Texas Promulgated Contracts Ch 5 - 9
Paragraph 2
The Residential Condominium Contract - Resale differs from the One to Four Family Residential Contract - Resale in which of the following paragraphs...?
raw land
The Unimproved Property Contract should be used to purchase which of the following...?
Collateral contract
-occurs where one person agrees to answer for the debts or duties of another person if they fail to pay
Statute of frauds contracts required in writing
1. Contracts for an interest in land 2. Contracts > 1 year 3. Goods $500 or more 4. Collateral contracts
Mediation
A form of alternative dispute resolution in which the parties to a lawsuit meet with a neutral third-party in an effort to settle the case.
Condominium
A form of ownership of real property that consists of individual ownership of some aspects and co-ownership in other aspects of the property is known as a...?
Water, surface shale, gravel
A mineral estate does NOT includes which of the following...?
Liable for interest on the earnest money, liable for loss of any earnest money, a party to the purchase contract
According to paragraph 18, the escrow agent is not...?
In default of the contract
According to paragraph 19, if any representations made by the seller which are untrue on the closing date, the seller shall be...?
15
According to paragraph 6 of the Residential Condominium Contract - Resale, the seller is given .......days to cure any objections from the buyer?
Seller will furnish buyer with general warranty deed, buyer will pay in good funds, both seller and bueyr will execute and delivery any required notices
According to paragraph 9, which of the following must be satisfied at closing...?
True
According to the Addendum For "Back-Up" Contract, neither party is required to perform until the first contract is terminated...?
The date the seller notifies the buyer of termination of the first contract
According to the Addendum For Back-Up Contract, the Amended Effective Date is equal to...?
Use, encumber, or build on
According to the Addendum For Coastal Area Property, a property owner cannot ..........any state-owned submerged lands below the applicable tide line?
7 days
According to the Addendum For Reservation of Oil, Gas, and Other Minerals, if the seller does not reserve all of the mineral estate, the seller shall provide the buyer with the contact information of any existing mineral lessees within...?
The move-in date
According to the Buyer's Temporary Residential Lease, the buyer must pay the seller the full amount of rent by what date...?
True
According to the Farm and Ranch Contract, unless otherwise agreed upon in writing, the seller has the right to harvest all growing crops until delivery of possession of the property...?
Reduce the sales price
According to the New Home Contract - Incomplete Construction, any change orders by the buyer which result in a decrease of construction costs will...?
Construction is complete and all required inspections and approvals have been obtained
According to the New Home Contract - Incomplete Construction, the Substantial Completion Date occurs when...?
Buyer cannot obtain third party financing, buyer has not received a seller disclosure notice, buyer has identified serious defects
According to the Notice of Buyer's Termination of Contract, a buyer may terminate a purchase contract for which of the following reasons...?
The buyer does not want to be subject to mandatory membership in a Property Owners' Association
According to the Notice of Buyer's Termination of Contract, which of the following are grounds for the buyer to terminate the purchase contract...?
Any flooding of the property, environmental hazards, wetlands affecting the property
According to the Seller's Disclosures in the Unimproved Property Contract, the seller is said to have no knowledge of which of the following...?
Addendum for Back-up Contract
Addendum attached to a contract when another contract has already been executed by the seller and another buyer
the buyer's written consent
After the effective date, the seller cannot execute any lease without obtaining...?
Specific performance
An action to compel performance of an agreement, ex: sale of land as an alternative to damages or rescission.
Buyer
Any increase in costs from change orders by the buyer, beyond the specified allowance, will be paid by the...?
Closing date
Any objections listed by the buyer in the contract must be cured by the seller by what date...?
Seller
Any special condominium assessments due and unpaid at closing will be the obligation of the...?
True
As stated in the Addendum For Coastal Area Property, a property adjoining coastal waters may gain or lose portions of the property due to tidal changes...?
Cash down payment
At closing, the buyer's earnest money must be applied first to any...?
17
Attorney's fees are discussed in which of the following paragraphs...?
Improvements to condominium
Ceiling fans, wall-to-wall carpet, plumbing fixtures
15
Default is discussed in which of the following paragraphs...?
18
Escrow is discussed in which of the following paragraphs...?
Default
Failure to fulfill a duty or promise or to discharge an obligation; omission or failure to perform any act.
2B1
Farm and ranch improvements are discussed in paragraph ..........of the Farm and Ranch Contract?
8
How many title notices are provided in paragraph 6D of the Residential Condominium Contract - Resale...?
Enforce specific performance, receive the buyer's earnest money, terminate the contract
If the buyer is in default of the contract, the seller may do which of the following...?
Liquidated damages
If the buyer is in default of the contract, the seller may terminate the contract and receive the buyer's earnest money as...?
tenancy at sufferance
If the buyer occupies a property prior to closing, without a temporary lease in place, they will occupy the property as a...?
TREC temporary residential lease form
If the buyer will occupy the property prior to closing, what form must be included with the contract...?
The contract is terminated and the buyer is refunded their earnest money
If the parties to a contract also sign an Addendum For Sale of Other Property By Buyer, but the buyer cannot close on their existing house, what happens to the purchase contract...?
The buyer must waive the contingency created by the addendum
If the parties to a transaction sign an Addendum For Sale Of Other Property By Buyer, and the seller accepts a written offer from another buyer, the seller must notify the buyer and...?
Dollars per acre
If the sales price on a farm needs to be adjusted after the buyer reviews the survey, the sales price will be adjusted on what basis...?
fair market value
If the seller occupies the property after closing, under a temporary lease, they must pay rent according to which of the following...?
Addendum For Reservation of Oil, Gas, and Other Minerals
If the seller will reserve all or a portion of the property's mineral estate, which of the following forms must be used...?
