TREC has promulgated forms for most Quizlet

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Describes accessories, which, while not necessarily permanently installed, or built-in, are commonly conveyed to the buyer in the sale. Examples would include: window air conditioning units, stove, fireplace screens, curtains and rods, blinds, windows shades, draperies and rods, door keys, mailbox keys, above ground pool, swimming pool equipment and maintenance accessories, artificial fireplace logs

This includes the improvements, which are all man-made additions to the land, including the house, garage, and other permanently installed and built-in items. Included in the improvements are the usual residential improvements and specific farm and ranch improvements. Examples would include: windmills, tanks, barns, pens, fences, gates, sheds, and etc.

Describes accessories, which, while not necessarily permanently installed or built-in, are commonly conveyed to Buyer in the sale. Accessories include the typical residential items. Examples would include: hunting blinds, game feeders, livestock feeders, fuel tanks, irrigation equipment, pressure tanks, corrals, gates, chutes, etc. Farm and ranch accessories to be conveyed are indicated by checking the appropriate boxes.

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TREC can suspend or revoke a license on proof that the license holder drew a deed, note, deed of trust, will, or other written instrument that transferred or affected the title to or an interest in land. Likewise, TREC can suspend or revoke a license if the license holder is found to have advised or counseled a person as to the validity or legal sufficiency of an instrument or as to the validity of title to real estate.

License holders should not alter the pre-printed text of a promulgated form, as the alteration would likely amount to the unlawful practice of law. In many cases, license holders have added provisions to Paragraph 11, Special Provisions, that changed the legal effect of the contract. For example, inserting "time is of the essence" in Paragraph 11 changes the legal effect of the contract and could be interpreted as the unlawful practice of law by the license holder. License holders must not insert provisions into the contract that are addressed by using a TREC-promulgated addenda form. If provisions other than business details and factual statements need to be added that are not addressed by a TREC-promulgated addenda form, the parties should be referred to an attorney.

This addendum is promulgated by TREC and satisfies the requirement under federal law for disclosure of lead-based paint issues. The addendum should be completed by Seller when the property is listed.

PARAGRAPH A. LEAD WARNING STATEMENT: States that if you are about to buy a residential dwelling that was built before 1978, you are being notified with this addendum that the property may present to the buyer exposure to lead found in the paint.

PARAGRAPH B. SELLER'S DISCLOSURE: Select the correct box to check that either they do or do not know of lead-based paint or lead-based paint hazards. Likewise, indicate if the seller has provided the buyer with reports, or if the seller has no reports or records pertaining to lead-based paint or leadbased paint hazards.

PARAGRAPH C. BUYER'S RIGHTS: Buyer to indicate whether Buyer waives the right to conduct a risk assessment or inspection. Otherwise, the buyer may have the property inspected within 10 days of the effective date of the contract.

PARAGRAPH D. BUYER'S ACKNOWLEDGMENT: Buyer will verify in the checkbox that he or she has received copies of all the information mentioned above, and has received a copy of the pamphlet "Protect Your Family From Lead in Your Home." This pamphlet is available in English and Spanish

PARAGRAPH E. BROKER'S ACKNOWLEDGMENT: Broker must inform Seller of the seller's need to: (a) provide Buyer with the above-named pamphlet on lead poisoning prevention, (b) complete this addendum, (c) disclose if Seller is aware of lead-based paint and/or lead-based paint in or on the property, (d) deliver all records and reports to Buyer concerning lead-based paint and/ or lead-based paint hazards in the property, (e) give Buyer 10 days to have property inspected by an inspector of Buyer's choice, and (f) keep a copy of this addendum for at least 3 years following the sale of the subject property. Brokers must ensure compliance.

PARAGRAPH F. CERTIFICATION OF ACCURACY: Both the Buyer and Seller certify by signing and dating on signature lines, respectively, that they have reviewed the entire addendum, recognize the addendum is required by federal law and to the best of their knowledge is true and accurate. Note that the brokers are also required to sign

Steering, also known as channeling, is taking buyers or renters to, or away from, a particular area based on the race, religion, etc. of the buyer or renter and is the most common cause for complaint under the law.

Blockbusting is any attempt to induce panic selling in a neighborhood for financial gain. The most common tactic is to imply the entrance into the neighborhood of a new ethnic or racial group and suggest to homeowners that they sell now

No one may take any of the following actions based on race, color, national origin, religion, sex, familial status, or handicap in the sale or rental of housing:

• Refuse to rent or sell housing

• Refuse to negotiate for housing

• Make housing unavailable

• Set different terms, conditions or privileges for sale or rental of a dwelling

• Provide different housing services or facilities

• Falsely deny that housing is available for inspection, sale, or rental

For profit, persuade owners to sell or rent (blockbusting)

• Deny anyone access to or membership in a facility or service (such as a multiple listing service) related to the sale or rental of housing.

A loan assumption occurs when a buyer assumes and agrees to pay the seller's existing mortgage

Seller's liability. The seller, who is the original borrower on the loan assumed may continue to be liable, along with the buyer.

Time to process. Processing loan assumptions is not a core business activity of lenders. The assumption department may be overworked and understaffed, resulting in processing times that can run 75-90 days.

When a purchaser assumes an existing mortgage, the original borrower is not necessarily released from on-going liability for repayment. If the seller does not receive a release of liability, the buyer assuming the loan "joins the original borrower" on the note, leaving both with liability for repayment of the loan. If this is the case, the seller could be liable for repayment of the loan if the purchaser defaults.

The TREC Promulgated form, Release of Liability on Assumption of FHA, VA or Conventional Loan (TREC No. 12-2) is used to make a contract contingent on the lender releasing the seller upon the assumption by the buyer. When negotiating an assumption, a license holder representing the seller would be wise to suggest that the contract include the release contingency.

