which of the following sellers would most likely use a contract prepared by an attorney

Who wants to prepare the purchase and sale contract?

The agent can use the contract because it is an exception. According to Section 537.11(a)(3), transactions for which a contract form has been prepared by a principal to the transaction are an exception to the rule that TREC-promulgated forms must be used.

What are additional provisions in the contract to buy and sell?

The parties to a real estate transaction want to have the purchase and sale contract prepared by an attorney. Which of the following may prepare the contract? The broker's attorney. The seller's attorney. Either the buyer's attorney or the seller’s attorney. A real estate commission attorney

When to include listed items in a buy and sell contract?

113. Breach of contract is refusal or failure to comply with the terms of a contract. If the seller breaches the purchase contract, the buyer may do all of the following EXCEPT a. sue the seller for specific performance. b. rescind the contract and recover the earnest money. c. sue the seller for damages. d. sue the broker for nonperformance.

What happens if a seller defaults on a contract to sell?

Where a provision in a contract requires the approval of an attorney and the attorney's client tells the attorney not to approve the contract, which one of the following statements best describes the general rule? ... Judgment for D if the plans were prepared by P's architect and D had no reason to know the plans failed to account for the soil ...

Which of the following is an exception to the required use of promulgated contract forms in Texas?

when the buyer requires another form to be used. According to Section 537.11(a)(3), transactions for which a contract form has been prepared by a principal to the transaction are an exception to the rule that TREC-promulgated forms must be used. A man dies and his property transfers to his heirs through probate.

Do you have to use a TREC contract in Texas?

As public records, contract forms adopted by the Texas Real Estate Commission are available to any person. Real estate license holders are required to use these forms. However, TREC contract forms are intended for use primarily by licensed real estate brokers or sales agents who are trained in their correct use.

What is the name of the form that most sellers must use to disclose that a property meets Texas property Code?

1. physical material facts listed on the Seller's Disclosure Notice (formerly the Seller's Disclosure of Property Condition) form..

Who promulgates contracts for mandatory use by license holders?

The Broker-Lawyer Committee promulgates forms for mandatory use by licensees.

Which of the following is an exception to using a TREC promulgated contract form quizlet?

Which of the following is an exception to the TREC rules on contract use? When the buyer requires another form to be used. According to Section 537.11(a)(3), transactions for which a contract form has been prepared by a principal to the transaction are an exception to the rule that TREC-promulgated forms must be used.

What is the most commonly used residential sales contract?

M. The most commonly used residential sales contract in Texas is the One to Four Family Residential Contract (Resale) promulgated by the Texas Real Estate Commission as form number 20-13.

Who needs to complete a disclosure notice in Texas?

home sellersThe Texas Property Code requires that most home sellers fill out a Seller's Disclosure form. The purpose of the form is to disclose any issues with the house you are selling that you are aware of and give the potential buyers information and a historical account of your home.

What is SDN in real estate?

Seller's Disclosure Notice (Form ID: OP-H) 09/01/2019. Description: This disclosure form is required by sellers of previously occupied single family residences and is to be used in conjunction with a contract for the sale of real property entered into on or after September 1, 2019.

What is LP community in real estate?

Under its limited partnership (LP) status, a RELP has a general partner who assumes full liability and one or more limited partners who are liable only up to the amount they contribute. The general partner is usually a corporation, an experienced property manager, or a real estate development firm.

Who promulgates contracts for mandatory use by license holders quizlet?

The Broker-Lawyer Committee promulgates forms for mandatory use by licensees.

Which of the following promulgates the forms for mandatory use by TREC license holders?

Who promulgates contracts for mandatory use by license holders? The answer is Texas Real Estate Commission. The Broker-Lawyer Committee develops forms and recommends their adoption, but it is TREC that promulgates the forms for mandatory use.

What is one instance in which the commission allows license holders to use alternatives to the required or promulgated forms?

What is one instance in which the commission allows license holders to use alternatives to the required, or promulgated, forms? If the alternative form is prepared by the property owner themselves.

Does a seller have to disclose AIDS?

the seller has no duty to disclose the illness. Section 5.008 of the Property Code states that a seller or seller's agent has no duty to make a disclosure as to whether a previous occupant had, may have had, has, or may have AIDS, HIV-related illnesses, or an HIV infecti.

What is the Texas property code?

Texas Property Code. Section 5.008 of the Texas Property Code requires "a seller of residential property comprising not more than one dwelling unit located in this state to give to the purchaser of the property" a written notice of the property's condition.

What is a TREC broker?

A real estate broker, acting only as a principal to a transaction (i.e., as a buyer or seller), exempt from mandatory use of a TREC-promulgated form. Transactions in which the licensee is functioning solely as a principal, not as an agent, are exempt from mandatory use of TREC-promulgated forms.

How long does a contract have to be completed?

Everything in the contract must be complete within one year. Dates and deadlines will be strictly interpreted. A: Dates and deadlines will be strictly interpreted. The legal phrase is that timing is important to the contract, and every date and deadline must be taken care of on or before that time.

What is the prevailing party?

each party an equal share of reasonable costs and expenses. the prevailing party damages. the losing party all reasonable costs and expense. the prevailing party all reasonable costs and expense. A: the prevailing party all reasonable costs and expense. Do not confuse litigation and arbitration with mediation.

What is an exclusive right to sell listing?

In an exclusive-right-to-sell listing, if the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property.

What is a real estate professional?

The answer is real estate professional must obtain the signature of the seller to affect a contract. A real estate professional is usually a special agent. If hired by the seller, the broker is limited to finding a ready, willing, and able buyer for the property.

What is an open listing?

In an open listing, the seller retains the right to employ any number of brokers to sell the property. In an open listing, the seller is obligated to pay the listing broker a commission only if the listing broker is the procuring cause of the sale.