A seller in Houston insists that the sales agent use a contract form downloaded from a legal website instead of the TREC promulgated form. The seller says the downloaded form is more comprehensive. What should the sales agent do?
Correct Answer
C) Explain that TREC rules require the use of promulgated forms and suggest the seller consult an attorney if they want custom provisions
The license holder must comply with TREC rules requiring the use of promulgated forms, regardless of client preferences. The agent should explain this requirement and suggest the seller consult an attorney if they want provisions beyond what the TREC form covers.
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Related Topics & Key Terms
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Related Concepts
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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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:
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