Promulgated Contract Forms
____ is any attempt to induce panic selling in a neighborhood for financial gain.
Blockbusting
In order for a buyer to purchase a property using VA Guaranteed financing, the buyer must receive a(n) _____, which establishes the value of the property.
Certificate of Reasonable Value
The practice of taking buyers or renters to or away from a particular area based on a protected class is known as _____.
Channeling
The Addendum for Sale of Other Property by Buyer is _____ upon the buyer's receipt of proceeds from the sale and funding of another property owned by the buyer.
Contingent
By default, TREC-promulgated contract forms _____.
Convey all of the mineral estate owned by the seller
Who pays for a survey?
Either the buyer or the seller
In the case study titled "FHA Case Study," the buyer will use the Seller's existing survey and give the Seller _____
Five days to furnish the survey, Five days to furnish the affidavit
Which statement regarding earnest money is INCORRECT?
In Texas, earnest money is set at 6% of the sale price.
In the case study titled "Assumption Case Study," the buyer Maggie Phillips _____.
Is a licensed real estate agent in Texas
Tammy is interested in Jolene's property but wants to research the zoning laws before purchasing. She has an agreement in which she paid a fee of $100 to keep the property available for a preset price for 30 days, during which time Jolene cannot sell the property to another. Tammy, however, can change her mind if she likes. What kind of agreement is this?
Option
The Non-Realty Items Addendum is a(n) _____ form used when personal property is to be included in a sale.
Optional
House Bill 2532 establishes notice requirements for a homeowner who proposes to sell or convey real property located in a(n) _____.
Propane Gas System Service Area
In the case study titled "FHA Case Study," the exclusions stated in the listing agreement included that the seller would _____.
Retain all the potted plants on the patio
_____ are implemented when property operating under an exemption has its usage changed.
Rollback taxes
Which of the following was added to federal fair housing laws as a protected class in 1974?
Sex
The mineral estate refers to _____, including any oil, gas, or other minerals in or under the property.
Subsurface rights
The _____ has promulgated nine exceptions to title insurance policies.
Texas Department of Insurance
Bertha, a law school dropout is a licensed real estate agent who wants to make sure that she is providing her buyers with the best representation possible, so she drafts an iron-clad purchase contract for them. Bertha's sponsoring broker is horrified because Bertha is guilty of _____.
Unauthorized practice of law
1. If a contract has been entered into with a person who has been judged to be incompetent, that contract is considered _____ because that person never had the capacity to enter into it.
Void
John and Bev made an offer on Fernando's 3-bed, 2-bath home. When does that offer become a contract?
When its accepted and communicated
paragraph 4
you must disclose familial relationships
In the case study titled "Conventional Case Study," the buyers applied for a 90% conventional loan for 30 years at a fixed rate not to exceed _____.
4.75%
Paragraph 7D(1) indicates that the buyer:
Accepts the property As-Is
Who is responsible for furnishing a commitment to the buyer for title insurance?
Title company
Property includes:
Lands. Improvements, accessories
The actual fee split agreement between the brokers is by virtue of the _____.
Multiple listing services
All of the TREC-promulgated contracts were drafted with identical provisions to the _____.
One to Four Family Residential Contract
What is TRUE of the Special Provisions paragraph in the TREC-promulgated forms?
Only factual statements and business details of the transaction should be inserted into the paragraph.
The Seller's Disclosure Notice should be completed by _____.
The seller
If a buyer elects to waive the _____as specified in the Addendum for Sale of Other Property By Buyer, and then fails to close because of non-receipt of proceeds in another sale, the buyer will be in default of the contract.
contingency
The five essential elements that must exist for a real estate sales contract to be considered valid and enforceable are:
legal purpose, competent parties, mutual assent, consideration, and, in writing
A(n) _____ gives the buyer the unrestricted right to terminate the contract within a specified period.
option
For a valid _____ to exist, all of the blanks in Paragraph 23 must be filled in.
option
In the case study titled "VA Case Study," a 10-day _____ for $200 will be credited to the sale price.
option fee
Which of the following correctly defines a counteroffer?
rejection of the original offer coupled with a new offer
