Texas Promulgated Contract Forms Flashcards

Texas Promulgated Contract Forms Flashcards The buyerIf a buyer living in the property under a Buyer's Temporary Residential Lease can make alterations to the property...- as they see fit since they are buying the home.- only if the alteration is written into the lease.- with the owner's permission.- only after the lease is complete and they own the property.Dollar amountBuyer Dan wants to use the property to operate a home business. Where would he note this intent on the Texas Real Estate Commission One to Four Family Residential Contract (Resale)?- 8A Broker or Sales Agent Disclosure- 6B Commitment- 6D Objections- 11 Special Provisions

• lawyers, 6 brokers, and one member of the publicWhat is another term for "cancellation"?- Rescission-

Revocation- Renunciation- Reformation To keep the real estate agents from practicing law.According to the TREC Addendum for Property Subject to Mandatory Membership in a Property Owners Association, who is responsible for paying the title company for the cost of obtaining information from the association?- Seller- Buyer- Both buyer and seller on an equal split- Its negotiable, the real estate agent would mark the correct box All are allowable reasonsWho is responsible for costs of any inspection and actions checked on the TREC Environmental Assessment, Threatened or Endangered Species, and Wetlands Addendum?- The seller- The local government- The buyer- The state government The buyer may withdraw his offer any time prior to acceptance by the seller.

The Broker-Lawyer Committee is made up of:- 4 lawyers, 4

brokers, and two members of the public.- 6 lawyers and 5 brokers- 3 lawyers, 3 brokers, and 3 public members- 6 lawyers, 6 brokers, and one member of the public 30 daysUnder TREC's Buyer's Temporary Residential Lease, who is responsible for any injuries that occur during the lease agreement?- The Texas Real Estate Commission- The title company- The seller- The buyer What was the Texas Real Estate License Act called in 1939?- The Real Estate Dealer's License Act- The Broker's Act of 1939- The Real Estate Settlement Procedures Act- The Real Estate Investment Act The Real Estate Dealer's License Act At that timeWhich of the following statements is FALSE regarding reformation?- The written agreement is changed to reflect the parties' original understanding.- It is granted only if one party was unaware that the writing did not conform to the

actual agreement.- The agreement may be rewritten.- One of the parties assigned his duties under the contract to a third party.All of the aboveWhich of the following is required for fraud?- Must have over $100.00 as damages.- Must involve a HUD protected class.- The incident must have occurred during the last 36

months- The consumer must have relied on the information provided by a licensee Daily rateWhich of the following questions should be asked at a listing appointment?- Is the property homesteaded?- Are

payments on the property current?- Are you keeping the mineral rights?- All are appropriate questions to be asked on a listing appointment.