30-Hr. TX Promulgated Contract Forms Course

The Texas Workforce Commission consists of how many members?

3 all of which are appointed by the governor

Abegayle is meeting with her banker to discuss financing 50 acres of unimproved land. Which of the following can she expect?

A larger down payment will be required

Martina is buying five acres of unimproved land on which to build a home. The property was part of a large family farm for the 150 years. Which of the following is true?

A substantially larger down payment is required than if there were structures on the land

Which of the following statements about waiving the contingency and the Addendum for Sale of Other Property by Buyer is true?

Buyer can waive the contingency, but they have to notify the seller and make an additional deposit.

You are helping your client Scot with the purchase of a ranch home in Texas. Scot wants to bring his cattle over, so he asked for early possession. The sale is scheduled to close on July 15, and Scot needs to move his cattle on Feb 1. What form should you help Scot complete?

There's no form for this

How should a licensee identify unmarried persons buying a property together as parties of a Texas sales contract? The names of the persons are Veronica Charles and Kathy Sharpe.

Veronica Charles and Kathy Sharpe, as tenants in common

Rhonda and Jade both consider themselves to be African-American, although Rhonda has much darker skin and hair than Jade. When Rhonda went to the Valley Falls apartment manager's office, she was told there were no rental vacancies. Jade went in a day later and received an application. This may be discrimination based on ______________?

Color not race bc they are the same race

Which of the following is a financing option listed on the Third Party Financing Addendum?

FHA-insurance

When HUD receives a discrimination complaint from Texas, what step does it take?

Forwards the complaint to the Texas Workforce Commission Civil Rights Division

Which of the following is sufficient as a legal description of a property on the TREC residential resale contract?

Lot 2, Block 12, Greendale subdivision in the county and city of Dallas

Kylie and Cory make an offer on a house that is accepted by the sellers, Joe and Jenn. The contract is written, signed by the buyers and sellers, understood by all parties, and all changes to the contract are initialed by the buyers and sellers. Finally, is the contract considered executed?

No, the contract's acceptance must be communicated to all parties before it is considered executed.

Which of the following regarding sales contracts is true?

Once the sales contract is fully executed by all parties, it can no longer be changed.

Kyle and his brother, Bob, have been raising their 4 young nephews since the children's mother had been killed in a car accident. What is the fewest number of bedrooms they may have an apartment in the state of Texas

One Bc the rule is 3 adults per bedroom but has no stipulations on the number of children per bedroom

Which type of document is issued by the HOA and is provided by the seller in a transaction?

Resale certification

Expenses paid by the buyer and the seller at the closing are detailed in which paragraph of the TREC One to Four Family Residential Contract (Resale)?

Settlement and Other Expenses

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

The buyer retains the right to have the property inspected

Who or what entity prepares the resale certificate that's provided to a prospective buyer of a subdivision property or condominium?

The owners association