Marital status is merely a disclosure in paragraph 1 Learning a

Marital status is merely a disclosure in paragraph 1

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Marital status is merely a disclosure in paragraph 1. Learning Objective 3.2. 76. a. The answer is at the listing appointment. It is important to verify that the parties understand what does and does not stay with the property long before closing. The best time to address with the sellers which accessories are included or excluded in the sale is at the listing appointment. Learning Objective 3.2. 77. c. The answer is how long the buyer has to provide the option fee. The buyer must provide the option fee within three days after the effective date of the contract. The time period is not negotiable. Learning Objective 3.1. ©2016 Kaplan, Inc. May be reproduced for educational uses only.
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Texas Promulgated Forms, Second Edition Update 78. a. The answer is the buyer is not obligated to purchase the property. Both FHA and VA paragraphs have verbiage that requires the property to appraise for a certain amount of money or give the buyer a right to terminate the contract. Learning Objective 3.4. 79. c. The answer is The Non-Realty Items Addendum. Typically, if a buyer wishes to buy personal property and have it built into the total purchase price, the Non-Realty Items Addendum must be used. Learning Objective 3.3. 80. a. The answer is who will pay for the title policy. Title policy information, including who pays for the policy, the name of the company that will issue the policy, whether an existing survey will be provided (and if not, who will pay for a new survey), and objections to the title are all addressed in paragraph 6. Learning Objective 3.1. 81. c. The answer is put N/A in the blanks for lot and block and attach the description to the contract. The attachment can be made by copying the legal description in the seller's deed or title policy. Learning Objective 3.2. 82. b. The answer is an appraisal for at least the sales amount must be received. Learning Objective 3.4. 83. c. The answer is the interest rate. If the buyer wishes to finance the sale, the interest rate is usually addressed in the financing addendum. The remaining items are all included in paragraph 3 of the contract forms. Learning Objective 3.1. 84. c. The answer is if the property fails a home inspection. The TREC Seller Financing Addendum does not address property condition. Paragraph B gives the seller the right to terminate if credit documentation is not delivered within the time frame. The seller must terminate within seven days after expiration of the time for delivery and the seller receives the earnest money. The seller also has the right to terminate if the items are timely delivered, but the seller determines that the buyer's credit is not acceptable. The seller may terminate within seven days after expiration of the time for delivery. In this event, the buyer receives the earnest money. If seller fails to terminate, he is deemed to have approved the buyer’s creditworthiness. Learning Objective 3.4.
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