Agent Thompson is listing a property and receives two offers: one using the TREC promulgated form and another using an attorney-drafted contract. Thompson should:
Correct Answer
C) Present both offers to the seller for consideration
A listing agent has a fiduciary duty to present all offers to the seller. Both offers are valid—one uses the promulgated form and the other qualifies under the attorney-drafted exception. The seller has the right to review and choose between them.
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Previous Question
A buyer and seller in a Texas transaction both agree they want to use a contract form created by a paralegal working in the buyer's attorney's office. The attorney has reviewed and approved the contract. Does this satisfy the attorney-drafted exception to TREC's mandatory use requirement?
Next Question
A Texas license holder is asked to prepare a lease-purchase agreement for a residential property. TREC has a promulgated Residential Lease form and a promulgated One to Four Family Residential Contract, but no promulgated lease-purchase form. What should the license holder do?