In the TREC One to Four Family Residential Contract, Paragraph 16 addresses mediation. What does this paragraph require before the parties can file a lawsuit related to the contract?
Correct Answer
C) The parties must first attempt to resolve the dispute through mediation
Paragraph 16 of the TREC contract requires that disputes be submitted to mediation before either party may file a lawsuit. Mediation is a non-binding process where a neutral mediator helps the parties reach a voluntary agreement.
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Under the TREC One to Four Family Residential Contract, the default provisions in Paragraph 15 allow the non-defaulting party all of the following remedies EXCEPT:
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Agent Rivera is completing Paragraph 4 of the TREC One to Four Family Residential Contract, which addresses the license holder disclosure. Agent Rivera is the listing agent. What information must be disclosed in this paragraph?