Promulgated Contracts Champions Study Guide Latest with complete Solution
Cashier’s check or wire transfer {{Correct Ans- Good Funds
What does a buyer need to bring to closing? {{Correct Ans- Good Funds
Where is G
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Promulgated Contracts Champions Study Guide Latest with complete Solution
Cashier’s check or wire transfer {{Correct Ans- Good Funds
What does a buyer need to bring to closing? {{Correct Ans- Good Funds
Where is Good Funds in the TREC promulgated form? {{Correct Ans- Paragraph 9.B(2)
T/F Title companies may accept a small personal check from a buyer as part of the good funds if their policy allows it.
{{Correct Ans- True
Created to draft and revise contract forms capable of standardization for use by real estate holders
{{Correct Ans- Texas Real Estate Broker-Lawyer Committee
What is the purpose of the Texas Real Estate Broker-Lawyer Committee?
{{Correct Ans- Expedite real estate transactions, reduce controversies, create safeguards to protect the interest of the principles to the transaction
Sometimes a provision in an addendum contradicts a provision in the main body of the contract. What provision prevails?
{{Correct Ans- Provision in the addendum
Some contract forms provide that the seller will provide to the buyer a general warranty deed at closing. If there's an attached addendum that provides that the seller will provide to the buyer a special warranty deed at closing, which deed must the seller supply?
{{Correct Ans- Special Warranty Deed
Attachment that adds or further describers the rights and duties of the parties {{Correct Ans- Addendum
When a party to a contract fails to perform under the contract, they are in? {{Correct Ans- Default
When a party is in default or breach, what is the other party known as? {{Correct Ans- Injured Party
What paragraph of the TREC promulgated form is Default? {{Correct Ans- Paragraph 15
What is the purpose of the Notice to Prospective Buyer?
{{Correct Ans- Provides written notice that license holders advise buyers to have an abstract examined or obtain title insurance according to the provision of the Texas Real Estate License Act
T/F All of the TREC-promulgated contracts have the Notice to Prospective Buyers in Paragraph 6 in the Title Notices section.
{{Correct Ans- True
When could a Notice to Prospective Buyer be used?
{{Correct Ans- When a TREC contract is not being used or anytime the broker wants the buyer to acknowledge receipt of this advice
This notice complies with the provision of the Texas Real Estate License Act that requires that license holders advise buyers to have an abstract examined or obtain title insurance
{{Correct Ans- Notice to Prospective Buyer
How many days does the title company have to furnish a title commitment to the buyer for insurance?
{{Correct Ans- 20 days from the date they receive the contract
When does the countdown of 20 days begin for the Title Company to furnish the Title Commitment to the buyer for title insurance?
{{Correct Ans- Once contract is received
T/F Changes to the closing date is a common amendment {{Correct Ans- True
T/F Changes to the sales price, down payment and/or amount financed is a common amendment
{{Correct Ans- True
T/F Repairs that the seller agrees to perform is a common amendment {{Correct Ans- True
T/F Removal or waiver of contingencies is a common amendment {{Correct Ans- True
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