Texas Promulgated Contract Forms Level 9 Exam Questions and Answers

How many TREC promulgated contracts are there? - Answer-6 Name the 6 TREC Promulgated forms. - Answer-1. 1 to 4 family residential sales contract resale. 2. Residential Condominium Contract (Resale) 3. Farm and Ranch Contract 4. Unimproved property Contract. 5. New Home Contract (Competed construction) 6. New Home Contract (Completed construction) If a buyer buys a property in a brand new subdivision, but their home hasn't been built yet, what contract will be needed for the transaction? - Answer-Unimproved Property Contract If a house is brand new and completely built, which TREC contract would you use? - Answer-New Home Contract (Completed Construction). Why can builders use their own forms rather than TREC Promulgated ones (even though there is a promulgated one?) - Answer-Because the builders are the property owners and can choose to use (or not to use) the promulgated form. Who HAS to use promulgated forms? - Answer-Only the agent Which contract do you use before the home is finished? - Answer-New Home Contract (Incomplete Construction) The only TREC contract that talks about Construction Documents and cost adjustments is the _____. - Answer-New Home Contract (Incomplete Construction) In an incomplete construction, if the street names have not been decided, how do you handle it when filling out the address on the contract? - Answer-Put "TBD" in this blank or tell them to check Paragraph 11 — Special Provisions and explain that it's in the process of being determined. Paragraph 7B incomplete construction Contract? - Answer-Talks about construction documents. This is where the builder is required to stick to their schedule and plans. Paragraph 7C: Completed Construction - Answer-Warranties, indicates that there are not warranties on the property unless it's listed on a separate form.