36 a The answer is John Doe as separate property Because Texas is a community

36 a the answer is john doe as separate property

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36. a. The answer is John Doe, as separate property. Because Texas is a community property state, the marital status of the buyer must be included in the names of the parties in paragraph 1. The proper way to identify a married buyer who is buying separate property is “John Doe, as separate property.” Learning Objective 3.2. 37. d. The answer is the option fee to be paid in the option period. Paragraph 23 is the option fee which details the amount of the option fee and that option. It also details whether the option fee will be credited to the sales price at closing. Learning Objective 3.1. 38. c. The answer is the buyer will pay, and it protects the seller. Learning Objective 3.4. 39. b. The answer is paragraph 6. Paragraph 7 addresses the seller’s disclosure notice and the condition of the property. Paragraph 5 deals with earnest money. Paragraph 8 addresses brokers’ fees. Learning Objective 3.1. 40. a. The answer is paragraph 12. Paragraph 12 addresses the amount of money that seller is willing to contribute towards buyers’ expenses. Paragraph 11 includes a blank space for business details or special provisions. Paragraph 9 addresses the closing and possession date. Paragraph 8 addresses the brokers’ fees. Learning Objective 3.1. 41. a. The answer is all of these. The Third Party Financing Addendum includes all of these in addition to Texas veterans loans, VA guaranteed financing, and reverse mortgage financing. Learning Objective 3.4. 42. c. The answer is paragraph 6. Information required to complete paragraph 6 includes who will pay for the title policy, what company will issue the title policy, whether a new or existing survey will be provided, who will pay for the survey, who will furnish the ©2016 Kaplan, Inc. May be reproduced for educational uses only.
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Texas Promulgated Forms, Second Edition Update survey, the number of days to furnish the survey, objections to title, and whether the property is subject to an HOA. Learning Objective 3.1. 43. c. The answer is and the sum of all financing. Learning Objective 3.2. 44. c. The answer is paragraph 3. Paragraph 1 includes the names of the parties and their marital status. Paragraph 2 includes the legal description and accessories. Paragraph 4 is an important licensee disclosure. Learning Objective 3.1. 45. c. The answer is the seller is deemed to have approved the buyer’s creditworthiness. The seller has the right to terminate if he 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 the seller fails to terminate, he is deemed to have approved the buyer’s creditworthiness. Learning Objective 3.4. 46. c. The answer is Jane Doe, as separate property. Because Texas is a community property state the marital status of the seller must be included in the names of the parties in paragraph 1. The proper way to identify a married seller who is selling separate property is “Jane Doe, as separate property.” Learning Objective 3.2.
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