Texas Promulgated Contract Forms Exam Questions and Answers Latest Update

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 license holders exceptions - Answer- - license 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