Champions Promulgated Contract Forms Test Actual

Champions Promulgated Contract Forms Test (Actual 75 Questions And 100% Verified Answers.

One to Four Family Residential Contract (Resale) The promulgated contract used by real estate licensees for the sale of residential property. It's used when purchasing residential real estate, but variations of forms are available for other types of real property.

Residential Condominium (Resale) A TREC promulgated contract for use where the seller does not own fee simple title to the land beneath the unit.

Offers and the communication of offers A properly completed form with a price less than, equal to, or more than the seller's asking price and signed by the buyer. Can be communicated by phone, fax, email, letter, hand delivery.

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Addressing environmental concerns - TREC forms Buyer is advised the presence of wetlands, asbestos, wastes, and other environmental hazards, or the presence of an endangered species. If the buyer is concerned about these matters, then an addendum promulgated by TREC should be used.

Earnest Money a deposit that shows the buyer is serious about purchasing and fulfilling the contract. A buyer's evidence of good faith, submitted with an offer to purchase. The buyer is required to deposit this with the escrow agent within 3 days after the effective date of the contract.

Short Sale Used when the seller is unable to sell the property at or above what he/she owes the lender. The lender accepts insufficient proceeds to pay off the loan and releases the lien.

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The seizure of property from borrowers who are unable to repay their loans

Deed in lieu of foreclosure The borrower simply transfers the property back to the lender and the lender cancels the debt.

Farm and Ranch Contract Crops Buyer and Seller must agree as to how Seller will leave the land, including who will shred the stalks, plow the ground, and other issues.

Farm and Ranch Contract Accessories not necessarily permanently installed or built-in items but conveyed at sale. Residential items that are checked off to be given to the buyer in sale.portable buildings hunting blinds game feeders livestock feeders and troughs irrigation equipment fuel tanks submersible pumps pressure tanks corrals gates chutes

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