Texas Promulgated Contract Forms - Chapter 3

All of the above

If a buyer is obtaining a conventional mortgage, they must include which of the following information on the TREC Third Party Financing Addendum...? Amount of the loan Interest rate of the loan Term of the loan All of the above

225,000 Dollars

If a buyer is providing a down payment of $50,000, and is obtaining a loan from a bank in the amount of $175,000, what is the purchase price of the property...? 50,000 Dollars 175,000 Dollars 200,000 Dollars 225,000 Dollars

TREC Loan Assumption Addendum

If a buyer is purchasing a property involving the assumption of an existing loan, which of the following documents must be included with the purchase contract...? Third Party Financing Addendum for Credit Approval TREC Loan Assumption Addendum Assumption Approval Addendum Financing and Credit Addendum

TREC Seller Financing Addendum

If a buyer is purchasing a property with the help of seller financing, what must be included with the purchase contract...? TREC Loan Assumption Addendum Third Party Financing Addendum for Credit Approval TREC Seller Financing Addendum Financing and Credit Addendum

Unincorporated

If a property is not located within a city, what should be included in the legal description of the property on the purchase contract...? Town Village Unincorporated Any of the above

The buyer's name as listed in the purchase contract

When a buyer takes title to a property, the name listed on the deed will match which of the following...? The buyer's name as listed on the property's mortgage The buyer's name as listed on their State ID The buyer's name as listed in the purchase contract None of the above

The appraisal district's website

Where can an agent search to find the legal description of a property...? The appraisal district's website Zillow.com The U.S Department of Finance website TREC's website

Addendum For Release of Liability on Assumed Loan and/or Restoration of Seller's VA Entitlement

Which of the following addenda must a veteran complete when purchasing a new home with a VA loan when they already have an outstanding VA loan...? Addendum For Release of Liability on Assumed Loan and/or Restoration of Seller's VA Entitlement Assumption Approval Addendum TREC Seller Financing Addendum Financing and Credit Addendum

All of the above

Which of the following are considered improvements to a property...? Fences A shed A garage All of the above

All of the above

Which of the following is included in the legal description of a property...? Section number Lot number Block number All of the above

Third Party Financing Addendum

If a buyer is looking to purchase a property with the help of a Texas Veterans loan, which of the following must in included with the purchase contract...? TREC Seller Financing Addendum TREC Loan Assumption Addendum Third Party Financing Addendum Financing and Credit Addendum

1

Veterans are allowed to have how many VA loans at any given time...? 1 2 A As many as they desire

The name of the seller(s) as listed on the deed

What does an agent first need from the seller when preparing a contract...? The last name of the seller(s) The name of the seller(s) as listed on their license The name of the seller(s) as listed on the deed None of the above

The seller's title policy

When preparing a contract, where should the agent look to find the name of the seller(s)...? The seller's title policy The seller's license The seller's birth certificate Any of the above

The seller

The "excluded fixtures and accessories" section of the contract is completed by which of the following parties...? The seller The buyer Both the buyer and the seller The buyer's agent

64,000 Dollars

A buyer needs to obtain a loan to purchase a $320,000 house. If the lender is willing to loan at an 80% LTV, how much of a down payment must the buyer put down...? 32,000 Dollars 54,000 Dollars 64,000 Dollars 75,000 Dollars

The equity in the house

A reverse mortgage is paid back using which of the following...? A new loan sometime in the future The borrower's savings The equity in the house Seller financing

Temporary lease

If the buyer will occupy the property prior to closing, what needs to be included with the sales contract...? Accelerated closing documents Seller release addendum Temporary lease All of the above

The buyer

If the seller does not specify improvements and accessories to be excluded from the sale of the property, which of the following will claim ownership of these items...? The State The buyer The seller will still claim ownership of the items Both the buyer and the seller

Earnest money

Paragraph 5 of the One to Four Family Residential Contract - Resale primarily deals with...? Legal description of the property Sales Price Improvements and accessories Earnest money

T (True)

Reverse mortgage financing is primarily used for owner-occupied residences...? T (True) F (False)

62

Reverse mortgage financing is typically reserved for borrowers over the age of...? 21 55 62 66

Residential Service Contract

A home warranty is also known as a...? Home Appliance Contract Title Warranty Residential Service Contract Refund Warranty

ABC Corporation, a Texas Corporation

ABC Corporation is purchasing a residential property in Houston. How should the corporation's name appear on the purchase contract...? ABC Corporation ABC Corporation, a Texas Corporation ABC Corporation, and its shareholders ABC Corp.

2D

Improvements and accessories that the seller would like to retain should be listed in paragraph .........of the One to Four Family Residential Contract - Resale? 1 2D 3A 4

John Doe, An Unmarried Person

John Doe is an unmarried individual who is buying his first house. How should John's name be listed on the purchase contract...? John Doe Doe, John John Doe, a Single Person John Doe, An Unmarried Person

Items of personal property that will stay with the property after closing

The Non-Realty Items Addendum includes which of the following...? Real property that will stay with the property after closing Fixtures that will stay with the property after closing Improvements that will stay with the property after closing Items of personal property that will stay with the property after closing

Condominiums

The One to Four Family Residential Contract - Resale is NOT used for which of the following properties...? Single family homes Duplexes Tri-plexes Condominiums

All of the above

The One to Four Family Residential Contract - Resale is used for which of the following properties...? Tri-plex properties Duplex properties Single family homes All of the above

Increases

The loan amount in a reverse mortgage ........over time? Increases Decreases Remains the same Significantly decreases

1

The names of the parties are included in paragraph .......of the promulgated sales contract? 1 3 4 6