Texas Real Estate ExamTexas Real Estate Exam (State Portion) Contracts With Complete Solut, Exams of Advanced Education

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Texas Real Estate Exam (State Portion)

Contracts With Complete Solutions

Use of Standard Contract Forms - correct Answers-TREC promulgated forms are required by licensee; standard contracts must be used UNLESS services of a lawyer used to prepare, government uses contract, owner draws up contract TREC promulgated contracts - correct Answers-Must have title delivered by GENERAL warranty deed MUST be used by all licensees with exceptions of lawyer, gov., owner types: 1-4 family residential contract (resale), unimproved property contract, new home contract (incomplete)/ (complete), farm and ranch contract, residential condo contract (resale) Special Conditions Addenda and Forms - correct Answers-sale of other property by buyer addendum (contingency), Back Up Contract Addendum: when property already under contract in case of fall through, Seller Financing Addendum: seller finances buyer, environmental assessment addendum, condo resale certificate: seller must provide before closing, coastal area property addendum, property located seaward addendum: notifies of potential flooding, property subject to membership in owner's assoc. addendum: must be used if mandatory HOA, subdivision info, notice of termination of contract: terminate during option period, amendment to contract: change anything or request change after inspection, loan assumption addendum: buyer assumes seller mortgage, 3rd party financing addendum: explains to seller how buyer will finance to include type of loan, interest rate, period of time to payoff Temporary Residential Lease Forms - correct Answers-sellers lease (after closing)/buyers lease (after closing): short term use where rent is prorated and paid up front where failure to surrender at termination is tenancy at sufferage Effective Date of Contract - correct Answers-broker/agent completes, signed and initialed by all parties, acceptance communicated to agents Multiple Offers - correct Answers-discuss with seller to determine if: a. tell no other agent b. tell other agents seller NOT required to: accept any offer, respond to any offer, respond to any offer when received seller MAY: accept one and ignore others, reject all, reject one and counter

Statute of Frauds - correct Answers-requires certain contracts be in writing for enforcement prevents fraud proof of fictitious oral contract requires lease for 1+ years be in writing for enforcement transfer of real property in writing listing agreements in writing and signed Seller Disclosures - correct Answers-caveat emptor- let the buyer beware (sellers and builders must disclose)