Under the TREC One to Four Family Residential Contract, all of the following are recognized methods for the buyer to pay the sales price EXCEPT:
Correct Answer
C) Cryptocurrency transferred directly to the seller's digital wallet
The TREC contract addresses conventional payment methods including cash, third-party financing, and seller financing. Cryptocurrency is not a recognized payment method under the TREC promulgated forms.
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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 The transaction closes using the outdated version.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:
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- → Which of the following transactions does NOT require the use of a TREC promulgated contract form by a Texas license holder?
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Previous Question
Agent Marshall is completing the TREC One to Four Family Residential Contract for a buyer purchasing a home in a subdivision with deed restrictions. Paragraph 6D addresses deed restrictions. If the buyer discovers that the deed restrictions prohibit operating a home-based business, which the buyer planned to do, the buyer may:
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Under the TREC One to Four Family Residential Contract, who typically pays for the owner's title insurance policy?