Real estate brokerage fees are negotiated between the broker and the client. Fees are not set or recommended by the government or by any local, state, or federal organization.

Any attempt to fix brokerage fees is a violation of the Sherman Act and the Clayton Act. License holders should never suggest that the fees that they charge are "customary," "mandatory," or "recommended."

Paragraph 8 of the TREC-promulgated contract forms stipulates that broker fees are found in separate written agreements. These fees are most commonly found in the listing agreement between the broker and seller or the buyer representation agreement between the broker and buyer. Fee sharing agreements between brokers may be by a written agreement or through participation in a Multiple Listing Service (MLS).

The listing agreement between the broker and seller addresses commissions in two areas. First, the agreement stipulates the fee that the broker will be paid if the property sells during the listing period. Typically, the fee is a percentage of the final sales price. Secondly, the listing agreement specifies how the fee will be split between brokers if another broker sells the property. In many cases, two fees are stipulated. The selling broker may pay one fee to a broker who is a buyer's representative and another fee to a broker who is a sub-agent of the listing broker.

TREC-promulgated forms have a Broker Information section on the last page of the contract form. Except for the Farm and Ranch contract, the Broker Information section is not a fee split agreement between brokers. While the Broker Information section lists the fee to be paid to the selling broker, it is merely included as information. The actual fee split agreement is by virtue of membership in the Multiple Listing Service or by a separate agreement between the brokers.

crops- PARAGRAPH 2.D. CROPS: Even though Seller has the right to harvest right up to the delivery of possession, some Sellers may want to have the right to harvest after closing. For example, a cotton crop may not be ready to harvest at the time of closing, and since Seller has a significant investment in the crop, he may want the right to harvest some time after closing. If Buyer gives Seller this right, make sure Buyer is covered by a separate agreement for this operation. Buyer and Seller must agree on how Seller will leave the land, including who will shred the stalks, plow the ground, and other issues.

. D. CROPS: Unless otherwise agreed in writing, Seller has the right to harvest all growing crops until delivery of possession of the Property.

accessories- PARAGRAPH 2.(C) Describes accessories, which, while not necessarily permanently installed or built-in, are commonly conveyed to Buyer in the sale. Accessories include the typical residential items. Farm and ranch accessories to be conveyed are indicated by checking the appropriate boxes.

FARM AND RANCH ACCESSORIES: The following described related accessories: (check boxes of conveyed accessories) portable buildings hunting blinds game feeders livestock feeders and troughs irrigation equipment fuel tanks submersible pumps pressure tanks corrals gates chutes

improvements- PARAGRAPH 2.(B) This includes the improvements, which are all man-made additions to the land, including the house, garage, and other permanently installed and built-in items. Included in the improvements are the usual residential improvements and specific farm and ranch improvements.

FARM and RANCH IMPROVEMENTS: The following permanently installed and built-in items, if any: windmills, tanks, barns, pens, fences, gates, sheds, outbuildings, and corrals.

Accessories- The following described related accessories, if any: window air conditioning units, stove, fireplace screens, curtains and rods, blinds, window shades, draperies and rods, door keys, mailbox keys, above ground pool, swimming pool equipment and maintenance accessories, artificial fireplace logs, security systems that are not fixtures, and controls for: (i) garage doors, (ii) entry gates, and (iii) other improvements and accessories. "Controls" includes Seller's transferable rights to the (i) software and applications used to access and control improvements or accessories, and (ii) hardware used solely to control improvements or accessories

PARAGRAPH 2.(C) Describes accessories, which, while not necessarily permanently installed or built-in, are commonly conveyed to the buyer in the sale

PARAGRAPH 5. EARNEST MONEY AND TERMINATION OPTION: Earnest money is a "deposit" paid upfront by Buyer to show that he or she is serious in his or her intent. There is no standard for the dollar amount of earnest money, but it is often in the range of 1% of the purchase price. Insert the amount of earnest money and the name and address of the title company. If additional earnest money is required, enter the amount and the number of days.

An option gives Buyer the unrestricted right to terminate the contract within the option period. The termination may be for any reason or no reason at all. If Buyer chooses to terminate within the option period and gives the proper notice of termination, they will receive a refund of their earnest money and have no further obligations under the contract.

If the last day to deliver the earnest money, Option Fee, or the additional earnest money falls on a Saturday, Sunday, or legal holiday, the time to deliver the earnest money, Option Fee, or the additional earnest money, as applicable, is extended until the end of the next day that is not a Saturday, Sunday, or legal holiday

2.The option fee must be paid within three days after the effective date of the contract.

3. Buyer must deliver the option fee to the escrow agent.

Texas recognizes the legal doctrine of imputed notice. Under this concept, an offer is presumed to have been delivered to the principal when it is delivered to the agent. A license holder who fails to communicate an offer in a timely manner may be disciplined by TREC.

Nonetheless, in most cases, the submission of an offer (or, at least, a communication to the principal that an offer has been received) can be completed within a short period of time

ex. In some cases, a buyer's agent might question whether the listing agent presented the offer to the seller. In such a situation, the buyer's agent must be careful not to base such an allegation on mere suspicion and should have a reasonable basis for such an allegation. While it is permissible for a buyer's agent to ask for some sort of verification that the offer has been presented, for example, a written statement signed by the seller that the offer has been presented, neither the listing agent nor seller is obligated to provide such verification. Nonetheless, the listing agent is statutorily and ethically obligated to present all offers in a timely manner.

What is the purpose of promulgated forms in Texas?

How many contracts has the Texas Real Estate Commission promulgated?

Who promulgated contract forms in Texas?

Which of the following forms is not promulgated by the Texas Realtor commission?