Final (Exam With Verified Answers) Study - Promulgated Forms

27. Which contract does not address rollback taxes? {Ans: Farm and ranch contracts require prorations disclosure. New home contract completed, New home contract incomplete Not required on prorations is 1 to 4 family residential contract - resell}Notices {Ans: Warning to buyer.,}18. Which of the following is not true about about paragraph 11 special provisions? {Ans: Paragraph 11 special provisions calls for: Insert only factual statements and business details to the sale. TREC prohibits licensee from adding factual statements for business detail where to contract addendum lease or other form has been promulgated by TREC for mandatory use.}21. Can a party accept earnest money as liquidated damages and also sue the third party for specific performance {Ans: No - one or the other.}44. The seller of unimproved property provides the property condition disclosure; {Ans: NONE- Paragraph 7 -Property Condition; access, inspection, and utilities; seller shall permit buyer to buyer's agent access to the property at reasonable times. The buyer may have the property inspected by inspectors selected by the buyer and licensed by TREC or other permitted by law to make inspections. Seller at sellers expense shall immediately cause existing utilities to be turned on and