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TX Exam Prep - Ch 6

Ch 6 - Special Topics

QuestionAnswer
COMMUNITY PROPERTY - Is a statutory estate in Texas - Income on separate property is considered community property. - Property acquired prior to marriage, or during marriage by inheritance (devise or descent), or gift, may remain separate property.
A spouse can waive community property rights by written agreement. TRUE
HOMESTEAD - Is also a statutory estate in Texas. - Homestead protection is automatic and cannot be waived.
The homestead of a family is protected from forced sale by all creditors except: Property taxes( ad valorem taxes) Mortgage Mechanics and materialmen’s liens Homeowner/property owner associations 2nd Mortgage
When a homestead is foreclosed on for unpaid property taxes, The owner has 2 years to redeem the property.
When a homestead is foreclosed on for unpaid homeowner/property owner association fees The owner has 6 months to redeem the property.
An urban homestead has a maximum size of 10 connected acres.
A rural homestead has a maximum size of 200 acres. On a property greater than 200 acres, the owners have the right to designate which land will be considered the homestead. The 200 acres do not have to be connected.
The Deceptive Trade Practices Act (DTPA) Allows for the recovery of triple damages. - An individual has 2 years from the discovery of the deception to file a complaint. - An example of a license holder in violation of DTPA would be - negligent misrepresentation of material fact.
Landlord-Tenant Issues - Tenants may sign an agreement waiving a right to interest on the security deposit. - Landlords must account for security deposits within 30 days after tenants leave.
Landlords must provide new locks on rental property no later than seven days after a new occupant takes possession of a leasehold premise.
Foreclosure sales in Texas are held on the first Tuesday of the month.
Actual notice is information that a buyer has from a source other than public records
A mechanics lien is for labor or materials for the improvement of property. It is one of the foreclosable liens on a Texas homestead
The Texas Veterans Land Board has two programs for Texas veterans: - allows an eligible TX veteran to have his mortgage loan sold to the TVLB instead of to the secondary market.
The Texas Veterans Land Board has two programs for Texas veterans: (cont) - allows eligible TX veterans to borrow up to $150k for unimproved prop. (obtain survey & pay 5% down) for a 30-year loan. (Min tract size is 1 acre) - Available for the surviving spouse of a veteran listed as Missing In Action / dead
HOAs can also regulate, but not ban - Roof solar panels, the display of religious symbols, or political signs. (HOAs can regulate the size of signs) - HOAs can ban privacy fences
TIMES YOU MUST KNOW FOR THE NATIONAL EXAM YEARS 1 yr- A CONSUMER CAN FILE A FAIR HOUSING COMPLAINT WITH HUD FOR MEDIATION 2 yrs - A CONSUMER CAN FILE A FAIR HOUSING COMPLAINT WITH THE COURTS
TIMES YOU MUST KNOW FOR THE NATIONAL EXAM YEARS, cont 3 yrs - A SELLER OR LANDLORD MUST KEEP A COPY OF THE LEAD-BASED PAINT DISCLOSURE 4 yrs- ALL RECORDS SHOULD BE KEPT FOR A Min of
TIMES YOU MUST KNOW FOR THE STATE PORTION OF THE EXAM - Negotiable NEGOTIABLE - ALL BLANKS IN THE ONE-TO-FOUR FAMILY CONTRACT FORM AND ADDENDA
2 Days - Broker response and business day deadline for escrow deposit BROKER HAS UNTIL THE CLOSE OF BUSINESS OF THE SECOND BUSINESS DAY AFTER RECEIVING FUNDS TO DEPOSIT THOSE FUNDS IN HIS/HER ESCROW ACCOUNT BROKER HAS 2 DAYS TO RESPOND TO AN INQUIRY
3 Days - deadline to deliver earnest money & option fee - P5A BUYER HAS 3 DAYS TO DELIVER EARNEST MONEY AND OPTION FEE IN PARAGRAPH 5A BUYER HAS 3 DAYS TO BACK OUT AFTER HE/SHE RECEIVES THE HOA ADDENDUM BROKER HAS 3 DAYS TO DELIVER TREC CORRESPONDENCE TO SPONSORED LICENSE HOLDERS
7 Days - deadline to backout after receipt of late sellers disclosure DAYS TO BACK OUT IF BUYER DIDN'T RECEIVE THE SELLER'S DISCLOSURE NOTICE UP FRONT
10 Days - to provide certificate of mold remediation DAYS TO PROVIDE CERTIFICATE OF MOLD REMEDIATION TO AN OWNER
15 Days - deadline to cure objections in P 6D - DAYS TO CURE OBJECTIONS IN PARAGRAPH 6D - DAYS FOR BREACHING PARTY TO RESPOND TO REQUEST FOR RELEASE OF EARNEST MONEY
20 Days - deadline for title commitment after receipt TITLE COMPANY HAS 20 DAYS AFTER THEY RECEIVE THE CONTRACT TO DELIVER THE TITLE COMMITMENT TO THE BUYER ON BEHALF OF THE SELLER PER THE CONTRACT
30 DAYS - TREC notification of felony conviction LICENSE HOLDER MUST NOTIFY TREC OF ANY FELONY CONVICTION
90 Days - buyer/ seller temp leases, must notify TREC of managing broker start and & termination MAXIMUM TERM FOR THE BUYER'S AND SELLER'S TEMPORARY RESIDENTIAL LEASES - must notify TREC of appointment/ termination of managing broker for 90 days or more
6 Months - buy back period for HOA foreclosure Buy back period for HOA foreclosure
2 Years - DTPA deadline after discovery DTPA COMPLAINTS CAN BE MADE FOR 2 YEARS AFTER THE DISCOVERY OF THE DECEPTION
4 Years - time a consumer can file a complaint with TREC A CONSUMER CAN FILE A WRITTEN, SIGNED COMPLAINT WITH TREC ABOUT A LICENSE HOLDER FOR 4 YEARS FROM THE EFFECTIVE DATE OF THE CONTRACT OR FROM THE DATE OF THE INCIDENT
5 Years - Must disclose mold remediation certificates MOLD REMEDIATION CERTIFICATES MUST BE KEPT/ DISCLOSED FOR 5 YEARS SELLER MUST DELIVER ALL MOLD REMEDIATION CERTIFICATES (NO MORE THAN 5 YEARS OLD) TO THE BUYER
Where or to Whom does Earnest money go An escrow or trust account.
An unlicensed assistant may prepare a CMA
An unlicensed assistant prospects for the employer agent. Who could be fined/ suspended or have their licensed revoked by TREC? the unlicensed employee, the agent and the sponsoring broker.
What is expected of a broker in a minimum service listing agreement.? To present any offers or counteroffers from the client
The broker does not have to inform TREC of an appointment or termination of appt of a managing broker unless for 90 days/ 3 months or more.
The option fee in the TREC 1-4 Resale Contract Must be for the amount discussed/ agreed upon by the parties.
What is an example of what can be entered in Paragraph 11 TREC addenda is prohibited. Only TR addenda is permitted.
3 years Property owner has to keep a copy of the lead paint disclosure.
Created by: deidresj
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