Promulgated contracts Flashcards
(1-4 family residential - resale)
What does paragraph 1 include?
Parties
(1-4 family residential - resale)
What does paragraph 2 include?
Property information
(1-4 family residential - resale)
What does paragraph 3 include?
Sales price breakdown
(1-4 family residential - resale)
What does paragraph 4 include?
Financing information
(1-4 family residential - resale)
What does paragraph 5 include?
Earnest money
(1-4 family residential - resale)
What does paragraph 6 include?
Title policy and survey
(1-4 family residential - resale)
What does paragraph 7 include?
Property condition (including sellers disclosure and any requested repairs)
(1-4 family residential - resale)
What does paragraph 8 include?
Brokers fees
(1-4 family residential - resale)
What does paragraph 9 include?
Closing (date and info)
(1-4 family residential - resale)
What does paragraph 10 include?
Possession
(1-4 family residential - resale)
What does paragraph 11 include?
Special provisions
(1-4 family residential - resale)
What does paragraph 12 include?
Settlement and other expenses
(1-4 family residential - resale)
What does paragraph 13 include?
Prorations
(1-4 family residential - resale)
What does paragraph 14 include?
Casualty loss
(1-4 family residential - resale)
What does paragraph 15 include?
Default
(1-4 family residential - resale)
What does paragraph 16 include?
Mediation
(1-4 family residential - resale)
What does paragraph 17 include?
Attorneys fees
(1-4 family residential - resale)
What does paragraph 18 include?
Escrow
(1-4 family residential - resale)
What does paragraph 19 include?
Representations
(1-4 family residential - resale)
What does paragraph 20 include?
Federal tax requirements
(1-4 family residential - resale)
What does paragraph 21 include?
Notices (where they should be sent)
(1-4 family residential - resale)
What does paragraph 22 include?
Addendums (agreement of parties)
(1-4 family residential - resale)
What does paragraph 23 include?
Termination option
(1-4 family residential - resale)
What does paragraph 24 include?
Attorney information
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
Assignment
The substitution or exchange of a new obligation or contract for an old one and a mutual agreement of the parties is known as
Novation
In assignment can occur when a contract is
Executory
The Texas real estate commission was created in what year
1949
Who appoints six of the members of the broker lawyer committee
The Texas state bar
A promulgated form means that the use of the form is
Mandatory
John Doe is an unmarried individual who is buying his first house. How should his name be listed on the purchase contract?
John Doe, a single person
How many VA loans are veterans allowed to have at any given time
1
Reverse mortgage financing is typically reserve for borrowers over the age of
62
True or false; reverse mortgage financing is primarily used for owner occupied residences
True
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
Trust funds
A person who receives an option is known as the
Optionee
A person who gives an option is known as the
Optionor
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
3
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
Covenants
After signing a purchase contract the seller typically receive money from the buyer for what
Termination option
If the buyer occupies a property prior to closing without a temporary lease in place they will occupy the property as
Tenancy at sufferance
At closing the buyers earnest money must be applied first to
Cash down payment
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
6
How many title notices are provided in paragraph 6D and the residential condominium contract for resale
8
Who is responsible for paying any special condominium assessment to do an unpaid at closing
Seller
What title notice is included in the unimproved property contract I’m not the one to for family residential contract for resale
Texas agricultural development district
Civil penalties under the dtpa could be up to how much per violation?
$20,000
