Promulgated contracts

TRELA stands for

The real estate license at

The TREC residential condominium contract includes section not present in the TREC1 to 4 including

The resale certificate

Executed and executory contracts are differentiated by

The stages of fulfillment

When he license he receives a verbal offer on a property

They should present it to the owner as quickly as possible

Which is not included in the sellers disclosure

Psychological stigma is e.g. a violent death on the property

An amendment to a contract was always include

Reference to the original contract, the date of ratification, the parties involved

Which of these is generally considered to be a sellers cost

Releases of existing liens, including pre-payment penalties and recording fees

Which of these property types does not have a specific TREC promulgated sales form

Rental and investment properties

Paragraph 2 property of the new construction contract includes only which one of these of as a specific subsection that is used in the TREC 1 to 4 paragraph 2 property

Reservations

Which is not an item properly suited to inclusion in a non-realty items addendum

Smart car

The notice to perspective buyers protects licenses by

Advising buyers to have title documents reviewed by an attorney

What are two major forms of modifying a contract discussed above

Agenda, amendments

According to TREC 1 to 4 paragraph 10 (A) any position by fire prior to closing or by seller after closing which is not authorized by a written lease will establish

The tenancy at sufferance relationship between the parties

Which is not part of the subdivision information referenced by the addendum for property subject to mandatory membership in a property owners association

The title commitment

When filling out the 1 to 4 family residential contractor names of the party should be accompanied by

Their marital status if applicable

Unless otherwise agreed the option fee must be delivered to the seller by

Third day after the sales contract was executed

If buyer and seller execute a back up contract effective on a Monday (In a week with no holidays) with a 10 day option to terminate unless otherwise agreed what is the deadline for depositing the buyers earnest money

Wednesday by 5 PM

The environmental assessment and threatened or endangered species and wetlands addendum provide assessment opportunities for

Wetlands, endangered species, environmental hazards

An assignment of rights is

A transfer of rights or duties under a contract from a current party to a contract to another party

Using the addendum for a reservation of oil gas and other minerals the seller can reserve

All of their mineral a state rights, any portion of their mineral estate rights

VA will not restore sellers VA entitlement expected under which of these conditions

Buyer is a veteran, buyer is otherwise qualified, by your house efficient unused VA entitlement remaining

Truck 1 to 4 paragraphs 6c list what options for providing the survey to buyer within a number of days after the effective date of this contracts set by the parties argument

Buyer shall obtain a new survey at fires is expense, seller at sellers expense, shall furnish a new survey to buyer. Seller furnishes to buyer and title company sellers existing survey of the property and a residential real property affidavit promulgated by the Texas Department of insurance (T-47 affidavit)

According to TREC a reasonable time within which to deposit the escrow check is

By the end of the second business day following formation of the contract

TRELA specifically prohibit real estate licenses from the dangerous mistake of

Engaging in the on authorized practice of law

The TREC farm and ranch, get a contract includes considerations that do not apply to the other types of contracts including

Equipment, surface leases, crops

Paragraph 2 property of the new construction contracts does not include what

Exclusions, improvements, accessories

A contract for deed is a classic example of a

Executory contract

Do use of paragraph 11 (special provisions) of the wonderful family residential contract is restricted to

Factual statements and business details applicable to the sale

Paragraph 11 special provisions of the TREC1 to 4 can be used only for

Factual statements and business details applicable to the sale

The broker lawyer committee

Develops forms for TREC to adopt and promulgate at their discretion

Earnest money _____ to make a valid offer in Texas

It's not required

Which paragraph is different from the TREC1 to 4 in all five of the other property sales contracts

Paragraph 13

Which of these farm and ranch contract sections is not distinguished in the TREC1 to 4

Paragraph 15 default

Which paragraph of the TREC 1 to 4 contract list a different agenda that are available

Paragraph 22

Which is not a difference between the condominium sales contract and the TREC 1 to 4

Paragraph 7 disclosures

Paragraph 10 on the TREC1 to 4 covers what subject

Possession

Contract sections that are not the same across all TREC promulgated forms include

Property conditions

The real estate license act was created to

Protect license brokers and sales person from unfair or improper competition, protect the public interest from incompetent brokers or sales persons, maintaining high standards in the real estate profession

If a contracted buyer and seller cannot agree to a resolution on repair costs

The contract will terminate

The settlement section of the TREC 1 to 4 determines

The cost that need to be handled at closing and designate who is to take how much of the responsibility for these cost

One difference between the TREC unimproved property contract and the others is

The sellers responsibility to disclose knowledge of six potential issues

An option is a form of which kind of contract

Unilateral

Which of these generally will not include a structure of any sort in the sale

Unimproved property contract

The seller financing addendum covers all except

Use of the property

A contract for non-life necessities with a person lacking legal capacity is

Voidable

Which is not in the information above

Who is the buyers employer

According to 1 to 4 family residential contractor who pays for the title policy

Whoever is specified

Which contract does not include rollback taxes in paragraph 13

1 to 4 family residential contract (resale) TREC1 to 4

Which of these forms will be covered in this lesson

1 to 4 family residential contract (resale) third-party financing addendum, addendum for resell or liability on assumed alone and/or restoration of sellers VA entitlement

The TREC1 to 4 states that if the property involved in a transaction is damaged at no fault of either party one remedy is to allow time for repairs by extending the closing date up to

