Texas Promulgated Contract Forms Chapter 7
Seaward Land
All of the land between the actual gulf and the Gulf intracoastal canal.
The date the buyer is notified that the first contract terminated
At the time, the back-up contract becomes the primary contract, what is the effective date of a back-up contract according to the Addendum for "Back-Up" Contract?
Rescission
Discharging a contract by mutual agreement.
The lender holding the current mortgage
For a short sale to go through, who must give approval?
Texas REALTORS©Local Board of REALTORS©Attorney
If the broker wishes to practice buyer agency, who should they obtain the form from?
It is amended to the date of the notification
In a short sale, if the buyer is notified of the bank's approval before the date written in Paragraph (D) on the Short Sale Addendum, what will be the effective date of the contract?
Time is of the essence
In the Addendum for Sale of Other Property by Buyer, what does it say about how important it is for both parties to adhere to strict compliance with the times for performance for performance?
It is not required
In what type of transaction is the Texas Real Estate Consumer Notice Concerning Hazards or Deficiencies required to be used?
Filing areas with topsoil
What action by an owner may be a violation of federal wetland laws?
Short Sale Addendum
What addendum is used in a transaction where the seller owes more on a property than it is worth?
Erosion
What causes the property along the coastline to change?
Addendum for Sale Of Other Property By Buyer
What form is used when someone wants to purchase a home but needs to sell their current home first?
Buyer has legal recourse for the seller's breach of contract
What happens if the seller does not leave personal property that was agreed to in writing?
The contract is terminated
What happens to the contract if one party receives the earnest money as liquidated damages?
They were previously reserved
What have property owners discovered In many communities concerning mineral rights?
Non-agency
What is not discussed on the Information About Brokerage Services form (IABS)?
Pay a fee as specified in the Addendum for Property Subject to Mandatory Membership in a Property Owners Association
What is the best way to have a seller's name removed and a buyer's name added to the Property Owners Association's (POA's) records?
Notice of Buyer's Termination of Contract
What is the form called that should be used by the buyer to terminate the previously agreed One to Four Family contract for any reason?
Gulf Intracoastal Waterway
What is the name of the 1,300-mile canal that runs from Brownsville, Texas to St. Mark's, Florida?
Any electric plugs near a water source there is a reset button that will help to prevent electric shock
What is the purpose of Ground Fault Circuit Interrupters (GFCI)'s?
To request information from the association to give to the buyer
What is the purpose of a form called the Subdivision Information, Including Resale Certificate For Property Subject to Mandatory Membership In A Property Owners' Association?
It gives a summary of the different types of representations an agent can perform
What is the purpose of the Information About Brokerage Services form (IABS)?
Submit an offer using the Addendum for "Back-up" Contract
What should a buyer do if he wants to submit an offer on a home that already has a contract on it?
Hire a surveyor
What should a seller do to verify and clarify the boundaries of a coastal property?
It is not required since it is a back-up contract
When does the buyer pay the seller any agreed-upon option money when using the Addendum For "Back-Up" Contract?
Upon the first substantial discussion about real estate
When should a real estate agent give a customer the Information About Brokerage Services form (IABS)?
When the seller wants to convey, for a fee, certain non-realty items.
When should the Non-Realty Items Addendum be used?
Contract for deed Listing representation agreement Buyer/Tenant representation agreement
Which documents does TREC not make available?
Write the terms of the mineral rights agreement into the special provisions section of the TREC One to Four Family Residential Contract (Resale)
Which of the following is something an agent should not due in reference to mineral rights?
Only the buyer
Who signs the Notice of Buyer's Termination of Contract?
Neither the buyer or seller
Who signs the Texas Real Estate Consumer Notice Concerning Hazards or Deficiencies addendum?
To maintain the value of the homes
Why does a Property Owners Association (POA) enforce deed restrictions?