Which of the following is TRUE about TREC-promulgated contract forms
|
The correct answer is D. If required repairs are not completed before closing, then the Buyer has the Show
Ready to get your Texas real estate license? The state-approved pre-license education package is made up of six courses. We recommend taking the courses in this order:
Each course takes 30 classroom hours to complete. These courses will help you prepare to pass the licensing exam. This overview will let you know what to expect from the Promulgated Contract Forms course specifically. Many students save Promulgated Contract Forms for last because it provides some of the most hands-on application of concepts you learn in your pre-license courses. Still, it serves as a stand-alone guide to the required forms you will fill out in Texas real estate transactions. Let’s go over a few of the key topics the course will cover. Contract LawReal estate agents aren’t allowed to practice law, but they are qualified to fill out promulgated contracts that are legally binding. This serious responsibility is granted to those who can demonstrate an understanding of contract law. This course covers important elements of contract law, such as:
Promulgated ContractsIf a contract is promulgated, that means it is provided by the Texas Real Estate Commission and is required for use by all Texas real estate professionals. If a promulgated contract exists for the type of transaction you’re handling, that standard form must be used. You will study these promulgated contracts:
Addenda are forms that can be attached to contracts to provide additional information. The course will also cover these promulgated addenda:
From the Initial Offer to the Closing TableYou can expect plenty of practical information on how to guide your buyer or seller clients through a real estate sale from start to finish. You will learn how to present offers and submit earnest money. You will read about option periods and all the various disclosures and inspections that should take place during that critical period of the transaction. And of course, there will be information on the important closing processes that take place in order for the property to change hands from the seller to the buyer. Case Study PracticeThroughout the Promulgated Contract Forms course, you will get to practice your new knowledge with case studies and scenarios. This is an important step you can take in getting familiar with all the promulgated contracts and addenda you will be expected to use in your real estate career. See the Curriculum and Get StartedThat’s it for the Promulgated Contract Forms overview. You can read over the full, TREC-published course curriculum to get a more comprehensive idea of the exact topics you’ll cover. Don’t worry. You don’t have to be a lawyer to understand the basics of contract law and how contracts are applied in real estate. Aceable Agent’s Promulgated Contract Forms course can help you feel even more prepared with its interactive contracts that you practice filling out yourself! If you’re ready to take on Promulgated Contract Forms, read more about how to get your license and the cost of a real estate license in Texas. Kayla ZamoraKayla Zamora is a writer at Aceable, where she creates pre-licensing and continuing education courses for real estate. She is a licensed Texas real estate agent, journalist, and online educator. What is the purpose of promulgated forms in Texas?Promulgated contract forms are forms that are both approved and required by the Texas Real Estate Commission. These will be used by agents and brokers alike during transactions to make the agreement's official.
Which of the following is an exception to the required use of promulgated contract forms in Texas quizlet?One of the exceptions for when a licensee must use a TREC-promulgated contract form is in transactions in which the licensee is functioning solely as a principal, not as an agent.
Who promulgated contract forms in Texas?The Texas Broker-Lawyer Committee consists of six members appointed by TREC. They write and revise all contracts that TREC promulgates. Before TREC even considers a contract form for promulgation, the Broker-Lawyer Committee must identify a real estate transaction requiring a standardized contract.
What is the difference between a Texas Real Estate Commission promulgated and an approved form?What is the difference between a "TREC-approved" form and a "TREC-promulgated" form? promulgated forms must be used, while approved forms may be used. The Texas Real Estate Commission regulates licensed real estate brokers and sales agents in the state.
|
