Download Texas Real Estate Promulgated Contract Forms: Uses, Types, and Regulations and more Exams Nursing in PDF only on Docsity! Texas RE Promulgated Contract Forms - Champions 2024 Assured Success TREC contract forms & their uses - pg 35 - correct answer ✅The contract form: is the One to Four Family Residential Contract (Resale). One to four means that it can be used for single-family properties, duplexes, triplex properties, and four-unit buildings. A building with five or more living units would be considered to be a commercial transaction. It is also used for resales only. A new home contract would be used on new home sales. This form is not to be used for a condominium, but may be used for the sale of a townhouse. TREC contract forms & their uses - pg 24 - correct answer ✅TREC has promulgated sales contract forms for most residential properties, including: One-to-Four Family Contract (Resale) New Home Contract (Incomplete Construction) New Home Contract (Completed Construction) Unimproved Property Contract Residential Condominium Contract (Resale) Texas RE Promulgated Contract Forms - Champions 2020 Assured Success Texas RE Promulgated Contract Forms - Champions 2024 Assured Success Farm and Ranch Contract TREC rules regarding the buyers use of inspectors - pg 61 - correct answer ✅Buyer may have the Property inspected by inspectors selected by Buyer and licensed by TREC or otherwise permitted by law to make inspections. Any hydrostatic testing must be separately authorized by Seller in writing. When does an offer become a contract? - pg 28 - correct answer ✅ Paragraph 24 - use and timing - pg 87 - correct answer ✅ paragraph 4 - disclosures of agency coupled with an interest and family relationships - pg 100-101 - correct answer ✅ Lead paint - disclosures, dates, timing, buyers right's, seller's responsibilities - pg 68 - correct answer ✅ TREC forms RSC-2 - Purpose and use requirements - pg 70 - correct answer ✅ Texas RE Promulgated Contract Forms - Champions 2020 Assured Success Texas RE Promulgated Contract Forms - Champions 2024 Assured Success The brokers responsibility in handling multiple offers on a single property - pg 28 - correct answer ✅ Accessories in the real estate contract - definition, features, disposition - pg 36 - correct answer ✅ Paragraph 23 - features, number of days - pg 110 - correct answer ✅ Paragraph 23 - features, number of days/time - pg 110 - correct answer ✅ Mediation VS. Arbitration or lawsuit - pg 41 - correct answer ✅ loan origination VS. assumption - pg 41 - correct answer ✅ TREC temporary lease forms - use and limits - pg 77 - correct answer ✅ assignment and when is it possible/not possible - pg 15 - correct answer ✅ Texas RE Promulgated Contract Forms - Champions 2020 Assured Success Texas RE Promulgated Contract Forms - Champions 2024 Assured Success TREC temporary lease forms - use/situations - pg 77 - correct answer ✅ The effective date of a contract - pg 87 - correct answer ✅ Straw Buyer - correct answer ✅A party used to conceal the identity of a buyer. Purchases property for another to conceal the identity of the real purchaser; a dummy purchaser; a nominee; a front. Imputed Notice - definition/example - pg 25 - correct answer ✅ Possible response or action upon the reciept of an offer - pg 27 - correct answer ✅ Types of contracts & their features - valid, void, voidable, unenforceable - pg 11 - correct answer ✅ Texas RE Promulgated Contract Forms - Champions 2020 Assured Success Texas RE Promulgated Contract Forms - Champions 2024 Assured Success Features of the option fee VS. the earnest money deposit - pg 86 - correct answer ✅ Common amendments to the original contract - pg 14 - correct answer ✅ Number of days for the title company to deliver the title commitment - pg 55 - correct answer ✅ IABS - required uses - pg 199 - correct answer ✅ Purpose of the notice to prospective buyer form - pg 60 - correct answer ✅ Default - definition - pg 82 - correct answer ✅ provisions of an addendum VS. the original contract - which prevails? - pg 15 - correct answer ✅ Broker-lawyer committee duties & purpose - pg 24 - correct answer ✅ Texas RE Promulgated Contract Forms - Champions 2020 Assured Success
