Texas Promulgated Contract Forms Chapter 7
What is the purpose of the form Information About Brokerage Services?
It full informs the buyer and the seller as to the function of the real estate licensee.
What is the Gulf Intracoastal Waterway?
It is a 1,300-mile man-made canal that runs along the Gulf of Mexico coastline from Brownsville all the way to St. Marks, Florida. The Waterway links Texas ports with the rest of the country and enables Texas to handle most of the shipping traffic.
What is the central purpose of the Addendum for Property Located Seaward of the Gulf Intracoastal Waterway?
It is a warning statement.
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.
Who is required to initial the Information About Brokerage Services form?
Seller and Buyer
Which addendum should be used when personal property is conveyed?
TREC NON-REALTY ITEMS ADDENDUM
During a short sale, how much is the maximum the seller can receive?
The seller cannot make any money on the sale.
When is the Addendum for Reservation of Oil, Gas, & Other Minerals used?
required for use for ANY reservation of minerals by the Texas Real Estate Commission to prevent licensees from practicing law by trying to put down in the One to Four Family Residential Contract (Resale) the parties' wishes on mineral rights.
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 potential issue if a landowner fills in land on the coast to extend his/her land?
Possible violation of state and federal laws
How is the TREC No. 10-6 Addendum For Sale of Other Property By Buyer. used?
The agent working with the buyer will write up an offer and then attach this addendum to the One to Four Family Residential Contract (Resale).
Who are the parties of a One To Four Family Residential Contract (Resale) when a "short sale" is involved?
The buyer and seller
What is true regarding the closing date for The agent working with the buyer will write up an offer and then attach this addendum to the One to Four Family Residential Contract (Resale). ?
The date for this document cannot be any later than the closing date in paragraph 9 of the One to Four Family Residential Contract (Resale).
What is the main reason for creating a mandatory membership in a property owner's association?
To keep the value of homes in a subdivision up
What is the most frequent complaint in dealing with short sales?
Too much time to complete the transaction
Why would you use the TREC No. 10-6 Addendum For Sale of Other Property By Buyer?
When a buyer wants to purchase a home but needs to sell his current home to do so.
Can a Property Owners' Association charge transfer fees legally?
Yes, this transfer fee is perfectly legal.
Shown 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 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.
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.
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
Who signs the Texas Real Estate Consumer Notice Concerning Hazards or Deficiencies addendum?
No one
When should the Information about Brokerage Services form be given to customers by the licensee?
upon the first substantial discussion about real estate.This form should be the first "lesson" that salespeople give to a prospective client.