The Condominium Contract and Farm & Ranch Contract Flashcards

1
Q

What requires a survey to be ordered on a condominium sale?

A

Since the exterior of the condominium is not relevant to the sale, the survey of the property is not relevant.

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2
Q

What documents are necessary to the buyer because the buyer needs to know how the association will operate and the rules of the condo?

A

Condominium Declaration, Bylaws and any Rules of the Association.

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3
Q

With a condominium, what is the strictest definition of what is owned?

A

Inside airspace of only the one unit.

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4
Q

What is a vara?

A

It is a unit of measurement, equaling approximately 33 1/3 inches.

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5
Q

Using the TREC Farm & Ranch contract, if the property is located on a FEMA flood map, what are the buyer’s rights?

A

The buyer may object and terminate the contract as long as the buyer does so in the time allowed.

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6
Q

If the seller is exempt from filling out a Seller’s Disclosure Form, then which of the following is true?

A

The seller is still required to make any disclosures about the property condition.

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7
Q

The Condominium Resale Certificate referred to in the Residential Condominium Contract (Resale) stipulates that the Certificate must be prepared no more than __________ prior to delivery to the buyer.

A

Three months

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8
Q

FEMA can provide the buyer with what?

A

Flood Plain Maps

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9
Q

According to the TREC Farm & Ranch contract, how long does the buyer have to object if any portion of the property is on the FEMA flood map?

A

It’s negotiable

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10
Q

Residential Condominium Contract 30-12

A

is required in the management of condominiums. It shares many similarities to the One to Four Family Residential Contract 20-13.

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11
Q

Condominiums are

A

a type of housing that allows for ownership of “air space” and a specified part of a piece of real estate (i.e. the condo is individually owned, while the common facilities is controlled by the association of owners that jointly represent ownership of the whole piece).

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12
Q

Important distinctions between condominium contracts and the One to Four Family Residential Contract (Resale) 20-13 include:

A

Paragraph 2, 6 and 22

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13
Q

Residential Condominium Contract Paragraph 2

A

which includes the specific bylaws and rules of a particular condominium association

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14
Q

Residential Condominium Contract Paragraph 6

A

which is concerned with surveys of the contract

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15
Q

Residential Condominium Contract Paragraph 22

A

which deals with specific addendums that are unique to condominiums.

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16
Q

TREC No. 32-3 addendum

A

assists condominium purchasers in making informed decisions about the rights, responsibilities and risks of condominium ownership and is required by the Texas Real Estate Commission.

17
Q

TREC No. 20-13 and the Farm and Ranch Form No. 25-11

A

are the documents licensees will use for farms and ranch contracts in Texas. Distinctions of these documents include:
Paragraph 2
Paragraph 3
Paragraph 6

18
Q

TREC No. 20-13 and the Farm and Ranch Form No. 25-11 Paragraph 2

A

which include additional information specific to farms including barns, tanks, fences, crops, mineral and timber rights etc.

19
Q

TREC No. 20-13 and the Farm and Ranch Form No. 25-11 Paragraph 3

A

discusses “varas” which are measurement distinctions occasionally found on ranches.

20
Q

TREC No. 20-13 and the Farm and Ranch Form No. 25-11 Paragraph 6

A

includes an additional C.4 section in 25-11 that gives the option to omit a survey since surveying at such extensive acreages can be very expensive.

21
Q

TREC No. 20-13 and the Farm and Ranch Form No. 25-11 Additional distinctions include

A

concerns about flood plains, hunting leases, and any issues with the Texas Agricultural Developmental District.