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answer the question alb,c,d

1. According to the 1-4 Family Contract, one of the parties to the contract is the _____.

(a) Agent

(b) Escrow agent

(c) Property

(d) Buyer

2. Funds held by a third party until the performance of a contract are called _____.

(a) Escrow

(b) Prorations

(c) Ad Valorem taxes

(d) Trust funds

3. Condominium documents include which of the following?

(a) Inspection reports

(b) Finance documents

(c) Condominium association bylaws

(d) Surveys

4. A buyer who has the right to purchase a property at a preset price and terms for a period of time has a(n) _____.

(a) Option

(b) Novation

(c) Bilateral contract

(d) Deed

5. The title company has 20 days from the date that they receive the contract to furnish a(n) _____ to the buyer for title insurance.

(a) Survey

(b) Commitment

(c) Objection

(d) Inspection

6. The unauthorized practice of law by license holders led TREC to create the _____to write residential contract forms.

(a) Broker-Lawyer Committee

(b) Federal Housing Administration

(c) State Bar of Texas

(d) Texas REALTORS®

7. The Condominium Resale Certificate should be prepared by the _____.

(a) Seller’s agent

(b) Condominium management

(c) Title company

(d) Buyer

8. Ownership of real property can be divided into 3 separate estates, surface, air rights, and _____.

(a) Allodial

(b) Subsurface rights

(c) Riparian rights

(d) Common law rights

9. When property in a propane gas system service area is sold, the seller must deliver a disclosure about this to the buyer. Who must sign the disclosure?

(a) The seller

(b) The seller and the buyer

(c) The seller, the buyer, and the agent

(d) The buyer

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