Texas Promulgated Contracts Homework(Answered)Correctly 2023
The TREC PROMULGATED CONTRACT FORMS
ARE DRAFTED BY THE BROKER-LAWYER COMMITTEE
IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION
THE TENANT HAS THE RIGHT TO MATCH OR BETTER ANY OFFER THE LANDLORD RECEIVES TO PREVENT THE PROPERTY FR...
Texas Promulgated Contracts
Homework(Answered)Correctly 2023
The TREC PROMULGATED CONTRACT FORMS
ARE DRAFTED BY THE BROKER-LAWYER COMMITTEE
IN A LEASE WITH A RIGHT OF FIRST REFUSAL PROVISION
THE TENANT HAS THE RIGHT TO MATCH OR BETTER ANY OFFER THE
LANDLORD RECEIVES TO PREVENT THE PROPERTY FROM BEING SOLD
TREC promulgated contract forms provide for
third party financing,
assumption
seller finance
a lender can withdraw the approval of a property
at any time prior to closing
the third party financing addendum for credit approval is used when
the buyer is obtaining any kind of financing
a new survey is always required for all transactions
false
the number of days allowed for objections to title or survey is
the number of days entered in paragraph 6
trec has promulgated forms for
residential transactions
TREC promulgated contracts allow the buyer to have the property inspected
by inspectors licensed by trec or otherwise permitted by law
when a buyer defaults on a contract and the seller choses to retain the buyer's
earnest money, the seller has agreed to
liquidated damages
when one party defaults under a contract, the other party is known as
injured party
earnest money is first applied to the
buyer's down payment
the escrow agent is
not a party to the transaction
for a valid option to exist
the option fee must be paid directly to the seller or listing broker
all blanks in paragraph 23 must be filled
the fee must be paid within two days of the effective date of the contract
buyers and sellers in the contract should be identified by their
legal names
land, improvements and accessories are collectively referred to as
the property
according to the TREC contract, accessories include
stoves
exclusions to the sale must be removed
prior to delivery of possession
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