SCh5 The TREC 1–4(P2-5)

Question 1

ACCESSORIES, which may or may not be attached to the property (i.e. pool equipment, pool covers, Stoves, window AC units) are considered part of the real property

Answer 1

Paragraph 2

Question 2

The cash portion(3a) + the financing (3b) = the sales price

Answer 2

Paragraph 3

Question 3

Seller may not, with buyers, written, consent, create a new lease, amend any existing lease, or convey any interest in a property

Answer 3

Paragraph 4

Question 4

Earnest money and Termination option

Answer 4

Paragraph 5

Question 5

Within 3 days after the effective date the buyer must deliver the earnest money and option fee to the escrow agent?

Answer 5

paragraph 5

Question 6

These amounts may be paid separately or combined in a single payment. Funds received by the escrow agent will be applied first to the option fee, and then to the earnest money.

Answer 6

Paragraph 5

Question 7

Buyer will have the right to terminate the contract within the negotiated option period by providing notice by 5pm on a date specified. The buyer wishes to extend option. The TREC amendment to contract form will be used. Additional option fee will be required.

Answer 7

Paragraph 5

Question 8

If buyer wishes to extend the option period, what is required?

Answer 8

Amendment to contract form will be used

Additional option fee will be required

Paragraph 5

Question 9

If buyer fails to deliver the option fee within the time required . . .

Answer 9

Buyer shall not have the right to terminate

Paragraph 5

Question 10

If the buyer fails to deliver the earnest money within the time required?

Answer 10

Seller may terminate the contract or exercise sellers remedies under paragraph 15

Paragraph 5