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real estate > Promulgated contracts > Flashcards

Promulgated contracts Flashcards

1
Q

(1-4 family residential - resale)

What does paragraph 1 include?

A

Parties

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2
Q

(1-4 family residential - resale)

What does paragraph 2 include?

A

Property information

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3
Q

(1-4 family residential - resale)

What does paragraph 3 include?

A

Sales price breakdown

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4
Q

(1-4 family residential - resale)

What does paragraph 4 include?

A

Financing information

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5
Q

(1-4 family residential - resale)

What does paragraph 5 include?

A

Earnest money

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6
Q

(1-4 family residential - resale)

What does paragraph 6 include?

A

Title policy and survey

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7
Q

(1-4 family residential - resale)

What does paragraph 7 include?

A

Property condition (including sellers disclosure and any requested repairs)

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8
Q

(1-4 family residential - resale)

What does paragraph 8 include?

A

Brokers fees

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9
Q

(1-4 family residential - resale)

What does paragraph 9 include?

A

Closing (date and info)

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10
Q

(1-4 family residential - resale)

What does paragraph 10 include?

A

Possession

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11
Q

(1-4 family residential - resale)

What does paragraph 11 include?

A

Special provisions

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12
Q

(1-4 family residential - resale)

What does paragraph 12 include?

A

Settlement and other expenses

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13
Q

(1-4 family residential - resale)

What does paragraph 13 include?

A

Prorations

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14
Q

(1-4 family residential - resale)

What does paragraph 14 include?

A

Casualty loss

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15
Q

(1-4 family residential - resale)

What does paragraph 15 include?

A

Default

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16
Q

(1-4 family residential - resale)

What does paragraph 16 include?

A

Mediation

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17
Q

(1-4 family residential - resale)

What does paragraph 17 include?

A

Attorneys fees

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18
Q

(1-4 family residential - resale)

What does paragraph 18 include?

A

Escrow

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19
Q

(1-4 family residential - resale)

What does paragraph 19 include?

A

Representations

20
Q

(1-4 family residential - resale)

What does paragraph 20 include?

A

Federal tax requirements

21
Q

(1-4 family residential - resale)

What does paragraph 21 include?

A

Notices (where they should be sent)

22
Q

(1-4 family residential - resale)

What does paragraph 22 include?

A

Addendums (agreement of parties)

23
Q

(1-4 family residential - resale)

What does paragraph 23 include?

A

Termination option

24
Q

(1-4 family residential - resale)

What does paragraph 24 include?

A

Attorney information

25
Q

A transfer of Benefits And obligations within a contract to a third-party who is not originally a party to the contract is known as

A

Assignment

26
Q

The substitution or exchange of a new obligation or contract for an old one and a mutual agreement of the parties is known as

A

Novation

27
Q

In assignment can occur when a contract is

A

Executory

28
Q

The Texas real estate commission was created in what year

A

1949

29
Q

Who appoints six of the members of the broker lawyer committee

A

The Texas state bar

30
Q

A promulgated form means that the use of the form is

A

Mandatory

31
Q

John Doe is an unmarried individual who is buying his first house. How should his name be listed on the purchase contract?

A

John Doe, a single person

32
Q

How many VA loans are veterans allowed to have at any given time

A

1

33
Q

Reverse mortgage financing is typically reserve for borrowers over the age of

A

62

34
Q

True or false; reverse mortgage financing is primarily used for owner occupied residences

A

True

35
Q

Money or other things of value that a real estate agent receives on behalf of the principal or any other person involved in a transaction is known as

A

Trust funds

36
Q

A person who receives an option is known as the

A

Optionee

37
Q

A person who gives an option is known as the

A

Optionor

38
Q

The buyer loses their right to a termination option if they fail to provide the options money within how many days of the effective date of the contract

A

3

39
Q

Agreements written into deeds and other instruments promising performance or non-performance of certain acts, or stipulating certain uses or non-uses of the property are known as

A

Covenants

40
Q

After signing a purchase contract the seller typically receive money from the buyer for what

A

Termination option

41
Q

If the buyer occupies a property prior to closing without a temporary lease in place they will occupy the property as

A

Tenancy at sufferance

42
Q

At closing the buyers earnest money must be applied first to

A

Cash down payment

43
Q

The buyer of a condo may terminate the contract within how many days of receiving the condos bylaws if the buyer receives the bylaws after signing the contract

A

6

44
Q

How many title notices are provided in paragraph 6D and the residential condominium contract for resale

A

8

45
Q

Who is responsible for paying any special condominium assessment to do an unpaid at closing

A

Seller

46
Q

What title notice is included in the unimproved property contract I’m not the one to for family residential contract for resale

A

Texas agricultural development district

47
Q

Civil penalties under the dtpa could be up to how much per violation?

A

$20,000

real estate (3 decks)

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