Howdy Texas Real Estate Academy Student! While this pop quiz doesn’t contribute to your course score, these questions are intended to reinforce several important points of the topic.
So you might see a score, it is not recorded for your grade.
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* The Addendum for Authorizing Hydrostatic Testing is amended to include a reference to the scope of hydrostatic testing in the top sentence.CorrectIncorrect
Paragraph 2 talks about IMPROVEMENTS (2B) PERMANENTLY INSTALLED and BUILT IN ITEMS and ACCESSORIES (2C) – these things should remain with the property. How is it determined if it stays? We first must understand the legal tests of a fixture (real property) versus personal property. The main question is what was the intent of installation? Was it meant to remain permanently or to be removable in the future? The courts use the “TRIPLE A” method:
- – can it be removed without causing damage?
- is it customized for the property or is it standard?
- what was their intention?
The seller intends on keeping her mom’s large dining room chandelier. She has nowhere to store it while the home will be shown. Where should that item be listed to indicate to any buyers her intentions?CorrectIncorrect
If the buyer wants an item the agent should clarify the desire (in addition to attaching pictures) by utilizing:CorrectIncorrect
Wlth new technology comes new issues. The agent should ask the sellers if they will be leaving their home
- smart doorbells, cameras, smart thermostats, robot vacuums, Alexa, etc.
- since they contain your client’s information
“Smart” Items that need clarity on intent to take
These devices should be set to factory settings prior to moving out.
“What do you plan to do, add, have, bring, or run out of this property?” should be asked of the buyers. If they are not willing to purchase the property unless they can bring the: In-Ground Gunite Pool, Chickens, RV, or run a part-time daycare: These items should be listed:CorrectIncorrect
The agent should have documentation for the buyer to view, and…
there is a -day CURE PERIOD with a -day decision period. If new documentation comes in, the buyer has the same number of days to object to the new item.
In the One to Four Contract, paragraph 23 is the termination option. It states that the buyer agrees to pay the seller a fee and must deliver it within 3 calendar days after the effective date
In the One to Four Contract, paragraph 23 is the termination option. It states that the buyer agrees to pay the seller a fee and must deliver it within calendar days after the effective date