Agent Lee is listing a property that includes a primary residence, a horse barn, riding arena, and 25 acres of pasture. Which TREC form should Agent Lee recommend?
Correct Answer
D) The Farm and Ranch Contract because of the agricultural features
The property includes agricultural features (horse barn, riding arena, pasture) along with a residence, making it appropriate for the TREC Farm and Ranch Contract. This form addresses both residential and agricultural components.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
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