Promulgated Forms (6)
Buyer and seller enter into an agreement for builder to sell to buyer a new home using the TREC New Home Contract (Incomplete Construction). Buyer wants to upgrade the tile in the kitchen and completes a change order. Which set of documents includes change orders?
Construction documents
A buyer offers to purchase seller's ranch using the TREC Farm and Ranch Contract. Seller is willing to accept buyer's offer but wants to keep a hunting blind that is currently placed on the property. What should seller's agent advise the seller?
Counteroffer by listing the hunting blind as an exclusion.
How is paragraph 2 of the unimproved property form different than some paragraphs found in the other forms?
It is less complicated.
How long does the seller have to provide the condominium documents in the TREC Residential Condominium Contract?
It is negotiated by the parties
Under the TREC Residential Condominium Contract, how old can the resale certificate be?
It must have been prepared no more than three months before the date it is delivered to buyer.
Buyer and seller enter into a contract for buyer to purchase seller's condominium unit using the TREC Residential Condominium Contract with an effective date of January 15. Seller timely delivers the resale certificate three days after the effective date. Assuming no option period, what is the latest date on which buyer may cancel the contract based on the resale certificate and still get her earnest money refunded?
January 23
Which of the following is NOT considered a construction document in the TREC New Home Contract (Incomplete Construction)?
Survey
Rollback taxes are discussed in
all of these
The TREC contract forms say that if the property is damaged by fire or other casualty prior to closing, the
seller will be obligated to restore the property prior to closing.
When buyers purchase a condominium, they are buying the
unit and an undivided interest in the common areas.
Which TREC-promulgated contract form(s) gives disclosure about the type of insulation in the property?
Both New Home Contracts
What does the statement on page nine of the TREC Farm and Ranch Contract indicate regarding payment of brokers' fees?
Brokers' fees or the sharing of fees between brokers are not fixed, controlled, recommended, suggested or maintained by the Texas Real Estate Commission.
A buyer and seller enter into an agreement for buyer to purchase seller's lot, which is currently used for grazing, using the TREC Unimproved Property Contract. The buyer intends to develop the property for commercial use. Who pays for any rollback taxes in this case?
Buyer
Buyer and seller enter into an agreement for buyer to purchase seller's farm using the TREC Farm and Ranch Contract. Buyer wants to harvest the corn that is currently growing. What should buyer's agent advise the buyer?
Buyer and seller enter into an agreement for buyer to purchase seller's farm using the TREC Farm and Ranch Contract. Buyer wants to harvest the corn that is currently growing. What should buyer's agent advise the buyer?
What law or rule requires disclosure of insulation R-Value?
Federal regulations
Which of the following is not listed as a farm and ranch improvement in paragraph 2 the TREC Farm and Ranch Contract?
Garages
Which of the following is NOT a specifically listed right, privileges and appurtenances in the TREC Unimproved Property Contract?
Harvest rights
Buyer and seller enter into an agreement for buyer to purchase seller's lot using the TREC Unimproved Property Contract. The seller started developing the property for commercial use before closing. Who pays for any rollback taxes in this case?
Seller
In the TREC Unimproved Property Contract, who is responsible for paying for the survey if seller fails to provide it as promised?
Seller
Under paragraph 13 of the TREC Residential Condominium Contract, who is responsible to pay for any special condominium assessment due and unpaid at closing?
Seller
Under the TREC Farm and Ranch Contract, who has the right to harvest all growing crops until delivery of possession of the property?
Seller
A buyer and seller enter into an agreement for buyer to purchase seller's 150 acre ranch using the TREC Farm and Ranch Contract. The parties agree that the sales price is calculated at $6,000 per acre and that the sales price will be adjusted based on the survey. The buyer gets a survey done which indicates that the ranch is 135 acres. The buyer wants to adjust the sales price accordingly. What is seller's option under the contract?
Seller may not terminate because the variance is 10%.
How long does the buyer have to terminate the contract after he receives the condominium documents in the TREC Residential Condominium Contract?
Six days after delivery of the documents
Which TREC promulgated contract form has a spot for information about exception documents and surface leases?
The Farm and Ranch Contract
Which TREC-promulgated contract form allows for the sales price to be adjusted because of the survey?
The Farm and Ranch Contract
A new home builder is selling a spec house that she briefly lived in before listing it in the local MLS. A buyer is interested in making an offer on the house. Which TREC contract should the buyer's agent advise the buyer to use to submit the offer?
The One to Four Family Residential Contract (Resale)
Buyer and seller enter into a contract for buyer to purchase seller's condominium unit using the TREC Residential Condominium Contract with an effective date of February 1. Seller timely delivers the condominium documents five days after the effective date. Assuming the buyer gives timely notice, what happens when she terminates the contract?
The earnest money will be refunded to the buyer.
Under paragraph 12A(3) of the TREC Residential Condominium Contract, who pays association fees or other charges resulting from the transfer of the property?
The parties negotiate the payment
Who is responsible for paying rollback taxes under the TREC Unimproved Property Contract?
The party changing the property usage
Which of the following is NOT defined as a "Document" in the TREC Residential Condominium Contract?
The resale certificate
Under the TREC Residential Condominium Contract, what type of interest does a unit owner have in the common elements?
Undivided
TREC Unimproved Property Contract. There used to be underground storage tanks on the property, but seller removed them several years ago. Is the seller required to disclose this to the buyer?
Yes, even though they were removed
The seller's disclosure in the TREC Unimproved Property Contract does not address the seller's knowledge of
building condition.
Seller's disclosure of lead-based paint is
included in the One to Four Family Residential Contract but not the New Home Contracts.
What does the R-Value address in the TREC new home contracts?
Insulation
Which of the following is not listed as a farm and ranch improvement in paragraph 2 the TREC Farm and Ranch Contract?
Irrigation equipment
Which paragraph is different in all six TREC contracts?
Paragraph 2
In what way are the Condominium Contract and the Farm and Ranch Contract different from the other four contract forms?
Paragraph 6 is different in both
