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 The transaction closes using the outdated version.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?
Correct Answer
A) The sales agent may face TREC disciplinary action for failing to use the current promulgated form
License holders are required to use the most current version of TREC promulgated forms. Using an outdated version may subject the license holder to TREC disciplinary action. TREC publishes effective dates for updated forms, and license holders are expected to stay current.
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