Promulgated Contracts

the buyer retains the right to have property inspected

Which of the following statements about a buyer accepting a property in "as-is" condition is true?

The time for delivery is automatically extended by 15 days, or to three days before closing, whichever occurs earlier.

In Texas, if the title company doesn't deliver the title commitment within 20 days after receiving a copy of the TREC One To Four Family Residential Contract (Resale), what happens next?

Metes and Bounds

Which method of property description is used on the Farm and Ranch Contract?

The seller may have to pay higher fees

Why might a seller balk at a buyer who's obtaining a government loan?

Down payment and closing costs

What is the first thing that the earnest money is applied to at closing?

It must have been prepared within the last three months

Which of the following is true about the resale certificate that the condominium owners association should prepare?

365 days

number used for prorations in Texas?

The right to harvest the crops up until the closing

According to paragraph 2D, unless specified otherwise in writing, what right does the seller have with regard to crops?

Fees the buyer isn't allowed to pay, which the seller is responsible for

What does the term "unallowable costs" refer to?

It's applied to the down payment and closing costs owed by the buyer

What typically happens to any earnest money when a sales transaction successfully closes?

The seller keeps the option fee and may get to keep the buyer's earnest money

What happens when a Texas buyer who has paid the seller an option fee under the TREC One to Four Family Residential Contract (Resale) terminates the contract after the option period expires?

The buyer is serious about wanting to purchase the property

Paige is a seller considering several offers for her property. One of the offers states that the buyer is offering two thousand over the asking price and earnest money in the amount of 1% of the offer. What does this mean?

either party can terminate the contract within 10 days of receiving the survey

what happens if the sales price is adjusted by more 10%?

Rollback taxes will be assessed if the land's use is changed

Janet is thrilled to have found a beautiful piece of land in the country. She plans to build a home on her "five acres of heaven." The land was part of a farm where there was previously an agricultural exemption. What does this mean?

unlimited

Although Cami's client's property is already under contract, the seller continues to receive numerous back-up offers. How many back-up contracts can Cami's client enter into?

Agreement of the parties

The addenda that are part of the TREC residential resale contract are listed in the ______ paragraph.

The TREC-promulgated Addendum for Reservation of Oil, Gas, and Other Minerals should be used.

Cindy wishes to reserve the mineral rights for the ranch she is selling. Which of the following is true?

Mortgage Fraud

Gavin, an investor, secures an owner-occupied loan at a much lower rate than the general public is allowed, yet never plans to live in the property. Gavin is committing ______

Neither party is required to perform under the contract until the first contract is terminated

Per the Addendum for "Back-Up" Contract, which of the following statements about a "Back-Up" contract is true?

The seller keeps the option fee, and the buyer gets the earnest money back

What happens when a Texas buyer who has paid the seller an option fee under the TREC One to Four Family Residential Contract (Resale) terminates the contract during the option period?

added factual information only

What's the purpose of the Special Provisions paragraph of the One To Four Family Residential Contract (Resale)?