License holder Williams discovers that after executing the TREC One to Four Family Residential Contract, the buyer and seller want to change the closing date. Williams should advise the parties to:
Correct Answer
B) Use the TREC promulgated Amendment form to modify the closing date
When parties want to change terms of an executed contract, the proper method under TREC rules is to use the TREC promulgated Amendment form. This preserves the integrity of the original contract while documenting the agreed-upon change.
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Under the TREC contract, a TREC Amendment is effective when:
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- → Which of the following transactions does NOT require the use of a TREC promulgated contract form by a Texas license holder?
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Previous Question
Sales agent Chen is completing a TREC promulgated contract form for a residential transaction. The buyer wants to include a provision not addressed by the form or any addendum. What is the MOST appropriate action for Chen?
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A Texas license holder may properly insert language into the Special Provisions paragraph (Paragraph 11) of the TREC promulgated contract in all of the following situations EXCEPT: