Chapter 7 Flashcards
TREC No. 45-1 Short Sell Addendum
seller who is behind in the mortgage payments.
A short sale occurs when a buyer has been located and an agreement is reached for an amount that is less than what is owed. The seller will receive nothing and the lender will receive less than what the bank is currently owed.
forms that you will use that are not promulgated
- The Texas Real Estate Consumer Notice Concerning Hazards or Deficiencies
2.Brokerage Services Form
Texas Real Estate Consumer Notice Concerning Hazards or Deficiencies
It is a document that aims to educate clients and customers about avoidable accidents.
The agent should give this form to a seller when listing a property to educate the seller that these conditions may be addressed by a buyer when an offer is made.
Brokerage Services Form
information about brokerage services.
fully informing the buyer and the seller as to the function of the real estate licensee in terms of how he or she will function if the seller is represented, the buyer is represented, and then, both the buyer and the seller are represented by the same brokerage in the same transaction in an Intermediary transaction.
This form should be given to customers by the licensee upon the first substantial discussion about real estate.
OP-M Non-Realty Items Addendum
When there are some items that are personal property that will be conveyed from the seller to the buyer.
Personal property is anything that is not real estate.
This form covers anything that is moveable and yet will be left behind by the seller for the ownership and use of the buyer.
Contract for Deed
executory contract where the seller gives possession of the property to the buyer and stipulates that at some time in the future the buyer will receive a deed that shows actual ownership.
Rescission
Discharging a contract by mutual agreement.
Seaward Land
All of the land between the actual gulf and the Gulf intracoastal canal.
