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Texas Promulgated Contracts: Questions &Answers Corrected: | Updated and Verified
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Texas Promulgated Contracts: Questions &Answers Corrected: | Updated and Verified
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Texas Promulgated Contracts: Questions &AnswersCorrected: | Updated and Verified
What is the one thing that differentiates TREC from the broker-lawyer committee? - ✔✔TREC members
are only appointed by the governor, Broker-Lawyer Committee members can be appointed by different
people.
Before the Lead Based Paint Addendum can be considered complete, which of these must happen?
- ✔✔the buyer, seller, and both brokers must sign it
How can a buyer ensure they pay the least possible amount of pre-paid interest to the mortgage
company? - ✔✔Most buyers want to close near the end of the month to avoid paying extra prepaid
interest to the mortgage company. This means that scheduling an appointment to close with the title
company late in the month is difficult.
What is unique in paragraph 5 in the TREC promulgated sales contract? - ✔✔It contains "time is of
the essence" language.
According to paragraph 6B (commitments) in the promulgated One to Four Family Residential
Contract, what must be provided to the buyer along with the title policy documents? - ✔✔any
restrictive covenants. These restrictions dictate how the buyer can an cannot use the property.
Remember restrictive covenants are an exclusion to title policies.
Agent Ted, who represents Buyer Bob, advises Bob that the title to the property Bob is buying is clear —
no need to do a further title search. Why is this inappropriate? - ✔✔It may constitute unauthorized
practice of law under TRELA. Only an attorney may give an opinion on the validity of title.
Housing occupancy standards are created by: - ✔✔local laws
, According to the lead-based paint disclosure law, how many days must a buyer be given to have the
house tested for lead-based paint hazard? - ✔✔ten days. 10 days.
In the One to Four Family Residential contract, what does Paragraph 21: Notices provide
information about? - ✔✔This states the parties' contact information for delivery of notices.
George Jr. inherited the family compound after George Sr. died. The will was contested, and some family
is still disgruntled. George is now selling the property. How can a buyer best protect themself from any
claims on the title? - ✔✔ask the family to sign a quitclaim deed
What is the purpose of the Texas Real Estate Consumer Notice Concerning Hazards or Deficiencies? -
✔✔It gives examples of certain problems in the home (for example, malfunctioning smoke alarms)
that licensed inspectors must report.
Which element of the TREC-promulgated contracts is the same across all contract forms? -
✔✔Paragraph 1 identifies the the parties to the contract.
What information does the Disclosure of Relationship with Residential Service Company form convey? -
✔✔It is a violation of RESPA for a license holder to receive a referral fee for simply passing on a name to
a service provider.
A married couple is buying a property. Which is the BEST way to write their names in the contract? -
✔✔Georgianna Serif and spouse Bryan Serif
According to the Addendum for Back-Up Contract, if a first contract is terminated and the seller notifies
the back-up buyer of the termination, what happens? - ✔✔that date becomes the effective date of the
back-up contract
Which of these is not a TREC promulgated form? - ✔✔Mutual Termination of Contract
What is the purpose of TREC form OP-C Notice to Prospective Buyer? - ✔✔It advises the buyer that
they must have the abstract examined by an attorney or obtain a policy of title insurance.
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