Module 7

Question 1

Used when the buyer must make the contract subject to the sale and funding of another property he/she currently owns

Answer 1

Addendum for Sale of Other Property

Question 2

Used when a property is already under contract to a buyer and another buyer wants to enter into a contract that would become effective if the first contract fails to close

Answer 2

Addendum for Back-Up Contract

Question 3

For use when the seller reserves all or a portion of the mineral estate

Answer 3

Addendum for Reservation of Oil, Gas, and Other Minerals

Question 4

This is a disclosure notice for buyers when the property is in the affected area

Answer 4

Addendum for Property Located Seaward of the Gulf Intracoastal Waterway

Question 5

Used when a property abuts any tidally influenced waters of Texas. This would include lands fronting on the Gulf of Mexico, including all bays and waterways, the levels of which rise and fall with the tide.

Answer 5

Addendum for Coastal Area Property

Question 6

Used when a property is located in a propane gas system service area or distribution system area

Answer 6

Addendum for Property in a Propane Gas System Service Area

Question 7

Used when the seller is unable to sell the property at or above what he/she owes the lender

Answer 7

Short Sale Addendum

Question 8

Used when the buyer wishes to terminate the contract

Answer 8

Notice of Buyer’s Termination of Contract

Question 9

Used when the seller wishes to terminate the contract

Answer 9

Notice of Seller’s Termination of Contract

Question 10

If Buyer is concerned about deed restrictions or the subdivision information, the TREC promulgated Addendum for Property Subject to Mandatory Membership in a Property Owners Association(s) should be used.

Answer 10

Addendum for Property Subject to Mandatory Membership in a Property Owners Association

Question 11

Completed by the property owners association or POA’s management company to disclose the regular assessment the property owner is responsible to pay to the POA

Answer 11

Subdivision Information Form

Question 12

Used by a condominium association to disclose information about the association

Answer 12

Condominium Resale Certificate

Question 13

A TREC notice that is required to be posted in the broker’s office and on the website of all broker’s and sales agents

Answer 13

Consumer Protection Notice

Question 14

An information document that Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

Answer 14

Information About Brokerage Services

Question 15

Used to inform prospective buyers of hazard or deficiencies inside of homes

Answer 15

Texas Real Estate Consumer Notice Concerning Hazards or Deficiencies

Question 16

Used when personal property is included in a sale

Answer 16

Non-Realty Items Addendum

Question 17

The Addendum offers the buyer and seller two options. One option is for the seller to terminate any existing leases by closing. The other option is for the buyer to assume any existing leases.

The addendum provides for the seller to terminate all residential leases affecting the property, if possible. It also provides an option for the buyer to assume the existing leases.

Answer 17

Addendum Regarding Residential Leases

Question 18

This addendum merely discloses the fact that there are fixture leases affecting the property.

The buyer and seller should thoroughly investigate the fixture leases and negotiate with the party that owns the fixtures.

Answer 18

Addendum Regarding Fixture Leases

Question 19

Lender’s consent at a price less than the

Answer 19

outstanding loan balance

Question 20

Information About Brokerage Service
Texas law requires license holders to give the following information about brokerage services to prospective

Answer 20

buyers, tenants, sellers, and landlords