Who usually pays for the lenders mortgagees title insurance a seller bbroker

Who usually pays for the lenders mortgagees title

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a) seller· b)broker £}_lender ~buyer 51. Which title insurance schedule would show trouble with title? 0 'a')D . p:: Schedule A insures title in the amount of the loan. ~ a)true '[email protected] W ~ aeed restriction is an exception to the coverage in a title insurance policy -'nowed by the TREC sales contract. a) true ~false 54. The title policy is issued at or after closing under the TREC contract, but the title commitment is issued before the closing. ~true i '155 false · . Usually title is 110pened11 by the list broker by making sure the earnest oney check, an original of the TREC contract, and possibly an application for title insurance are deposited with the title company. ~ ~ CHAPTER 7 PARAGRAPH 7 and REPAIRS
56. Who chooses the property condition inspectors? fa)) the buyer should because buyer will have to live there \...11) the lender always chooses all of the inspectors ~raker should in order to have it done right ~eller should because it's still the seller's land 57. Who should pay for property inspections? a) seller ~buyer 58. ~~al estate inspectors licensed in Texas? ~s b) no 59. When does the buyer have a right to undertake inspections in a TREC contract? ~in all situations under the TREC contract -~ 'dj only when the lender requires them · 0 Js the buye~s broker running a risk to quote a home's square footage to a buyer? ~ ~~s FOUNDATIONS 61.cm Wt type of soil causes particular problem for foundations? a lay soil ) hard shale c) sandy loam " d) rock and gravel _ 62. C~.Y._ soil" shrinks when dry or expands by soaking up water. lg))true b) false INSPECTORS 63. Who licenses real estate inspectors in the State of Texas? {l)))the Texas Real Estate Commission 'c5 the County Clerk's Office 64. A real estate inspector may be both a broker and an inspector in the same transaction. !t!rue ~alse
CHAPTERS BROKER GENERAL In the TREC sales contract, how are the list broker's obligations and ssion payment handled? ording to the terms and percentage stated in the TREC sales contract. ording to the buyer and seller's agreement set forth in the TREC sales contract ccording to the listing contract which is referenced from the TREC sales contract a ding to the TREC standard percentage amount, as stated in the ~rnest money contract DATE CHAPTERS CLOSING DATE 66. What is true about the closing date set in the TREC contract? _ ~the closing must not be until that date 1 e G rr~ the closing may be anytime on or after that date \.)C 67. The buyer and the seller may always extend the closing date under what circumstances? 68. What is probably the most important factor, from the following ·list, for the buyer,'=-seller and bro~ers-

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