Texas promulgated contract terms

Question 1

An addition to an existing contract

Answer 1

Addendum

Question 2

A change to an existing contract (it changes the original terms of the contract)

Answer 2

Amendment

Question 3

An offer to purchase a specific piece of real estate, but without the obligation to buy it. And an option contract, the potential buyer (optioned) is required to pay an option fee to the seller (optionor) or if the option he decides not to exercise the option and purchase the property, the option or it gets to keep the option fee.

Answer 3

Option

Question 4

In Texas, a form published by the Texas real estate commission for mandatory used by real estate licenses when helping buyers and sellers.

Answer 4

Promulgated form

Question 5

A legally enforceable, binding agreement between two or more parties to do something or not do something in exchange for valuable consideration.

Answer 5

Contract

Question 6

A document issued by a homeowners association HOA that certifies the requirements placed upon the property owner by the restrictive covenant and association rules.

Answer 6

Resale certificate

Question 7

Information that may be required within the terms of a contract.

Answer 7

Notice

Question 8

TREC approved and published form that addresses important issues, but isn’t part of any contract; usually relates to items that are in the consumers best interest to know.

Answer 8

Consumer Disclosure

Question 9

Form that TREC has not required licensees to use, but one that has been reviewed by attorneys and is acceptable for licensees to use.

Answer 9

Approved/optional voluntary use form