Promulgated Forms Questions with complete solution 2023

Promulgated Forms Questions with complete solution 2023The title company decides the amount of earnest money required in a real estate contract. The statement is FALSE. The buyer and the seller agree to the amount of earnest money in a contract. If a contract does NOT meet the six elements of a valid real estate contract, it may become unenforceable. The statement is FALSE. Agreements that do not meet the requirements are void. Using an out-of-date version of a TREC form could be considered the unauthorized practice of law. The statement is TRUE. Earlier versions of TREC forms may not be used. In the sale and rental housing, the Fair Housing Act prohibits discrimination on the basis of race, color, national origin, religion, sex, familial status, or disability. The answer is TRUE. Protected classes under the Fair Housing Act include race, color, national origin, religion, sex, familial status, or disability. The Texas Real Estate Commission may prohibit a license holder from using a sales contract prepared by a property owner if the property owner is NOT an attorney. The statement is FALSE. The property owner does not have to be an attorney to prepare a sales contract. When using TREC-promulgated forms, a licensee may advise principals to real estate transactions to avoid costs by not employing lawyers. The statement is FALSE. A licensee may not attempt to discourage any principal from employing a lawyer.