The Broker-Lawyer Committee that assists TREC in developing promulgated contract forms consists of members appointed by which entities?
Correct Answer
C) TREC, the State Bar of Texas, and the Texas Association of Realtors
The Broker-Lawyer Committee is composed of members appointed by TREC (6 broker members), the State Bar of Texas (6 attorney members), and one public member. The committee is often described as a joint effort of TREC and the State Bar, with real estate industry representation.
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Sales agent Torres uses the current version of the TREC One to Four Family Residential Contract but does not realize that TREC recently updated the form. The transaction closes using the outdated version. What is the potential consequence?