SCh5 TREC 1-4(P8-23) Flashcards
Brokers and sales agents: Texas law requires a real estate license holder, who is a party to a transaction, or acting on behalf of a spouse, parent or child or business entity, in which the broker or sales person owns more than 10% to notify the other party in writing before, entering into a contract of sale(agency coupled with an interest must be disclosed)
P8
SPECIAL PROVISIONS- This paragraph is intended to be used only for additional information items – statements that complete a blank in a contract form, disclose factual, information, or provide instructions
P11
Default- All TREC contracts have a default paragraph. This paragraph states that if either party defaults, the injured party can sue for specific performance, seek such a relief, as may be provided by law, or both, or the injured party can terminate the contract.
P15
The contracts require that the parties agree to mediation for dispute resolution. In mediation, a mediator hears both sides and try to help the parties come to an agreement.
Mediation fails, parties may move to arbitration. The arbitrator here’s both sides, and then tells a parties how to proceed.
P16
If the contract is terminated, and the escrow agent received a demand of release of earnest money from one party, they must notify the other party. If you had a party does not send a written objection to the man within 15 days, the escrow agent may disperse the earnest money to the party, making the demand
P18c
The sellers temporary lease addendum, and the buyers temporary lease addendum are for use when lease. Is for 90 days or less.
P22
If the parties need or want to see an attorney, an agent should send the clients to an attorney before client sign a contract. The last part of sign, the contract is a party excepting the final change. The broker is responsible for filling in the effective date at the last party signs.
P23
