Promulgated contracts

Question 1

(1-4 family residential - resale)

What does paragraph 1 include?

Answer 1

Parties

Question 2

(1-4 family residential - resale)

What does paragraph 2 include?

Answer 2

Property information

Question 3

(1-4 family residential - resale)

What does paragraph 3 include?

Answer 3

Sales price breakdown

Question 4

(1-4 family residential - resale)

What does paragraph 4 include?

Answer 4

Financing information

Question 5

(1-4 family residential - resale)

What does paragraph 5 include?

Answer 5

Earnest money

Question 6

(1-4 family residential - resale)

What does paragraph 6 include?

Answer 6

Title policy and survey

Question 7

(1-4 family residential - resale)

What does paragraph 7 include?

Answer 7

Property condition (including sellers disclosure and any requested repairs)

Question 8

(1-4 family residential - resale)

What does paragraph 8 include?

Answer 8

Brokers fees

Question 9

(1-4 family residential - resale)

What does paragraph 9 include?

Answer 9

Closing (date and info)

Question 10

(1-4 family residential - resale)

What does paragraph 10 include?

Answer 10

Possession

Question 11

(1-4 family residential - resale)

What does paragraph 11 include?

Answer 11

Special provisions

Question 12

(1-4 family residential - resale)

What does paragraph 12 include?

Answer 12

Settlement and other expenses

Question 13

(1-4 family residential - resale)

What does paragraph 13 include?

Answer 13

Prorations

Question 14

(1-4 family residential - resale)

What does paragraph 14 include?

Answer 14

Casualty loss

Question 15

(1-4 family residential - resale)

What does paragraph 15 include?

Answer 15

Default

Question 16

(1-4 family residential - resale)

What does paragraph 16 include?

Answer 16

Mediation

Question 17

(1-4 family residential - resale)

What does paragraph 17 include?

Answer 17

Attorneys fees

Question 18

(1-4 family residential - resale)

What does paragraph 18 include?

Answer 18

Escrow

Question 19

(1-4 family residential - resale)

What does paragraph 19 include?

Answer 19

Representations

Question 20

(1-4 family residential - resale)

What does paragraph 20 include?

Answer 20

Federal tax requirements

Question 21

(1-4 family residential - resale)

What does paragraph 21 include?

Answer 21

Notices (where they should be sent)

Question 22

(1-4 family residential - resale)

What does paragraph 22 include?

Answer 22

Addendums (agreement of parties)

Question 23

(1-4 family residential - resale)

What does paragraph 23 include?

Answer 23

Termination option

Question 24

(1-4 family residential - resale)

What does paragraph 24 include?

Answer 24

Attorney information

Question 25

A transfer of Benefits And obligations within a contract to a third-party who is not originally a party to the contract is known as

Answer 25

Assignment

Question 26

The substitution or exchange of a new obligation or contract for an old one and a mutual agreement of the parties is known as

Answer 26

Novation

Question 27

In assignment can occur when a contract is

Answer 27

Executory

Question 28

The Texas real estate commission was created in what year

Answer 28

1949

Question 29

Who appoints six of the members of the broker lawyer committee

Answer 29

The Texas state bar

Question 30

A promulgated form means that the use of the form is

Answer 30

Mandatory

Question 31

John Doe is an unmarried individual who is buying his first house. How should his name be listed on the purchase contract?

Answer 31

John Doe, a single person

Question 32

How many VA loans are veterans allowed to have at any given time

Answer 32

1

Question 33

Reverse mortgage financing is typically reserve for borrowers over the age of

Answer 33

62

Question 34

True or false; reverse mortgage financing is primarily used for owner occupied residences

Answer 34

True

Question 35

Money or other things of value that a real estate agent receives on behalf of the principal or any other person involved in a transaction is known as

Answer 35

Trust funds

Question 36

A person who receives an option is known as the

Answer 36

Optionee

Question 37

A person who gives an option is known as the

Answer 37

Optionor

Question 38

The buyer loses their right to a termination option if they fail to provide the options money within how many days of the effective date of the contract

Answer 38

3

Question 39

Agreements written into deeds and other instruments promising performance or non-performance of certain acts, or stipulating certain uses or non-uses of the property are known as

Answer 39

Covenants

Question 40

After signing a purchase contract the seller typically receive money from the buyer for what

Answer 40

Termination option

Question 41

If the buyer occupies a property prior to closing without a temporary lease in place they will occupy the property as

Answer 41

Tenancy at sufferance

Question 42

At closing the buyers earnest money must be applied first to

Answer 42

Cash down payment

Question 43

The buyer of a condo may terminate the contract within how many days of receiving the condos bylaws if the buyer receives the bylaws after signing the contract

Answer 43

6

Question 44

How many title notices are provided in paragraph 6D and the residential condominium contract for resale

Answer 44

8

Question 45

Who is responsible for paying any special condominium assessment to do an unpaid at closing

Answer 45

Seller

Question 46

What title notice is included in the unimproved property contract I’m not the one to for family residential contract for resale

Answer 46

Texas agricultural development district

Question 47

Civil penalties under the dtpa could be up to how much per violation?

Answer 47

$20,000