CHAMPIONS PROMULGATED CONTRACT
FORMS COMPREHENSIVE EXAMINATION 2026
COMPLETE QUESTIONS CORRECT ANSWERS
◉ When does an offer become a contract? Answer: When it is
accepted and the acceptance is communicated.
◉ PARAGRAPH 8.A Answer: is closure of agency coupled with an
interest and family relationships - TX law requires a RE broker or
sales agent who is a party to a transaction or acting on behalf of a
spouse, parent, child, business entity in which the broker or sales
agent owns more than 10%, or if acting as a trustee to a trust, or
beneficiary, to notify the other party in writing before entering into a
contract of sale.
◉ Paragraph 23- use and timing Answer: Option period with a
negotiable length of time. The buyer can walk away for any reason
within this time.
◉ Lead Paint - disclosures, dates, timing, buyer's rights, seller's
responsibilities Answer: If the property was built prior to 1978, the
required Lead-Based Paint Addendum must accompany the contract.
The seller must disclose this info, the buyer has the right to decline
inspection.
, ◉ TREC Form RSC-2 Answer: this disclosure form is required to be
provided if a license holder receives any form of compensation from
a residential service company. That compensation can not be
contingent upon a party to the real estate transaction purchasing a
contract or services from the residential service company. The
compensation is the fee for the services that Listing Broker or Other
Broker, either directly or through an agent, provides to the company.
◉ Fair Housing and Prohibited Acts Answer: Prohibits
Discrimination based on race, color, religion, national origin, Sex
(added in 1974), familial status, and disability. Prohibits steering,
and blockbusting.
◉ The T-47 affidavit Answer: a document from a notary who saw the
owner of the property sign this document. The owner is making a
sworn statement. When using the seller's existing survey, the seller
is given a number of days to deliver the survey and a _________________
to the Buyer and the title company.
◉ Loan Assumption Answer: When the buyer assumes and agrees to
pay the seller's existing mortgage. A addendum is required to be
filled out.
◉ Promulgated Loan Forms Answer: A Third Party Addendum to
state what type of financing the buyer will use. Conventional or govt
loan. If loan approval is not done, then contract will terminate and
earnest money will be refunded to buyer.
FORMS COMPREHENSIVE EXAMINATION 2026
COMPLETE QUESTIONS CORRECT ANSWERS
◉ When does an offer become a contract? Answer: When it is
accepted and the acceptance is communicated.
◉ PARAGRAPH 8.A Answer: is closure of agency coupled with an
interest and family relationships - TX law requires a RE broker or
sales agent who is a party to a transaction or acting on behalf of a
spouse, parent, child, business entity in which the broker or sales
agent owns more than 10%, or if acting as a trustee to a trust, or
beneficiary, to notify the other party in writing before entering into a
contract of sale.
◉ Paragraph 23- use and timing Answer: Option period with a
negotiable length of time. The buyer can walk away for any reason
within this time.
◉ Lead Paint - disclosures, dates, timing, buyer's rights, seller's
responsibilities Answer: If the property was built prior to 1978, the
required Lead-Based Paint Addendum must accompany the contract.
The seller must disclose this info, the buyer has the right to decline
inspection.
, ◉ TREC Form RSC-2 Answer: this disclosure form is required to be
provided if a license holder receives any form of compensation from
a residential service company. That compensation can not be
contingent upon a party to the real estate transaction purchasing a
contract or services from the residential service company. The
compensation is the fee for the services that Listing Broker or Other
Broker, either directly or through an agent, provides to the company.
◉ Fair Housing and Prohibited Acts Answer: Prohibits
Discrimination based on race, color, religion, national origin, Sex
(added in 1974), familial status, and disability. Prohibits steering,
and blockbusting.
◉ The T-47 affidavit Answer: a document from a notary who saw the
owner of the property sign this document. The owner is making a
sworn statement. When using the seller's existing survey, the seller
is given a number of days to deliver the survey and a _________________
to the Buyer and the title company.
◉ Loan Assumption Answer: When the buyer assumes and agrees to
pay the seller's existing mortgage. A addendum is required to be
filled out.
◉ Promulgated Loan Forms Answer: A Third Party Addendum to
state what type of financing the buyer will use. Conventional or govt
loan. If loan approval is not done, then contract will terminate and
earnest money will be refunded to buyer.
