Texas RE Promulgated Contract Forms - Champions 2020 questions with correct answers

TREC contract forms & their uses - pg 35 CORRECT ANSWER The contract form: is the One to Four Family Residential Contract (Resale). One to four means that it can be used for single-family properties, duplexes, triplex properties, and four-unit buildings. A building with five or more living units would be considered to be a commercial transaction. It is also used for resales only. A new home contract would be used on new home sales. This form is not to be used for a condominium, but may be used for the sale of a townhouse. TREC contract forms & their uses - pg 24 CORRECT ANSWER TREC has promulgated sales contract forms for most residential properties, including: One-to-Four Family Contract (Resale) New Home Contract (Incomplete Construction) New Home Contract (Completed Construction) Unimproved Property Contract Residential Condominium Contract (Resale) Farm and Ranch Contract TREC rules regarding the buyers use of inspectors - pg 61 CORRECT ANSWER Buyer may have the Property inspected by inspectors selected by Buyer and licensed by TREC or otherwise permitted by law to make inspections. Any hydrostatic testing must be separately authorized by Seller in writing. The purpose & use of Paragraph 6 - pg 56 CORRECT ANSWER PARAGRAPH 6.D. OBJECTIONS: Buyer may object to any matters that might prohibit a certain use or activity of the property, such as the installation of a satellite dish, operating a business out of the home, or parking of an RV within view of the street. Whatever the intended use of the property, it must be listed here. If the buyer is using the property for a residence only, many license holders insert the words "residential use" in this paragraph.