREC Promulgated Environmental Addendum is available. The addendum Buyer's expense allows to perform environmental assessments on the property.

(Title Policy) PARAGRAPH 6.E.4: Tide Waters

If property abuts tidally influenced waters, it must be disclosed. The notice for this is called "Addendum for Coastal Area Property 33-1".

(Title Policy) PARAGRAPH 6.E.3: Statutory tax districts

If property is located in a utility tax district, it must be disclosed.

(Environmental Assessment) PARAGRAPH C means that?

If there is a concern regarding wetlands, Buyer will want to do an assessment.

(Title Policy) PARAGRAPH 6.E: Title Notices

Includes a # of notices relating to issues that may/may not apply to the real estate being sold.

(Property Condition) PARAGRAPH 7.E. includes

Lender required repairs and treatments

(Property condition) PARAGRAPH 7.F. COMPLETION OF REPAIRS AND TREATMENTS:

Must finish repairs by closing date

T-47 must be signed in the presence of a?

Notary

(Title Policy) PARAGRAPH 6.E.10?

Notice of water level fluctuations

(Property Condition) D(2) means?

The buyer accepts the property in its present condition provided that the seller complete certain specific repairs and treatments