15 days

TRELA The reigning real estate law today was established in

1955

The current 1 to 4 family residential contract (resale) is form number

20-14

Texas promulgated 1 to 4 family residential contract (resale) paragraph _____ allows the buyer a grace period in which they can cancel the deal without risking their escrow deposit

23

An oral contract for the lease of a property for one year or less has a statute of limitations of

2years

In is the statute of limitations on filing a lawsuit on a written contract is

4years

How many promulgated sales contracts are there

6

What is/are the sellers options when receiving an offer

Accept, counter, reject

The TAR 1904 form is probably used to

Acknowledge termination of a contract and release earnest money according to the terms of the agreement

An attachment added to the end of a contract and incorporated in the contract terms is called

Addendum

Which is not an addendum listed in TREC 1 to 4 paragraph 22 agreement of the parties

Addendum for inclusion and exclusion of personal property

Which of these forms generally should be attached to the buyers original contract offer

Addendum for sale of other property

Which of these agenda was not examined and details as part of this lesson

Addendum for sale of other property by buyer

When a buyer makes a back up offer on a pending property they must submit

An option fee

The TREC 1 to 4 states that brokers fees

Are handled in a separate agreement

Option fees and earnest money

Are very different

Modifications to promulgated forms must

Be initialed by the appropriate parties

Identification of the buyer and seller must include

Full name and marital status of all parties

Residential service companies offer home warranty contract for maintenance, repair, or replacement of all or any part of these except for

Furniture

The escrow officer in a 1 to 4 residential sale

Has all of these protections

Texas promulgated 1 to 4 family residential contract (Resale) section 23

I love the buyer a grace period in which they can cancel the deal without risking their escrow deposit

If a buyer needing to sell another property chooses not to use the addendum themselves to come up with the funds they risk

Losing their earnest money, being found in default, the lawsuit from the seller who could file a legal action for specific performance or other remedies

Which of these is not a subject of the paragraph 6E title notices

Naming boundaries of local school districts

Which of the new home contract includes the page 8 construction defect language

New home (completed), new home (incomplete)

How much earnest money does Texas state law requires to validate a real estate sale contract

No earnest money is required

Which form of financing does the third-party financing addendum not cover

Seller financing

Which of these is not a promulgated sales contract

Sellers temporary residential lease

Which is not a termination of contract form

Short sale addendum

Which is not a potential reason for terminating a contract

Specific performance

If one or the other of the parties to the transaction default the other party may

Sue for specific performance

If a buyer makes the decision not to terminate a sales contract ______ must be used to ensure the buyers release of obligation

TREC notice of buyers termination of contract form

Which is a potential revenue for a casualty loss under paragraph 14 of the TREC 1 to 4

Termination of the contract with earnest money return to the buyer. Extension of the closing date up to 15 for seller to fix the damage. Acceptance of the property as is with an arrangement to receive proceeds from any insurance coverage allowable with other compensation from the seller or with no compensation and buyer absorbs all costs

If the timing of an agreement been executed is crucial to the agreement the contract should state

That time is of the essence

For how many days is paragraph 23 option valid

The length of the option period is set up by the contract in parties

The short sale addendum protects both the buyer and seller because

The parties have contractually agreed performance requirements and sellers ability to perform these obligations is subject to lender approval

For items for which a promulgated addendum is provided the proper way to include the item is

Through the use of the addendum

Paragraph 7 property conditions (D) (2) of the TREC 1 to 4 contract should be used

To identify specific repairs evident to buyer that buyer requires as a condition to purchase

Which of these is an exemption to the legal capacity requirement to form a contract

A contract for a life necessity

Which is not a warning issued on the addendum for property located Seaward of the gulf intercoastal waterway

Beware of legal risk inherent with purchase of this property, take caution because beach erosion can change the shoreline and along with it change the legal status of structures location, be prepared to move or demolish any structure determined to be too close to the shoreline even if it was legal when it was built or purchased

Which is not listed as potential damages items for wrongfully failing or refusing to sign a release acceptable to the escrow agent within seven days of receipt of the request

Broker fees

Section 12 feet of the TREC1 to 4 referred to in the text as an escape clause allows

If any expenses exceed an amount clearly stated in the contract for such expense the responsible party may terminate the contract unless the other party agrees to pay such excess

TREC allows the use of forms that are not promulgated

If they are prepared by the owner, or by an attorney and required by the property owner

When a temporary lease is used between seller and buyer one item that Is particularly important to be communicated is

Insurance on the property

The promissory notes section of the seller financing addendum includes

5% penalty on installment payments paid more than 10 days poster today, 1.5% per month or highest lawful rate, which ever is lower, for a mature unpaid amounts, payment without penalty

The sellers and buyers temporary leases can be used for leasing up to

90 days

Which of these forms is for general consumer or client information or not directly related to a sale

Information about brokerage services (IABS) consumer information form

The unauthorized practice of law will include all of these actions by a licensee except

Inserting minor hand writing notes on the contract initialed by all parties

Title endorsement

Is an addition or limitation of coverage that is attached to a title insurance policy

A buyer who indicates that they will except the property in its present condition (as is) is agreeing

Is that they are not asking for any repairs at this point, leaving future repairs requests open

The offer becomes a sales contract when

It is accepted, signed by the seller, and accepted communicated to the buyer or buyers agent

The broker lawyer committee was established by

The real estate license act