Name: Score:
72 Multiple choice questions
Definition 1 of 72
Not for use with condominium transactions but can be used for townhomes.
IABS
Agent for both - intermediary
1-4 Family Contract
Stigmatized
Definition 2 of 72
Invalid from the beginning and voidable contract is one that can't be enforced against one or
more parties (minors are voidable at the option of the minor).
Consideration
Condo Contract
Proration's
Void Contract
Definition 3 of 72
AKA Panic Peddling
Proration's
Buyers Expenses
Blockbusting
Communication
,Definition 4 of 72
Should not be attached to the contract as an addendum, but rather maintained in the
transaction records.
4 Options a Seller Has w/Offer
Amendments/Addenda - Common Amendments
Residential Service Contract
Environmental Assessment Addendum
Definition 5 of 72
All must be presented, even oral
Can be communicated by phone, fax, email, letter, hand delivery
Novation
Offers
Exclusions
Addenda
Definition 6 of 72
An offer becomes a binding contract when it is signed by all parties and the acceptance is
communicated to the offering party.
Brokers Fee
Landlord
Offers
Offer
,Definition 7 of 72
Texas recognizes this - the offer is presumed to have been delivered to the principal once
when it is delivered to agent - know imputed notice. Imputed notice - delivering an offer to the
agent is the same as delivering to client.
Doctrine of Imputed Notice
Abstract of Title
Paragraph B Addendum for Home Owners
Right of First Refusal
Definition 8 of 72
Appraisal fees, loan application fees
Seller Expense
Buyers Expenses
Accessories
Excluded Items
Definition 9 of 72
AKA channeling, taking buyers or renters to or away from a particular area based on the race,
religion, etc. of the buyer or renter, and is the most common cause for complaint under the
law.
Consideration
Addenda
Earnest Money
Steering
, Definition 10 of 72
Assignment - A contract transfers all of the rights related to the contract. Contracts for
personal services are not assignable (buyer rep agreement/listing agreement)
Elements of a Valid Contract
Performance of Contract
Example of Void Contract
T47 Real Property Affidavit
Definition 11 of 72
mortgage fraud scheme where investors make multiple lenders without disclosing they are
trying to buy several different properties at the same time.
Executory Contract
Consideration
Exclusions
Chunking
Definition 12 of 72
Taxes are prorated until day of closing. The process of dividing ongoing expenses between the
buyer and seller at closing. They are calculated to the day of closing.
Proration's
Objections
Earnest Money
Consideration
72 Multiple choice questions
Definition 1 of 72
Not for use with condominium transactions but can be used for townhomes.
IABS
Agent for both - intermediary
1-4 Family Contract
Stigmatized
Definition 2 of 72
Invalid from the beginning and voidable contract is one that can't be enforced against one or
more parties (minors are voidable at the option of the minor).
Consideration
Condo Contract
Proration's
Void Contract
Definition 3 of 72
AKA Panic Peddling
Proration's
Buyers Expenses
Blockbusting
Communication
,Definition 4 of 72
Should not be attached to the contract as an addendum, but rather maintained in the
transaction records.
4 Options a Seller Has w/Offer
Amendments/Addenda - Common Amendments
Residential Service Contract
Environmental Assessment Addendum
Definition 5 of 72
All must be presented, even oral
Can be communicated by phone, fax, email, letter, hand delivery
Novation
Offers
Exclusions
Addenda
Definition 6 of 72
An offer becomes a binding contract when it is signed by all parties and the acceptance is
communicated to the offering party.
Brokers Fee
Landlord
Offers
Offer
,Definition 7 of 72
Texas recognizes this - the offer is presumed to have been delivered to the principal once
when it is delivered to agent - know imputed notice. Imputed notice - delivering an offer to the
agent is the same as delivering to client.
Doctrine of Imputed Notice
Abstract of Title
Paragraph B Addendum for Home Owners
Right of First Refusal
Definition 8 of 72
Appraisal fees, loan application fees
Seller Expense
Buyers Expenses
Accessories
Excluded Items
Definition 9 of 72
AKA channeling, taking buyers or renters to or away from a particular area based on the race,
religion, etc. of the buyer or renter, and is the most common cause for complaint under the
law.
Consideration
Addenda
Earnest Money
Steering
, Definition 10 of 72
Assignment - A contract transfers all of the rights related to the contract. Contracts for
personal services are not assignable (buyer rep agreement/listing agreement)
Elements of a Valid Contract
Performance of Contract
Example of Void Contract
T47 Real Property Affidavit
Definition 11 of 72
mortgage fraud scheme where investors make multiple lenders without disclosing they are
trying to buy several different properties at the same time.
Executory Contract
Consideration
Exclusions
Chunking
Definition 12 of 72
Taxes are prorated until day of closing. The process of dividing ongoing expenses between the
buyer and seller at closing. They are calculated to the day of closing.
Proration's
Objections
Earnest Money
Consideration
