The TREC One to Four Family Residential Contract (Resale) is identified by which form number?
Correct Answer
B) TREC 20-16
The TREC One to Four Family Residential Contract (Resale) is designated as form TREC 20-16. This is one of the most commonly used promulgated forms in Texas real estate.
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More Promulgated Contract Forms Questions
In Texas, title insurance rates are:
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?
A relocation company purchases homes from transferred employees and then resells them. The company's attorney has drafted a standard purchase contract for all such transactions. A Texas license holder listing one of these properties receives an offer using the company's attorney-drafted contract. Should the license holder accept this contract?
Under the TREC contract, a TREC Amendment is effective when:
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 The transaction closes using the outdated version.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?
- → License holder Kim is helping a buyer purchase a residential property that is currently a foreclosure being sold by a bank (REO property). The bank provides its own lengthy purchase agreement drafted by its corporate attorneys. Kim should:
- → A Texas license holder prepares a TREC promulgated contract for a residential sale. Before the buyer signs, the license holder strikes through the paragraph regarding the survey requirement and writes 'N/A - Survey Waived' in the margin. What is the potential consequence for this license holder?
- → TREC categorizes its forms into different classifications. Which of the following is NOT a category of TREC forms?
- → A Texas license holder may properly insert language into the Special Provisions paragraph (Paragraph 11) of the TREC promulgated contract in all of the following situations EXCEPT:
- → Under TREC rules, a Texas license holder is permitted to use a non-promulgated contract form in all of the following situations EXCEPT:
- → A government entity is selling surplus property (a single-family home) at a public auction. A Texas license holder representing a buyer at the auction is asked to sign the government's standard contract form. The form was not drafted by an attorney but is the government's standard form used for all surplus property sales. What should the license holder do?
- → Which of the following transactions does NOT require the use of a TREC promulgated contract form by a Texas license holder?
- → A license holder in Texas assists a client with a for-sale-by-owner (FSBO) transaction where the license holder is only providing limited services (filling out paperwork). The client wants to use a contract downloaded from the internet. The license holder should:
- → All of the following are valid exceptions to the mandatory use of TREC promulgated contract forms EXCEPT:
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Under Texas law, who serves on the Broker-Lawyer Committee that helps develop and revise TREC promulgated contract forms?
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Under the TREC One to Four Family Residential Contract, Paragraph 2 addresses the property description. Agent Lopez is completing this section for a buyer purchasing a home with a detached garage and a storage shed. How should Lopez describe these items?