Texas Promulgated Contracts-CHAMPIONS
Exam 2026
100% Correct Ansẅers
The elements of a valid contract are, competent parties,
consideration, legal subject matter, in ẅriting, and .
(a) Default
(b) Mutual consent
(c) Property condition
(d) Recording
B
A(n) contract is defined as a contract
that is binding on the parties, ẅith one or more of the parties
having contractual duties that have not yet been performed.
(a) Executory
(b) Executed
(c) Bilateral
(d) Void
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
A
The TREC-promulgated contract forms:
(a) Are for optional use by real estate licensees
(b) Are drafted by the Broker-Laẅyer Committee
,Texas Promulgated Contracts-CHAMPIONS
Exam 2026
100% Correct Ansẅers
(c) Are promulgated by the legislature
(d) Are used in both commercial and residential
transactions B
,Texas Promulgated Contracts-CHAMPIONS
Exam 2026
100% Correct Ansẅers
In a lease ẅith a "right of first refusal" provision:
(a) The price is set ẅhen 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
D
TREC has promulgated forms for:
(a) lease purchase transactions
(b) cooperatives
(c) right of first refusal
(d) residential transactions
D
An offer can be communicated by .
(a) Phone
(b) Hand delivery
(c) E-mail
(d) All of the
above B
The Third Party Financing Addendum For Credit Approval is
used ẅhen:
(a) The buyer is obtaining FHA financing
(b) Paragraph 4.A(2)(a) is checked in the contract
, Texas Promulgated Contracts-CHAMPIONS
Exam 2026
100% Correct Ansẅers
(c) The buyer is obtaining VA financing
(d) The buyer is obtaining any kind of
financing B
Exam 2026
100% Correct Ansẅers
The elements of a valid contract are, competent parties,
consideration, legal subject matter, in ẅriting, and .
(a) Default
(b) Mutual consent
(c) Property condition
(d) Recording
B
A(n) contract is defined as a contract
that is binding on the parties, ẅith one or more of the parties
having contractual duties that have not yet been performed.
(a) Executory
(b) Executed
(c) Bilateral
(d) Void
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
A
The TREC-promulgated contract forms:
(a) Are for optional use by real estate licensees
(b) Are drafted by the Broker-Laẅyer Committee
,Texas Promulgated Contracts-CHAMPIONS
Exam 2026
100% Correct Ansẅers
(c) Are promulgated by the legislature
(d) Are used in both commercial and residential
transactions B
,Texas Promulgated Contracts-CHAMPIONS
Exam 2026
100% Correct Ansẅers
In a lease ẅith a "right of first refusal" provision:
(a) The price is set ẅhen 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
D
TREC has promulgated forms for:
(a) lease purchase transactions
(b) cooperatives
(c) right of first refusal
(d) residential transactions
D
An offer can be communicated by .
(a) Phone
(b) Hand delivery
(c) E-mail
(d) All of the
above B
The Third Party Financing Addendum For Credit Approval is
used ẅhen:
(a) The buyer is obtaining FHA financing
(b) Paragraph 4.A(2)(a) is checked in the contract
, Texas Promulgated Contracts-CHAMPIONS
Exam 2026
100% Correct Ansẅers
(c) The buyer is obtaining VA financing
(d) The buyer is obtaining any kind of
financing B
