Texas Promulgated Contracts - Chapter 7 Test - Promulgated Addenda, Notices and Other Forms

A mineral estate does NOT includes which of the following...? Water Surface shale Gravel All of the above

All of the above

According to the Addendum For Coastal Area Property, a property owner cannot ..........any state-owned submerged lands below the applicable tide line? Use Encumber Build on All of the above

All of the above

Which of the following paragraphs of the Addendum For Property Subject to Mandatory Membership in a Property Owners Association deals with Fees...? A B C D

C

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...? The Addendum For "Back-Up" Contract Addendum For Sale of Other Property By Buyer Short Sale Addendum Notice of Buyer's Termination of Contract

Notice of Buyer's Termination of Contract

If the seller will occupy the property after closing, which of the following forms must be used in conjunction with the purchase contract...? Seller's Temporary Residential Lease Buyer's Temporary Residential Lease Holdover Residential Lease Addendum for Back-up Contract

Seller's Temporary Residential Lease

A ......... means the seller's net proceeds at closing will be insufficient to pay the balance of the seller's mortgage loan? Buy-down Foreclosure Lis Pendens Short sale

Short sale

A real estate broker is required to put the interest of their client above all others...? T (True) F (False)

T (True)

A sales agent must be sponsored by a broker...? T (True) F (False)

T (True)

According to the Addendum For "Back-Up" Contract, neither party is required to perform until the first contract is terminated...? T (True) F (False)

T (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...? T (True) F (False)

T (True)

The Addendum For Reservation of Oil, Gas, and Other Minerals favors which of the following parties...? The Seller The buyer Both the buyer and seller equally Neither the buyer or seller

The Seller

Who owns any submerged lands along a coastal waterfront...? The State The owners of the adjoining properties The owner's association All of the above

The State

Who serves as the tenant in a Buyer's Temporary Residential Lease...? The seller The buyer Both the buyer and seller Neither the buyer or seller

The buyer

According to the Notice of Buyer's Termination of Contract, which of the following are grounds for the buyer to terminate the purchase contract...? The buyer does not want to be subject to mandatory membership in a Property Owners' Association The buyer no longer wants to purchase the property The buyer has entered into a contract to purchase another property All of the above

The buyer does not want to be subject to mandatory membership in a Property Owners' Association

Who is responsible for completing the Condominium Resale Certificate...? The seller's broker The buyer's broker The condominium owners' association The seller's attorney

The condominium owners' association

According to the Short Sale Addendum, the seller's net proceeds are equal to the sales price minus...? The seller's outstanding loan balance The seller's brokers fee The seller's full closing costs The buyer's closing costs

The seller's full closing costs

In a short sale, the seller's lender agrees to do which of the following...? Accept the seller's net proceeds in full satisfaction Provide the seller with an executed release of lien Offer consent to the seller to sell the property All of the above

All of the above

Which of the following are required attachments to the Condominium Resale Certificate...? The operating budget The insurance summary The balance sheet All of the above

All of the above

What is the maximum number of Addendum For "Back-Up" Contracts a seller can have a one time...? 1 2 3 As many as the seller desires

1

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...? 7 days 14 days 30 days 60 days

7 days

Which of the following paragraphs of the Addendum For Property Subject to Mandatory Membership in a Property Owners Association deals with Subdivision Information...? A B C D

A

Which of the following addenda is pursuant to Section 33.135 of the Texas Natural Resources Code...? Addendum For Coastal Area Property The Addendum For "Back-Up" Contract Addendum For Reservation of Oil, Gas, and Other Minerals Short Sale Addendum

Addendum For Coastal Area Property

If the seller will reserve all or a portion of the property's mineral estate, which of the following forms must be used...? The Addendum For "Back-Up" Contract Addendum For Sale of Other Property By Buyer Addendum For Reservation of Oil, Gas, and Other Minerals Short Sale Addendum

Addendum For Reservation of Oil, Gas, and Other Minerals

Which of the following forms should be used if the buyer needs to sell their existing property prior to closing on a new property...? Addendum For Sale of Other Property By Buyer Addendum for Back-up Contract Buyer's Termination of Contract Short Sale Addendum

Addendum For Sale of Other Property By Buyer

Which of the following is considered a non-contract form...? Condominium Resale Certificate One to Four Family Residential Contract - Resale Seller's Temporary Residential Lease All of the above

Condominium Resale Certificate

Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords...? Consumer Information Form Information About Brokerage Services Form Broker Listing Services Form Independent Contractor Form

Information About Brokerage Services Form

This refers to a contract between an owner and tenant, setting forth conditions upon which the tenant may occupy and use the property and the term of the occupancy...? Lease Deed Option Warranty

Lease

According to the Addendum For Back-Up Contract, the Amended Effective Date is equal to...? The date the seller notifies the buyer of termination of the first contract The effective date of the first contract The closing date of the first contract None of the above

The date the seller notifies the buyer of termination of the first contract

According to the Buyer's Temporary Residential Lease, the buyer must pay the seller the full amount of rent by what date...? The closing date The move-out date The move-in date The date agreed upon by both parties

The move-in date

Who serves as the landlord in a Buyer's Temporary Residential Lease...? The seller The buyer Both the buyer and seller Neither the buyer or seller

The seller

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...? The seller must waive the contingency created by the addendum The seller's attorney must waive the contingency created by the addendum The buyer must waive the contingency created by the addendum The escrow agent must waive the contingency created by the addendum

The seller must waive the contingency created by the addendum

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 cannot obtain third party financing The buyer has not received the Seller's Disclosure Notice The buyer has identified serious defects with the property during the inspection period All of the above

All of the above

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 contract is terminated and the buyer is refunded their earnest money The buyer is still obligated to close on the new property The seller can sue for specific performance The buyer loses their earnest money

The contract is terminated and the buyer is refunded their earnest money

Which of the following paragraphs of the Addendum For Property Subject to Mandatory Membership in a Property Owners Association deals with Material Changes...? A B C D

B

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...? Notice of Buyer's Termination of Contract The Addendum For "Back-Up" Contract There is no promulgated form for mutual termination Addendum For Sale of Other Property By Buyer

There is no promulgated form for mutual termination