STATE PRACTICE EXAM (15)
Per the TREC residential One To Four Family (resale) contract, where are the parties' obligations with regard to brokers' fees to be found?
In the parties' respective agency agreements $ The Brokers' Fee section tells the parties to check their respective agency agreements.
Darla and Grant Munson are delighted to qualify for FHA-insured financing because they don't have the cash for the 20% down payment required for a conventional loan. Which addendum will they need to add to their offer?
Third Party Financing Addendum $
When preparing her purchase offer to the seller, Margo elected to take the termination option because she just wasn't certain she could pull the necessary funds together in time and she wanted an out. The seller accepted her offer, and Margo forgot all about needing to get the option fee into the seller's hand within three days of signing the contract. Given the situation, which of the following statements is true?
Margo no longer has the unrestricted right to terminate the contract. $
Georgie Banker is the widow of the late Gordon Banker. How should Georgie be listed as a party in a TREC sales contract regarding a property that Georgie owns?
Georgie Banker, an unmarried person $
Joy is a licensee preparing the contract for her buyer client, who's purchasing a condominium. Which of the following is a true statement?
Joy should not use the New Home Contract (Completed Construction). $ The New Home Contract (Completed Construction) can't be used for condominium transactions or for incomplete construction.
To whom are licensees in Texas required to give the Information About Brokerage Services (IABS) form?
Prospective clients $
When a Texas broker applies for inactive status, he must terminate his association with each sponsored sales agent by giving notice when?
Before the 30th day prior to the date the broker applies for inactive status $
Which types of forms are the Property Located Seaward of the Gulf Intracoastal Waterway and the Coastal Area Property?
Promulgated Addenda $
ngo has a "Back-Up" contract with Sally, the seller. Ingo really wants the house and has put down $10,000 in earnest money. What happens if the first contract isn't terminated by the date specified in the Addendum for "Back-Up" Contract?
The "Back-Up" contract is terminated and Ingo's earnest money is refunded. $
Your client asks you, "What does 'buyer possession' mean in the sales contract?" What do you say?
"The date the buyer takes possession" $
How many days does the Texas seller have to deliver a "commitment for title insurance" to the buyer under the terms of the TREC One To Four Family Residential Contract (Resale)?
20 $ he seller has 20 days to deliver a "commitment for title insurance" to the buyer according to the terms of the TREC One To Four Family Residential Contract (Resale).
If the intent of a 1031 exchange wasn't initially disclosed by the seller in the TREC One to Four Family Residential Contract, what must the seller's agent do?
Add an addendum to the contract. $ At the time of the sale and at the time of the purchase, the investor has to tell the parties to the transaction that they are doing a 1031 exchange. If this isn't done using the Special Provisions section, an addendum or a counter must be added to the contract.
The addenda that are part of the TREC residential resale contract are listed in the ______ paragraph.
Agreement of Parties $ Addenda that are part of the sales contract will be checked in the Agreement of Parties paragraph of the TREC sales contract.
It is Texas state policy to encourage resolution of disputes first through ______.
Mediation $
Sofia is thinking of become a real estate professional. Which of the following is a true statement?
She will be directly affected by the work of the ESAC through course curriculum, content, and licensing requirements. $