Texas Promulgated Contract Forms - Chapter 3
All of the above
If a buyer is obtaining a conventional mortgage, they must include which of the following information on the TREC Third Party Financing Addendum...? Amount of the loan Interest rate of the loan Term of the loan All of the above
225,000 Dollars
If a buyer is providing a down payment of $50,000, and is obtaining a loan from a bank in the amount of $175,000, what is the purchase price of the property...? 50,000 Dollars 175,000 Dollars 200,000 Dollars 225,000 Dollars
TREC Loan Assumption Addendum
If a buyer is purchasing a property involving the assumption of an existing loan, which of the following documents must be included with the purchase contract...? Third Party Financing Addendum for Credit Approval TREC Loan Assumption Addendum Assumption Approval Addendum Financing and Credit Addendum
TREC Seller Financing Addendum
If a buyer is purchasing a property with the help of seller financing, what must be included with the purchase contract...? TREC Loan Assumption Addendum Third Party Financing Addendum for Credit Approval TREC Seller Financing Addendum Financing and Credit Addendum
Unincorporated
If a property is not located within a city, what should be included in the legal description of the property on the purchase contract...? Town Village Unincorporated Any of the above
The buyer's name as listed in the purchase contract
When a buyer takes title to a property, the name listed on the deed will match which of the following...? The buyer's name as listed on the property's mortgage The buyer's name as listed on their State ID The buyer's name as listed in the purchase contract None of the above
The appraisal district's website
Where can an agent search to find the legal description of a property...? The appraisal district's website Zillow.com The U.S Department of Finance website TREC's website
Addendum For Release of Liability on Assumed Loan and/or Restoration of Seller's VA Entitlement
Which of the following addenda must a veteran complete when purchasing a new home with a VA loan when they already have an outstanding VA loan...? Addendum For Release of Liability on Assumed Loan and/or Restoration of Seller's VA Entitlement Assumption Approval Addendum TREC Seller Financing Addendum Financing and Credit Addendum
All of the above
Which of the following are considered improvements to a property...? Fences A shed A garage All of the above
All of the above
Which of the following is included in the legal description of a property...? Section number Lot number Block number All of the above
Third Party Financing Addendum
If a buyer is looking to purchase a property with the help of a Texas Veterans loan, which of the following must in included with the purchase contract...? TREC Seller Financing Addendum TREC Loan Assumption Addendum Third Party Financing Addendum Financing and Credit Addendum
1
Veterans are allowed to have how many VA loans at any given time...? 1 2 A As many as they desire
The name of the seller(s) as listed on the deed
What does an agent first need from the seller when preparing a contract...? The last name of the seller(s) The name of the seller(s) as listed on their license The name of the seller(s) as listed on the deed None of the above
The seller's title policy
When preparing a contract, where should the agent look to find the name of the seller(s)...? The seller's title policy The seller's license The seller's birth certificate Any of the above
The seller
The "excluded fixtures and accessories" section of the contract is completed by which of the following parties...? The seller The buyer Both the buyer and the seller The buyer's agent
64,000 Dollars
A buyer needs to obtain a loan to purchase a $320,000 house. If the lender is willing to loan at an 80% LTV, how much of a down payment must the buyer put down...? 32,000 Dollars 54,000 Dollars 64,000 Dollars 75,000 Dollars
The equity in the house
A reverse mortgage is paid back using which of the following...? A new loan sometime in the future The borrower's savings The equity in the house Seller financing
Temporary lease
If the buyer will occupy the property prior to closing, what needs to be included with the sales contract...? Accelerated closing documents Seller release addendum Temporary lease All of the above
The buyer
If the seller does not specify improvements and accessories to be excluded from the sale of the property, which of the following will claim ownership of these items...? The State The buyer The seller will still claim ownership of the items Both the buyer and the seller
Earnest money
Paragraph 5 of the One to Four Family Residential Contract - Resale primarily deals with...? Legal description of the property Sales Price Improvements and accessories Earnest money
T (True)
Reverse mortgage financing is primarily used for owner-occupied residences...? T (True) F (False)
62
Reverse mortgage financing is typically reserved for borrowers over the age of...? 21 55 62 66
Residential Service Contract
A home warranty is also known as a...? Home Appliance Contract Title Warranty Residential Service Contract Refund Warranty
ABC Corporation, a Texas Corporation
ABC Corporation is purchasing a residential property in Houston. How should the corporation's name appear on the purchase contract...? ABC Corporation ABC Corporation, a Texas Corporation ABC Corporation, and its shareholders ABC Corp.
2D
Improvements and accessories that the seller would like to retain should be listed in paragraph .........of the One to Four Family Residential Contract - Resale? 1 2D 3A 4
John Doe, An Unmarried Person
John Doe is an unmarried individual who is buying his first house. How should John's name be listed on the purchase contract...? John Doe Doe, John John Doe, a Single Person John Doe, An Unmarried Person
Items of personal property that will stay with the property after closing
The Non-Realty Items Addendum includes which of the following...? Real property that will stay with the property after closing Fixtures that will stay with the property after closing Improvements that will stay with the property after closing Items of personal property that will stay with the property after closing
Condominiums
The One to Four Family Residential Contract - Resale is NOT used for which of the following properties...? Single family homes Duplexes Tri-plexes Condominiums
All of the above
The One to Four Family Residential Contract - Resale is used for which of the following properties...? Tri-plex properties Duplex properties Single family homes All of the above
Increases
The loan amount in a reverse mortgage ........over time? Increases Decreases Remains the same Significantly decreases
1
The names of the parties are included in paragraph .......of the promulgated sales contract? 1 3 4 6