This document provides an overview of contracts used in real estate transactions, including required elements of real estate contracts such as a legal description and being in writing. It discusses how to create a valid sales contract through offer and acceptance as well as how contracts can be discharged. The document also outlines different types of commission agreements and listing agreements brokers use, including exclusive right to sell listings. Standard real estate contracts for different property types are also presented.

1. Unit 8: Contracts Used in
Real Estate Transactions,
Part I

2. UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Real Estate Contracts
 Required Elements of Real Estate Contracts
 Legal Description
 In Writing – Statute of Frauds
 Property Description Issues
 Creating a Valid Sales Contract
 Offer and Earnest Money Deposit
 Acceptance
 What is Transferred under a Real Estate Contract?
 Counteroffer

3. UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Real Estate Contracts
 Required Elements of Real Estate Contracts
 Discharging Sales Contracts
 Performance of a Contract
 Other Ways to Terminate Contracts
 Statute of Limitations

4. UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Contracts Used in the Real Estate Business
 Commission Agreements
 Types of Commission Agreements
 Listing Agreements
 Buyer Representation Agreements
 Texas Promulgated Sales Contracts
 One To Four Family Residential Contract (Resale)
 Residential Condominium Contract (Resale)
 Farm and Ranch Contract
 Reservation of Oil, Gas, and Minerals
 Notice of Rollback Taxes for Change of Use of Land
 Unimproved Property Contract
 New Home Contract (Incomplete Construction)
 New Home Contract (Completed Construction)
 Amendment to Contract

5. UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Types of Listing Agreements
 Open Listing
 Net Listing
 Exclusive Agency Listing
 Exclusive Right to Sell Listing

6. UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Exclusive Right to Sell Form, 1-10
 1. Parties
 2. Property
 3. Listing Price
 4. Term
 5. Broker’s Compensation
 6. Listing Services
 7. Access to the Property
 8. Cooperation with Other Brokers
 9. Intermediary
 10. Confidential Information

7. UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Exclusive Right to Sell Form, 11-21
 11. Broker’s Authority
 12. Seller’s Representations
 13. Seller’s Additional Promises
 14. Limitation of Liability
 15. Special Provisions
 16. Default
 17. Mediation
 18. Attorney’s Fees
 19. Addenda and Other Documents
 20. Agreement of Parties
 21. Additional Notices

8. UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Buyer/Tenant Representation
Buyer Representation Agreement Form, 1-9
 1. Parties
 2. Appointment
 3. Definitions
 4. Term
 5. Broker’s Obligations
 6. Client’s Obligations
 7. Representations
 8. Intermediary
 A. Intermediary Status
 B. No Intermediary Status
 9. Competing Clients

9. UNIT 8: CONTRACTS USED IN REAL
ESTATE TRANSACTIONS, PART I
Buyer Representation Agreement Form, 10-18
 10. Confidential Information
 11. Broker’s Fees
 12. Mediation
 13. Default
 14. Attorney’s Fees
 15. Limitation of Liability
 16. Addenda
 17. Special Provisions
 18. Additional Notices