Legal Update I Champion School Of Real Estate Study Guide Rated A+

To whom must the buyer deliver the earnest money and option fee? {Ans: The escrow agent}In most cases, the option fee and earnest money must be delivered to the escrow agent within ____ after the effective date of the contract. {Ans: 3 days}What change did the 87th Legislature pass regarding properties located in the public improvements districts (PID)? {Ans: the seller's written notice to the buyer must be given at the execution of the contract}A change to a structure to help someone with a disability is called a(n): {Ans: Modification}What is true of the option fee and back-up contract? {Ans: It is non-refundable, and the seller gets to keep it even ig the first contract closes.}Effective February 1, 2021, what TREC Rule change was made to the continuing education requirements of sales agents and brokers? {Ans: 3 hours of CE related to real estate contracts is required for sales and agent brokers}