30 days
In a typical residential transaction, the closing date is ......... from the effective date of the contract?
Terminate the contract
James is purchasing a farm outside of Dallas. If the sales price needs to be adjusted by more than 10% after reviewing the survey, James may do which of the following...?
There is no promulgated form for mutual termination
John recently entered into a contract to purchase Abby's house. If John and Abby mutually agree to terminate the purchase contract, what promulgated form should be used...?
16
Mediation is discussed in which of the following paragraphs...?
Possession
Paragraph 10 of the One to Four Family Residential Contract - Resale primarily deals with...?
Property and condominium documents
Paragraph 2 of the Residential Condominium Contract describes which of the following...?
Improvements, accessories, exclusions
Paragraph 2 of the Unimproved Property Contract lacks which of the following as compared to the One to Four Family Residential Contract - Resale...?
Federal tax requirements
Paragraph 20 discusses which of the following...?
Agreement of parties
Paragraph 22 discusses which of the following...?
License Holder disclosure
Paragraph 4 of the Residential Condominium Contract - Resale describes which of the following...?
Contracts for an interest in land
Purchase contract, options contract, mortgage contract, leases longer than 1 year
12
Seller's credits to the buyer are listed in which of the following paragraphs...?
12
Settlement and other expenses is discussed in which of the following paragraphs...?
Seller
The Addendum For Reservation of Oil, Gas, and Other Minerals favors which of the following parties...?
Appraisal fees
The buyer is responsible for paying which of the following expenses at, or prior to closing...?
Appraisal fees, loan application fees, credit reports
The buyer is responsible for paying which of the following expenses...?
Upon closing and funding
The buyer is typically given possession of the property...?
6
The buyer of a condominium may terminate the contract within ......... days of receiving the condominium's bylaws, if the buyer received the bylaws after signing the contract?
R-value
The effectiveness of building insulation is measured in...?
Escrow Agent
The neutral third party holding funds or something of value in trust for another or others.
New Home Contract - Completed Construction
The notice regarding Chapter 27 of the Texas Property Code for construction defects is included in which of the following contracts...?
Alternative Dispute Resolution (ADR)
The resolution of disputes by various means including, but not limited to negotiation, mediation, and arbitration.
Fees associated with the release of existing liens
The seller is responsible for paying which of the following expenses at, or prior to closing...?
Release of existing liens, preparation of deed, 1/2 of escrow fees
The seller is responsible for paying which of the following expenses...?
The date the property is closed and funded
The term of a Seller's Temporary Residential Lease commences on what date...?
A temporary gap in insurance coverage
The use of a temporary lease may lead to which of the following occurring...?
Condominium bylaws, rules of the condo association, declaration of the condominium
Which of the following documents should a buyer read prior to signing the Residential Condominium Contract - Resale...?
Addendum For Sale of Other Property By Buyer
Which of the following forms should be used if the buyer needs to sell their existing property prior to closing on a new property...?
Construction documents, buyer's selections, cost adjustments
Which of the following is added in paragraph 7 of the New Home Contract - Incomplete Construction, which is NOT included in the One to Four Family Residential Contract - Resale...?
Warranties
Which of the following is included in paragraph 7 of the New Home Contract - Completed Construction, which is NOT included in the One to Four Family Residential Contract - Resale...?
Hunting blinds, fuel tanks, game feeders
Which of the following may be considered farm and ranch accessories...?
Paragraph 2
Which of the following paragraphs in the Unimproved Property Contract deviates from the One to Four Family Residential Contract - Resale...?
9
Which of the following paragraphs of the One to Four Family Residential Contract - Resale deals with closing...?
Negotiation
Which of the following should be attempted before disputing parties go to mediation...?
7B
Which of the following sub-paragraphs of the New Home Contract - Completed Construction describes Acceptance of Property Condition...?
7D
Which of the following sub-paragraphs of the New Home Contract - Completed Construction describes Insulation...?
Texas Agricultural Development District
Which of the following title notices are included in the Unimproved Property Contract but not the One to Four Family Residential Contract - Resale...?
General warranty deed
Which type of deed offers the most amount of protection to the buyer...?
the buyer
Who is responsible for ensuring that property insurance is in place after closing and funding...?
Buyer
Who is responsible for paying any deposits for reserves required at closing by a condominium's association...?
The state
Who owns any submerged lands along a coastal waterfront...?
Accessory to condominium
Window air conditioning unit, stove, door keys
Compensatory damages
amount of money lost that will be awarded by a court
Liquidated damages
amount of money to be paid upon breach of contract - agreed upon in contract ahead of time
escrow
any transaction where one person delivers personal or real property to another person to be held by a third party until a specified event
Buyer's Termination of Contract.
form used when buyer wants to notify a seller that the buyer is terminating the existing contract
Notice of Buyer's Termination of Contract
What form should be used if a buyer would like to back out of a contract after the seller refuses to fix any repairs noted during the inspection period...?
1
What is the maximum number of Addendum For "Back-Up" Contracts a seller can have a one time...?
Addendum For Coastal Area Property
Which of the following addenda is pursuant to Section 33.135 of the Texas Natural Resources Code...?
Windmills, barns, sheds
Which of the following are considered farm and ranch improvements...?
Addendum for Sale of Other Property by Buyer.
This addendum is used if the buyers will be unable to buy the new property until the existing property is sold
Substantial completion
Unless specified otherwise in the New Home Contract - Incomplete Construction, the ............date should not extend beyond the closing date?
Improvements
Unless specified otherwise, chandeliers are considered...?
Farm and Ranch Contract, Residential condominium Contract, one to four family residential contract
Which of the following contracts should NOT be used when purchasing raw land....?
