Agent Price is working with a buyer purchasing a property in a flood zone. The TREC contract requires disclosure regarding flood zone status. Under the Seller's Disclosure Notice, the seller must disclose:
Correct Answer
B) Whether the property is in a 100-year floodplain, has flood insurance, and any known history of flooding
The Seller's Disclosure Notice requires the seller to disclose whether the property is in a 100-year floodplain, whether the property has flood insurance, and any known history of flooding on the property.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
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?
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Under the TREC contract, a TREC Amendment is effective when:
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