Which of the following property types does NOT have a TREC promulgated contract form specifically designed for it?
Correct Answer
B) Shopping centers and retail properties
TREC does not promulgate a contract form for shopping centers and retail properties. These are commercial properties outside the scope of TREC's residential and agricultural promulgated forms.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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