Texas Promulgated Contract Forms Exam Questions and Answers

use of standard contract forms - Answer- when negotiating contracts binding the sale, exchange, lease, or rental of property promulgated - Answer- issued by TREC for mandatory use by licence holders exceptions - Answer- - licencee functioning solely as principal - agency of US Government requires a different form - prepared by principal - no other form exists and is prepared by an attorney- at - law licensed in Texas forms may be reproduced - Answer- - numbered copies obtained from TREC - printed copies made from copies obtained from TREC - Legible photocopies made from such copies - Computer- driven printers following mandatory guidelines broker's logo ( appear on top) or broker's name ( may be inserted in blank provided) - Answer- no changes may be made on a promulgated form except may not - Answer- Licensees ____________ add to or strike matter from forms, unless, - factual statement and business details - desired by the principal and is necessary to conform the instrument to the intent of the parties - if not TREC promulgated form exists TREC - promulgated or prepared by TREC and made available for trial use - Answer- It is not a practice of law for a real estate licensee to complete a contract form either texas promulgated contracts - Answer- 1. One to four family residential contract (Resale) 2. Unimproved property contract 3. farm and ranch contract 4. new home contract ( completed construction) 5. new home contract ( incomplete construction) 6. residential condominium contract (resale) TREC addenda - Answer- 1. Third- party financial addendum for credit approval 2. seller financing addendum 3. addendum for sale of other property by buyer 4. addendum for "Back Up" contract 5. addendum for coastal area property