License holder Patel is preparing a contract for the sale of a residential condominium in Dallas. Which TREC promulgated form should Patel use?
Correct Answer
D) The One to Four Family Residential Contract (Resale) with the Condominium Addendum
For resale condominium transactions in Texas, the license holder should use the One to Four Family Residential Contract (TREC 20-16) along with the Addendum for Property Subject to Mandatory Membership in a Property Owners Association, plus the Condominium Addendum if applicable.
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In Texas, who has the authority to promulgate the standard contract forms that license holders are required to use in real estate transactions?
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A Texas broker is selling her own investment property to a buyer who is not represented by an agent. The broker wants to use a simplified contract she drafted herself rather than the TREC promulgated form. Is this permissible?