CHAMPIONS PROMULGATED CONTRACT
FORMS PROFESSIONAL LICENSURE FINAL
STUDY GUIDE 2026 SEVENTY FIVE
DETAILED QUESTIONS WITH 100 PERCENT
VERIFIED ANSWERS GRADED A+
⩥ A(n) __________________ contract is defined as a contract that is
binding on the parties, with one or more of the parties having contractual
duties that have not yet been performed.
(a) Executory
(b) Executed
(c) Bilateral
(d) Void. Answer: A
⩥ In the business of real estate, ___________ is defined as something
given in exchange for a promise.
(a) Consideration
,(b) Mutual assent
(c) A bribe
(d) Legal subject matter. Answer: A
⩥ The TREC-promulgated contract forms:
(a) Are for optional use by real estate licensees
(b) Are drafted by the Broker-Lawyer Committee
(c) Are promulgated by the legislature
(d) Are used in both commercial and residential transactions. Answer: B
⩥ In a lease with a "right of first refusal" provision:
(a) The price is set when the lease agreement is negotiated
(b) The tenant has promised to buy the property
,(c) The TREC promulgated form must be used
(d) The tenant has the right to match or better any offer the landlord
receives to prevent the property from being sold to someone else.
Answer: D
⩥ TREC has promulgated forms for:
(a) lease purchase transactions
(b) cooperatives
(c) right of first refusal
(d) residential transactions. Answer: D
⩥ An offer can be communicated by ___________________.
(a) Phone
(b) Hand delivery
, (c) E-mail
(d) All of the above. Answer: D
⩥ The Third Party Financing Addendum For Credit Approval is used
when:
(a) The buyer is obtaining FHA financing
(b) Paragraph 4.A(2)(a) is checked in the contract
(c) The buyer is obtaining VA financing
(d) The buyer is obtaining any kind of financing. Answer: D
⩥ In the Third Party Financing Addendum for Credit Approval:
(a) The buyer has no incentive to obtain financial approval
(b) The buyer has a definite time to notify seller of the inability to obtain
financing approval
FORMS PROFESSIONAL LICENSURE FINAL
STUDY GUIDE 2026 SEVENTY FIVE
DETAILED QUESTIONS WITH 100 PERCENT
VERIFIED ANSWERS GRADED A+
⩥ A(n) __________________ contract is defined as a contract that is
binding on the parties, with one or more of the parties having contractual
duties that have not yet been performed.
(a) Executory
(b) Executed
(c) Bilateral
(d) Void. Answer: A
⩥ In the business of real estate, ___________ is defined as something
given in exchange for a promise.
(a) Consideration
,(b) Mutual assent
(c) A bribe
(d) Legal subject matter. Answer: A
⩥ The TREC-promulgated contract forms:
(a) Are for optional use by real estate licensees
(b) Are drafted by the Broker-Lawyer Committee
(c) Are promulgated by the legislature
(d) Are used in both commercial and residential transactions. Answer: B
⩥ In a lease with a "right of first refusal" provision:
(a) The price is set when the lease agreement is negotiated
(b) The tenant has promised to buy the property
,(c) The TREC promulgated form must be used
(d) The tenant has the right to match or better any offer the landlord
receives to prevent the property from being sold to someone else.
Answer: D
⩥ TREC has promulgated forms for:
(a) lease purchase transactions
(b) cooperatives
(c) right of first refusal
(d) residential transactions. Answer: D
⩥ An offer can be communicated by ___________________.
(a) Phone
(b) Hand delivery
, (c) E-mail
(d) All of the above. Answer: D
⩥ The Third Party Financing Addendum For Credit Approval is used
when:
(a) The buyer is obtaining FHA financing
(b) Paragraph 4.A(2)(a) is checked in the contract
(c) The buyer is obtaining VA financing
(d) The buyer is obtaining any kind of financing. Answer: D
⩥ In the Third Party Financing Addendum for Credit Approval:
(a) The buyer has no incentive to obtain financial approval
(b) The buyer has a definite time to notify seller of the inability to obtain
financing approval
