8/15/25, 3:40 PM CHAMPIONS PROMULGATED CONTRACT FORMS TEST ACTUAL EXAM (2025) 100%VERIFIED |complete QUESTIONS AND …
CHAMPIONS PROMULGATED CONTRACT FORMS TEST
ACTUAL EXAM (2025) 100%VERIFIED |complete
QUESTIONS AND ANSWERS | GRADED A+.
Requirements for buyer allows the buyer to terminate the transaction if the
approval according to the property doesn't meet the lender's underwriting
TREC Third Party requirements.
Financing Addendum
if any of these listed expenses exceed what the party
Closing Costs or settlement
expenses agreed to pay, the contract will terminate, UNLESS the
other party agrees to pay the excess
Dividing property taxes, hazard insurance and other
Proration
expenses or income between the buyer and seller, as
of date of settlement.
when the licensee is acting as a principal and not as an agent.
Required use of TREC One of the exceptions for when a licensee must use
forms and a TREC-promulgated contract form is in transactions
exceptions to in which the licensee is functioning solely as a principal,
required use not as an agent.
Valid Contract An agreement that meets the requirements of law.
Void Contract An agreement that is invalid from the beginning and does not
affect the parties
A contract that has been signed by the parties, but not
Executory Contract
yet carried out. (It's the sales contract before closing
or contract for deed)
Fully Executed A contract is fully executed when all parties have performed.
Allows the buyer to terminate the transaction if the
Use of third-party financing property doesn't meet the lender's underwriting
addendum
requirements. It is divided into two broad categories:
government loans and conventional loans.
a… 1/1
1
, 8/15/25, 3:40 PM CHAMPIONS PROMULGATED CONTRACT FORMS TEST ACTUAL EXAM (2025) 100%VERIFIED |complete QUESTIONS AND …
Requirements of a valid Consideration, Offer and Acceptance, Legal Purpose, In writing,
contract- Competent parties
When does an offer become a When it is accepted and the acceptance is communicated.
contract?
is closure of agency coupled with an interest and family
relationships - TX law
PARAGRAPH 8.A 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.
Option period with a negotiable length of time. The
Paragraph 23- use and timing
buyer can walk away for any reason within this time.
If the property was built prior to 1978, the required
Lead Paint - disclosures,
Lead-Based Paint Addendum must accompany the
dates, timing, buyer's rights,
contract. The seller must disclose this info, the buyer has
seller's responsibilities
the right to decline inspection.
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
TREC Form RSC‐2
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.
Prohibits Discrimination based on race, color, religion,
Fair Housing and Prohibited
Acts national origin, Sex (added in 1974), familial status, and
disability. Prohibits steering, and blockbusting.
a document from a notary who saw the owner of the
property sign this document. The owner is making a
The T-47 affidavit
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.
a… 2/1
1
CHAMPIONS PROMULGATED CONTRACT FORMS TEST
ACTUAL EXAM (2025) 100%VERIFIED |complete
QUESTIONS AND ANSWERS | GRADED A+.
Requirements for buyer allows the buyer to terminate the transaction if the
approval according to the property doesn't meet the lender's underwriting
TREC Third Party requirements.
Financing Addendum
if any of these listed expenses exceed what the party
Closing Costs or settlement
expenses agreed to pay, the contract will terminate, UNLESS the
other party agrees to pay the excess
Dividing property taxes, hazard insurance and other
Proration
expenses or income between the buyer and seller, as
of date of settlement.
when the licensee is acting as a principal and not as an agent.
Required use of TREC One of the exceptions for when a licensee must use
forms and a TREC-promulgated contract form is in transactions
exceptions to in which the licensee is functioning solely as a principal,
required use not as an agent.
Valid Contract An agreement that meets the requirements of law.
Void Contract An agreement that is invalid from the beginning and does not
affect the parties
A contract that has been signed by the parties, but not
Executory Contract
yet carried out. (It's the sales contract before closing
or contract for deed)
Fully Executed A contract is fully executed when all parties have performed.
Allows the buyer to terminate the transaction if the
Use of third-party financing property doesn't meet the lender's underwriting
addendum
requirements. It is divided into two broad categories:
government loans and conventional loans.
a… 1/1
1
, 8/15/25, 3:40 PM CHAMPIONS PROMULGATED CONTRACT FORMS TEST ACTUAL EXAM (2025) 100%VERIFIED |complete QUESTIONS AND …
Requirements of a valid Consideration, Offer and Acceptance, Legal Purpose, In writing,
contract- Competent parties
When does an offer become a When it is accepted and the acceptance is communicated.
contract?
is closure of agency coupled with an interest and family
relationships - TX law
PARAGRAPH 8.A 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.
Option period with a negotiable length of time. The
Paragraph 23- use and timing
buyer can walk away for any reason within this time.
If the property was built prior to 1978, the required
Lead Paint - disclosures,
Lead-Based Paint Addendum must accompany the
dates, timing, buyer's rights,
contract. The seller must disclose this info, the buyer has
seller's responsibilities
the right to decline inspection.
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
TREC Form RSC‐2
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.
Prohibits Discrimination based on race, color, religion,
Fair Housing and Prohibited
Acts national origin, Sex (added in 1974), familial status, and
disability. Prohibits steering, and blockbusting.
a document from a notary who saw the owner of the
property sign this document. The owner is making a
The T-47 affidavit
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.
a… 2/1
1
