TREC Contract Forms Flashcards
6 cards from real TREC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 TREC Contract Forms flashcards as text
The TREC Addendum for Property Subject to Mandatory Membership in a Property Owners Association is required when:
Answer: The property is subject to mandatory HOA membership
This addendum must be attached whenever the property is subject to mandatory membership in a homeowners or property owners association.
In a TREC contract, 'closing' is defined as:
Answer: The date the deed and other closing documents are recorded
Under Texas contracts, closing occurs when the deed and other required closing documents are filed and recorded in the county records.
Which TREC form is used for the sale of unimproved (vacant) lots in a residential subdivision?
Answer: TREC Form 25-14
TREC Form 25-14 (Residential Condominium Contract) is for condos, while vacant lots in residential subdivisions use Form 9-13.
What is the purpose of the TREC Seller's Disclosure Notice?
Answer: To inform the buyer of known material defects and conditions of the property
The Seller's Disclosure Notice requires sellers to disclose known material defects and conditions that could affect the property's value or desirability.
Under a TREC contract, if the seller fails to complete agreed repairs before closing, the buyer may:
Answer: Terminate and receive the earnest money back, or accept the property with a credit
If the seller fails to complete agreed repairs, the buyer can terminate the contract and recover earnest money or accept the property with a negotiated credit.
The 'Survey' section of a TREC residential contract typically requires:
Answer: Delivery of an existing survey or a new survey within a specified number of days
The contract allows parties to agree whether to use an existing survey or obtain a new one, with delivery required within the agreed timeframe.