Real Estate Exam [Texas] 33, HOA Addendum and Back-Up Contract

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The buyer's termination right under the HOA addendum is triggered by the receipt of the documents, not the seller's delivery deadline. - If the seller fails to deliver the Subdivision Information, the buyer can terminate at any point before closing and recover their earnest money. - A back-up contract only becomes primary after the seller provides written notice to the backup buyer that the first contract is terminated. - The 'amended effective date' for a back-up contract is the day the buyer receives notice, which starts the clock for performance and contingencies. - Earnest money and the option fee for a back-up contract are due upfront upon signing, not when the contract moves into the primary position. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep