TREC Forms & Rules
TREC
Who Is the Texas Real Estate Commission?
Paragraph that covers the purchase price and financing details.
What is Paragraph 3?
Addendum used if the buyer needs to sell their current home before they buy.
What is the Addendum for Sale of Other Property?
Form that discloses known property defects and conditions?
What is Seller's Disclosure Notice?
Items a license holder can write in Paragraph 11
What is factual business details only?
True or False: License holders can use their own custom forms
False
Paragraph that discusses earnest money and termination options
What is Paragraph 5?
Addendum that covers buyer's right to terminate due to financing issues.
What is the Third Party Financing Addendum?
Sellers exempt from providing Seller's Disclosure Notice.
Who are Estate Fiduciaries, Foreclosure and court orders, intra-family transfers, New Construction, Government Entities, Property with minimal dwelling value, multi-unit properties?
Person who fills in the effective date on a contract.
Who is the Broker who receives the final acceptance notice?
Which form must be used for sale of residential property (not new construction)
What is the One to Four Family Residential Contract (resale)?
Paragraph that covers property condition and inspections
What is paragraph 7?
Used to modify terms after execution (price, repairs, closing date)
What is the Amendment to Contract form?
Form that informs buyers about Lead Based Paint.
What is the Lead-Based Paint form?
Result of Buyer missing the Option Fee deadline.
What is the loss of the right to terminate the contract under the option period?
How many promulgated forms (contracts and addenda) does TREC currently have?
What is 15+ (varies with updates, includes contracts and addenda)
Paragraphs that sets the closing date and possession
What are paragraphs 9&10?
DAILY DOUBLE!!!!!!!
Addendum required if the property is in a coastal area with tide influences.
DAILY DOUBLE!!!!
What is the Addendum for Property Located Seaward of the Gulf Intercoastal Waterway?
Responsible for delivering HOA documents and subdivision info.
Who is the Seller?
The difference between Earnest Money and Option Fee
What is good faith deposit vs fee for the right to terminate?
Who can make changes to promulgated contract forms?
TREC
Paragraph that covers default and remedies
What is paragraph 15?
Addendum used when a property is already under contract and buyer wants to make an offer.
What is the Back Up Contract Addendum?
Notice that is required if a property is located near a military installation.
What is Notice Regarding Military Installations and Airports now part of the Sellers Disclosure.
True or False - a verbal counteroffer is enforceable in Texas real estate?
False - all real estate contracts must be in writing.