chapter 4/4

Question 1

lender required repairs and treatment

Answer 1

if the cost of lender required repairs and treatment exceeds 5% of the sales price, buyer may terminate this contract and the earnest money will be refunded to buyer

Question 2

environmental matters

Answer 2

is concerned about these matters, an addendum promulgated by TREC or required by the parties should be used

Question 3

broker or sales agent disclosure

Answer 3

texas law requires a real estate broker or sales agent who is a party to a transaction or acting on behalf of a spouse, parent, or child business entity in which the broker or sales agent owns more than 10%

Question 4

disclosure at first contact

Answer 4

disclosure of representation

Question 5

disclosure of agency (IABS)

Answer 5

give at first substantive

Question 6

disclosure of agency with interest

Answer 6

spouse, parent , or child

Question 7

lead warning statement

Answer 7

the states that if you are about to buy a residential dwelling or inspection

Question 8

buyers rights

Answer 8

to indicate whether buyer waives the right to conduct a risk assessment or inspection

Question 9

buyers acknowledgement

Answer 9

protect your family from lead in your home

Question 10

environmental assessment

Answer 10

this box is checked if buyer wishes to obtain an environmental assessment. the addendum states that the buyer “may obtain” the assessment