Promulgates Forms Quiz #2

Which financing addenda will the purchaser use when purchasing a property for cash? A.The purchaser will use the special provisions addendum. B.The purchaser will not need to use any of the financing addenda. C.The purchaser will use the assumption addendum. D.The purchaser will use the financing addendum exception.

B.The purchaser will not need to use any of the financing addenda.

Federal law dictates that an addendum addressing the possible presence of lead-based paint and lead-based paint hazards be attached to the purchase agreement when the house being sold was built before?

1978

How many resale certificates are currently promulgated by TREC?

2

Which of the following is NOT addressed by a TREC-promulgated contract? A.The purchase of a town house B.A lease with the option to purchase C.A purchase using seller financing D.A purchase with an assumption of an FHA-insured loan

B.A lease with the option to purchase

Which contracts do address rollback taxes?

New Home Contract (Completed Construction) Farm and Ranch Contract Unimproved Property Contract

Which form is used if the buyer wants the seller to leave the refrigerator with the home after closing?

Non-Realty Items Addendum

Which contract does NOT address rollback taxes?

One-to-Four Family contract

Which form is used by the seller to tell the buyer about the seller's knowledge about the condition of the property?

Seller's Disclosure Notice

If a seller fails to provide the buyer with the Seller's Disclosure of Property Condition as required by Section 5.008 of the Texas Property Code, what is the status of the purchase contract?

Valid, enforceable and voidable by the buyer.

Which of the following is TRUE about TREC addenda? A. Any addenda used as part of an agreement need to be listed in paragraph 22 of the contract. B. Every TREC contract must have at least one TREC addendum. C. All TREC addenda contain a "time is of the essence" provision. D. All TREC addenda are promulgated.

A. Any addenda used as part of an agreement need to be listed in paragraph 22 of the contract.

If clients want an agent to write a statement that defines a legal remedy, its should be writen by who?

An attorney

In regards to the TREC option period in Par. 5.B, which statement is true? A.third party financing cannot be obtained until the option period has expired B.the Buyer may withdraw from or unilaterally terminate the contract during that period C.the option fee is refunded if the option is exercised D.the property must be purchased within the option period

B.the Buyer may withdraw from or unilaterally terminate the contract during that period

The notice about obtaining an abstract or title policy is a required notice from?

Broker to Buyer

Which of the following is NOT true about paragraph 11, Special Provisions? A. It is okay to include a list of appliance instructions and system manuals that will be left in the property after closing. B. A buyer and her attorney can include a legal right in paragraph 11. C. Anything that is addressed in one of the TREC addenda can adequately and legally be described in the Special Provisions paragraph (paragraph 11), if so desired by a licensee. D. Paragraph 11 can include the buyer's wish for the seller to clean the property before closing.

C.Anything that is addressed in one of the TREC addenda can adequately and legally be described in the Special Provisions paragraph (paragraph 11), if so desired by a licensee.

Regarding closing and the buyer's possession of the property A.closing and possession must occur on or before a specific date. B.Buyer possession MUST occur on or before closing C.BUYER possession CAN occur later if a Sellers' Temporary Lease is in place. D.closing and possession can NEVER occur on the same date

C.BUYER possession CAN occur later if a Sellers' Temporary Lease is in place.

Who is responsible for filling in the effective date on the contract?

The broker or licensee of the last party to accept all the terms of an offer.

Which TREC Financing addendum is used in a transaction involving a 90 percent fixed-rate loan with PMI?

Third Party Financing Addendum