Texas Promulgated Contract Forms Chapter 6
Residential Service Contract
In a Farm and Ranch Contract, what paragraph do you select information about a home warranty?
Spec house
Homes built to certain specifications to allow a builder show it and sell later.
FEMA flood map
How does a buyer determine if property is located in a flood plain?
Owner Another party
If real estate can be severed laterally, who owns the minerals under the land?
Condominium (Condo)
Type of housing that allows ownership of "air space", and a specified part of a piece of real estate, individually owned, with use of, and access to, common facilities like hallways elevators and exterior areas, is executed under legal rights associated with individual ownership. Common areas are controlled by the association of owners who jointly represent ownership of the whole property as tenants-in-common.
Farm and Ranch
What contract shows an area called the Ratification of Fee?
Airspace
What does a condo owner own?
Residential Condominium Contract (Resale)
What form is used that says who must pay for any assessments mandated by the association?
No lender is involved
What is a reason that a survey may not be required?
They are very expensive
What is one reason that a survey may not be required in a Farm and Ranch transaction?
How restrictive they are
What should the buyer know about condo rules prior to agreeing to a contract?
New Home Contract (Completed Construction)
What type of contract does not require a seller to provide a seller's disclosure notice?
Surface lease
What type of lease is considered a hunting lease?
condominium
What type of property is it that allows ownership of "airspace"?
Attach an addendum to completely describe the property
What would an agent need to do when writing a legal description for a large ranch?
If the property changes from agricultural to residential
When are rollback taxes required to be paid?
Association's bylaws and rules
When purchasing a condominium, a buyer should carefully read over what document, as the information in it could affect the buyer willingness to live at the property?
When there are no improvements on the property.
When would the Unimproved Property Contract be used?
The listing agreement must be in writing
Which of the following is required to be able to sue for a commission?
Condominium owners' association governing board
Who completes the Condominium Resale Certificate?
Condo Association
Who issues the Condo Resale Certificate?
The agent must register their client before showing the model home.
An agent's client is interested in a builder's new home. How can the agent protect their commission in completing the transaction?
The paragraph dealing with the buyer and seller's legal names
On the New Home Contract (Completed Construction) which paragraph is the same as on a One to Four Family Residential Contract (Resale)?
The cash portion plus the sum of all of the financing
On the New Home Contract (Completed Construction), what two amounts equal the sales price?
Spec house
The New Home Contract (Incomplete Construction) is most commonly used to purchase what type of property?
The amount of special assessmentsThe capital expenditures approved over the next yearUnsatisfied judgments
The following is information requested on the Subdivision Information, including Resale Certificate for Property Subject to Mandatory Membership in a Property Owners' Association:
