How many standard promulgated contract forms does TREC maintain for use by license holders in various types of real estate transactions?
Correct Answer
A) Approximately 20 or more forms including contracts and addenda
TREC maintains approximately 20 or more standard forms, including promulgated contract forms, promulgated addenda, approved optional forms, and the amendment form. These cover the most common residential and land transaction types in Texas.
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More Promulgated Contract Forms Questions
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Previous Question
A Texas license holder receives a purchase offer from a buyer's agent. The offer uses the correct TREC promulgated form, but the buyer's agent has typed additional paragraphs on a separate page labeled 'Additional Contract Terms' and attached it to the form. These terms were not drafted by an attorney. What should the listing agent advise?
Next Question
A Texas sales agent is helping a client purchase a property at a tax lien foreclosure sale. The taxing authority provides its own purchase agreement. Should the sales agent use the TREC promulgated form instead?