Promulgated Forms (7)
The "Texas Real Estate Commission Information About Brokerage Services" link on a broker's website must be
in at least 10 point font.
Non-realty items are
personal property.
A back-up contract allows
the seller to negotiate with a second buyer on terms that will be used if the first buyer's transaction falls through.
Which of the following addenda contains the words time is of the essence?
Addendum for Sale of Other Property by Buyer
Which of the following types of information are included in the Subdivision Information, Including Resale Certificate for Property Subject to Mandatory Membership in a Property Owners Association?
All of these
Under the Addendum for Sale of Other Property by Buyer what happens if the seller accepts a back-up offer from buyer 2 and buyer 1 timely waives the contingency but fails to sell his existing house and is unable to close on the new house?
Buyer 1 will be in default.
Buyer and seller enter into an agreement for buyer to purchase seller's property which is located in a property owners association. Buyer wants additional information about the POA and agrees to obtain and pay for the subdivision information. What is the buyer's option if buyer timely obtains it as required by paragraph A(1) of the Addendum for Property Subject to Mandatory Membership in a Property Owners Association?
Buyer may terminate within three days and receive the earnest money.
Which of the following is NOT included in the TREC Notice of Buyer's Termination of Contract?
Buyer wants a refund of earnest money.
Which TREC form should be used if buyer wishes to terminate the contract because buyer cannot obtain approval?
Notice of Buyer's Termination of Contract
What happens if coastal erosion moves the public easement to a public beach in the Texas Gulf Coast?
Private coastal real property may become a public beach.
Which form should be used when a seller wants to sell his property for less than what is owed on the property?
Short Sale Addendum
What right does a buyer have if a seller of gulf coastal property fails to timely provide the notice in the Addendum for Property Located Seaward of the Gulf Intracoastal Waterway?
The buyer may terminate the contract and receive the earnest money.
What happens if seller fails to notify buyer that seller has obtained the lienholder's consent and agreement within the agreed upon time period using the TREC Short Sale Addendum?
The contract terminates and the earnest money is refunded to buyer.
Which of these is FALSE regarding the Information About Brokerage Services form?
A license holder can manipulate the form as the license holder sees fit.
Who fills out the Subdivision Information, Including Resale Certificate for Property Subject to Mandatory Membership in a Property Owners Association?
A representative of the property owners association
Which of the following best describes the Information About Brokerage Services form?
All of these describe the form.
Under the Addendum for Reservation of Oil, Gas, and Other Minerals, what information must seller provide to the buyer if seller conveys all of seller's interest in the mineral estate?
Contact information of any existing mineral lessee
Where should TREC's Consumer Protection Notice be prominently displayed?
In the office of every licensed inspector and broker in Texas
What information does the TREC Consumer Protection Notice contain?
Information regarding TREC recovery funds
Under the Addendum for Property Subject to Mandatory Membership in a Property Owners Association, who is required to pay for the updated resale certificate if required by the title?
It is negotiated
A buyer decides to exercise her right to terminate under the option period. What is the proper process?
Execute a Notice of Buyer's Termination of Contract and deliver it to the seller according to the instructions in paragraph 21 of the contract.
Under the TREC Short Sale Addendum, what happens if the lienholder refuses or withdraws its consent and agreement prior to closing and funding?
The contract will terminate and the earnest money will be refunded to buyer.
