Real Estate Exam Prep

P3 of TREC 1-4 Family Residential Contract (Resale)

Cash portion (3.A) + financing (3.B) = sales price

P5 of TREC 1-4 Family Residential Contract (Resale)

Earnest Money & Term Options

Which paragraph in the TREC 1-4 Family Residential Contract (Resale) is time of the essence

Paragraph 5

P6B TREC 1-4 Family Residential Contract (Resale)

Title company has 20 days to provide title commitment after receiving sales contract

P6C1 TREC 1-4 Family Residential Contract (Resale)

Outlines days seller shall furnish survey and Insurance T-47 Affidavit

P6D TREC 1-4 Family Residential Contract (Resale)

Allows buyer to choose number of days to review title commitment and survey

P6E1 TREC 1-4 Family Residential Contract (Resale)

Broker advises buyer to have a title policy

P6E3 TREC 1-4 Family Residential Contract (Resale)

Texas Water Code - buyer needs to sign MUD disclosure prior to execution and buyer may terminate if not received

P6E6 TREC 1-4 Family Residential Contract (Resale)

If property located in Certificated Service area of MUD, buyer must be given notice

Only remedy buyer has to acquire property if seller defaults

Specific performance

Community property

Owned by husband and wife

Income on separate property is considered:

Community property

Increase in value of separate property is:

Not community property

Property acquired before during, gift, or during marriage by inheritance is

Separate property

Statutory estates

Homestead and community property

What is automatic and cannot be waived?

Homestead protection

An owner has 6 months to redeem property when

Homestead is foreclosed on for unpaid homeowner/property owner association fees

Max of 10 connected acres

Urban homestead

Max of 200 acres

Rural homestead

Individual has how many years to file complaint with DPTA

2 years

If a person dies intestate

Administrator will settle estate and will be distributed according to laws of descent and distribution

Tenants may sign agreement waiting right to interest on

Security deposit

How long does landlord have to provide new locks on rental property

7 days

When do foreclosure sales occur

1st Tuesday of the month

Most foreclosures in Texas are

Non-judicial

Where are property rights get recorded?

County where property is located

TVLB can give home improvement loans up to

$50,000

Veterans can have his/her mortgage programs sold to

TVLB rather than the secondary market

TVLB allows veterans to borrow how much to purchase unimproved property

$150,000

What must a veteran due to purchase unimproved property

Obtain survey & pay 5% down for 30 year loan

TVLB are available to

Surviving spouse of veteran

HOAs can regulate

Flags, solar panels, privacy fences, and display of religious symbols or political signs