Promulgated contracts
TRELA stands for
The real estate license at
The TREC residential condominium contract includes section not present in the TREC1 to 4 including
The resale certificate
Executed and executory contracts are differentiated by
The stages of fulfillment
When he license he receives a verbal offer on a property
They should present it to the owner as quickly as possible
Which is not included in the sellers disclosure
Psychological stigma is e.g. a violent death on the property
An amendment to a contract was always include
Reference to the original contract, the date of ratification, the parties involved
Which of these is generally considered to be a sellers cost
Releases of existing liens, including pre-payment penalties and recording fees
Which of these property types does not have a specific TREC promulgated sales form
Rental and investment properties
Paragraph 2 property of the new construction contract includes only which one of these of as a specific subsection that is used in the TREC 1 to 4 paragraph 2 property
Reservations
Which is not an item properly suited to inclusion in a non-realty items addendum
Smart car
The notice to perspective buyers protects licenses by
Advising buyers to have title documents reviewed by an attorney
What are two major forms of modifying a contract discussed above
Agenda, amendments
According to TREC 1 to 4 paragraph 10 (A) any position by fire prior to closing or by seller after closing which is not authorized by a written lease will establish
The tenancy at sufferance relationship between the parties
Which is not part of the subdivision information referenced by the addendum for property subject to mandatory membership in a property owners association
The title commitment
When filling out the 1 to 4 family residential contractor names of the party should be accompanied by
Their marital status if applicable
Unless otherwise agreed the option fee must be delivered to the seller by
Third day after the sales contract was executed
If buyer and seller execute a back up contract effective on a Monday (In a week with no holidays) with a 10 day option to terminate unless otherwise agreed what is the deadline for depositing the buyers earnest money
Wednesday by 5 PM
The environmental assessment and threatened or endangered species and wetlands addendum provide assessment opportunities for
Wetlands, endangered species, environmental hazards
An assignment of rights is
A transfer of rights or duties under a contract from a current party to a contract to another party
Using the addendum for a reservation of oil gas and other minerals the seller can reserve
All of their mineral a state rights, any portion of their mineral estate rights
VA will not restore sellers VA entitlement expected under which of these conditions
Buyer is a veteran, buyer is otherwise qualified, by your house efficient unused VA entitlement remaining
Truck 1 to 4 paragraphs 6c list what options for providing the survey to buyer within a number of days after the effective date of this contracts set by the parties argument
Buyer shall obtain a new survey at fires is expense, seller at sellers expense, shall furnish a new survey to buyer. Seller furnishes to buyer and title company sellers existing survey of the property and a residential real property affidavit promulgated by the Texas Department of insurance (T-47 affidavit)
According to TREC a reasonable time within which to deposit the escrow check is
By the end of the second business day following formation of the contract
TRELA specifically prohibit real estate licenses from the dangerous mistake of
Engaging in the on authorized practice of law
The TREC farm and ranch, get a contract includes considerations that do not apply to the other types of contracts including
Equipment, surface leases, crops
Paragraph 2 property of the new construction contracts does not include what
Exclusions, improvements, accessories
A contract for deed is a classic example of a
Executory contract
Do use of paragraph 11 (special provisions) of the wonderful family residential contract is restricted to
Factual statements and business details applicable to the sale
Paragraph 11 special provisions of the TREC1 to 4 can be used only for
Factual statements and business details applicable to the sale
The broker lawyer committee
Develops forms for TREC to adopt and promulgate at their discretion
Earnest money _____ to make a valid offer in Texas
It's not required
Which paragraph is different from the TREC1 to 4 in all five of the other property sales contracts
Paragraph 13
Which of these farm and ranch contract sections is not distinguished in the TREC1 to 4
Paragraph 15 default
Which paragraph of the TREC 1 to 4 contract list a different agenda that are available
Paragraph 22
Which is not a difference between the condominium sales contract and the TREC 1 to 4
Paragraph 7 disclosures
Paragraph 10 on the TREC1 to 4 covers what subject
Possession
Contract sections that are not the same across all TREC promulgated forms include
Property conditions
The real estate license act was created to
Protect license brokers and sales person from unfair or improper competition, protect the public interest from incompetent brokers or sales persons, maintaining high standards in the real estate profession
If a contracted buyer and seller cannot agree to a resolution on repair costs
The contract will terminate
The settlement section of the TREC 1 to 4 determines
The cost that need to be handled at closing and designate who is to take how much of the responsibility for these cost
One difference between the TREC unimproved property contract and the others is
The sellers responsibility to disclose knowledge of six potential issues
An option is a form of which kind of contract
Unilateral
Which of these generally will not include a structure of any sort in the sale
Unimproved property contract
The seller financing addendum covers all except
Use of the property
A contract for non-life necessities with a person lacking legal capacity is
Voidable
Which is not in the information above
Who is the buyers employer
According to 1 to 4 family residential contractor who pays for the title policy
Whoever is specified
Which contract does not include rollback taxes in paragraph 13
1 to 4 family residential contract (resale) TREC1 to 4
Which of these forms will be covered in this lesson
1 to 4 family residential contract (resale) third-party financing addendum, addendum for resell or liability on assumed alone and/or restoration of sellers VA entitlement
The TREC1 to 4 states that if the property involved in a transaction is damaged at no fault of either party one remedy is to allow time for repairs by extending the closing date up to
15 days
TRELA The reigning real estate law today was established in
1955
