Under what circumstances is the Resale TREC Form 20-14 used?

The Resale TREC Form 20-14 is specifically designed for residential properties that consist of single-family homes and can include up to a 4-plex, which essentially means buildings that contain one to four separate residential units. This form is tailored to facilitate the sale of these types of residential properties, ensuring that both buyers and sellers have a clear understanding of the terms of the transaction and any disclosures required in the process.

The reason this option is correct lies in the scope of properties that the form addresses; it is not applicable to commercial properties, which require different forms that cater to their more complex nature. Additionally, properties that exceed four units, such as multi-family buildings, fall outside the purview of this specific form and instead require forms that are designed for larger multi-family transactions. Lastly, lease agreements, particularly those exceeding six months, involve different legal considerations and documentation, thus making them unrelated to the Resale TREC Form 20-14. The form is specifically tailored to meet the needs of standard residential transactions involving smaller units, making it the correct choice in this context.