The current 1 to 4 family residential contract (resale) is form number
20-14
Texas promulgated 1 to 4 family residential contract (resale) paragraph _____ allows the buyer a grace period in which they can cancel the deal without risking their escrow deposit
23
An oral contract for the lease of a property for one year or less has a statute of limitations of
2years
In is the statute of limitations on filing a lawsuit on a written contract is
4years
How many promulgated sales contracts are there
6
What is/are the sellers options when receiving an offer
Accept, counter, reject
The TAR 1904 form is probably used to
Acknowledge termination of a contract and release earnest money according to the terms of the agreement
An attachment added to the end of a contract and incorporated in the contract terms is called
Addendum
Which is not an addendum listed in TREC 1 to 4 paragraph 22 agreement of the parties
Addendum for inclusion and exclusion of personal property
Which of these forms generally should be attached to the buyers original contract offer
Addendum for sale of other property
Which of these agenda was not examined and details as part of this lesson
Addendum for sale of other property by buyer
When a buyer makes a back up offer on a pending property they must submit
An option fee
The TREC 1 to 4 states that brokers fees
Are handled in a separate agreement
Option fees and earnest money
Are very different
Modifications to promulgated forms must
Be initialed by the appropriate parties
Identification of the buyer and seller must include
Full name and marital status of all parties
Residential service companies offer home warranty contract for maintenance, repair, or replacement of all or any part of these except for
Furniture
The escrow officer in a 1 to 4 residential sale
Has all of these protections
Texas promulgated 1 to 4 family residential contract (Resale) section 23
I love the buyer a grace period in which they can cancel the deal without risking their escrow deposit
If a buyer needing to sell another property chooses not to use the addendum themselves to come up with the funds they risk
Losing their earnest money, being found in default, the lawsuit from the seller who could file a legal action for specific performance or other remedies
Which of these is not a subject of the paragraph 6E title notices
Naming boundaries of local school districts
Which of the new home contract includes the page 8 construction defect language
New home (completed), new home (incomplete)
How much earnest money does Texas state law requires to validate a real estate sale contract
No earnest money is required
Which form of financing does the third-party financing addendum not cover
Seller financing
Which of these is not a promulgated sales contract
Sellers temporary residential lease
Which is not a termination of contract form
Short sale addendum
Which is not a potential reason for terminating a contract
Specific performance
If one or the other of the parties to the transaction default the other party may
Sue for specific performance
If a buyer makes the decision not to terminate a sales contract ______ must be used to ensure the buyers release of obligation
TREC notice of buyers termination of contract form
Which is a potential revenue for a casualty loss under paragraph 14 of the TREC 1 to 4
Termination of the contract with earnest money return to the buyer. Extension of the closing date up to 15 for seller to fix the damage. Acceptance of the property as is with an arrangement to receive proceeds from any insurance coverage allowable with other compensation from the seller or with no compensation and buyer absorbs all costs
If the timing of an agreement been executed is crucial to the agreement the contract should state
That time is of the essence
For how many days is paragraph 23 option valid
The length of the option period is set up by the contract in parties
The short sale addendum protects both the buyer and seller because
The parties have contractually agreed performance requirements and sellers ability to perform these obligations is subject to lender approval
For items for which a promulgated addendum is provided the proper way to include the item is
Through the use of the addendum
Paragraph 7 property conditions (D) (2) of the TREC 1 to 4 contract should be used
To identify specific repairs evident to buyer that buyer requires as a condition to purchase
Which of these is an exemption to the legal capacity requirement to form a contract
A contract for a life necessity
Which is not a warning issued on the addendum for property located Seaward of the gulf intercoastal waterway
Beware of legal risk inherent with purchase of this property, take caution because beach erosion can change the shoreline and along with it change the legal status of structures location, be prepared to move or demolish any structure determined to be too close to the shoreline even if it was legal when it was built or purchased
Which is not listed as potential damages items for wrongfully failing or refusing to sign a release acceptable to the escrow agent within seven days of receipt of the request
Broker fees
Section 12 feet of the TREC1 to 4 referred to in the text as an escape clause allows
If any expenses exceed an amount clearly stated in the contract for such expense the responsible party may terminate the contract unless the other party agrees to pay such excess
TREC allows the use of forms that are not promulgated
If they are prepared by the owner, or by an attorney and required by the property owner
When a temporary lease is used between seller and buyer one item that Is particularly important to be communicated is
Insurance on the property
The promissory notes section of the seller financing addendum includes
5% penalty on installment payments paid more than 10 days poster today, 1.5% per month or highest lawful rate, which ever is lower, for a mature unpaid amounts, payment without penalty
The sellers and buyers temporary leases can be used for leasing up to
90 days
Which of these forms is for general consumer or client information or not directly related to a sale
Information about brokerage services (IABS) consumer information form
The unauthorized practice of law will include all of these actions by a licensee except
Inserting minor hand writing notes on the contract initialed by all parties
Title endorsement
Is an addition or limitation of coverage that is attached to a title insurance policy
A buyer who indicates that they will except the property in its present condition (as is) is agreeing
Is that they are not asking for any repairs at this point, leaving future repairs requests open
The offer becomes a sales contract when
It is accepted, signed by the seller, and accepted communicated to the buyer or buyers agent
The broker lawyer committee was established by
The real estate license act
