REAL ESTATE PROMULGATED
CONTRACT FORMS EXAM QUESTIONS
WITH VERIFIED ANSWERS. A+ GRADE
2025/2026.
Essential elements to a valid real estate contract in Texas: - ANS Legally competent parties
Mutual agreement (also referred to as "offer and acceptance" or "consent")
Lawful objective (also referred to as "legal purpose")
Consideration
In writing and signed by the parties (as mentioned above)
Legal description of the property
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
,most commonly used types of legal descriptions are: - ANS The metes-and-bounds
description
Reference to a recorded plat (AKA the lot-and-block system)
has no legal basis or force - ANS Void
Missing one or more elements - ANS Voidable
executory contract refers only to a - ANS contract for deed, lease-purchase agreement, or
lease-option agreement.
With these types of real estate transactions, closing normally occurs more than — days after
the contract has been signed by the parties. - ANS 180
Bi lateral real estate contracts - ANS Listing agreement(exclusive right to sell, exclusive
agency) , buyer respresentation agreement, lease agreement, purchase agreement
Unilateral contracts - ANS Open listing, option to purchase, option to terminate
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
,Warren signed a contract with the Samsons for the sale of property he didn't own. What type of
contract is this? - ANS Void
Texas, contracts for deed, lease-purchase agreements, and lease-option agreements are
referred to as ______ contracts. - ANS Executory
What type of contract do you have once the seller has accepted the buyer's offer in writing and
the buyer has been notified of the acceptance? - ANS Enforceable
Novation - ANS substitutes the original party with a new party. This fully releases the original
party from all liability for performance of the contract.
Assignment - ANS It occurs when one of the original parties transfers his or her rights under
the contract to a new party.
The rights and obligations of an original party to an existing contract are taken by another
party, with the agreement of all parties to the contract. - ANS Novation
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, Buyer Anderson Simpson and his cousin, Jethro Smithers, sign a contract to purchase a three-
acre farm—complete with a four-bedroom house—from farmer Oleson McDonald. Jethro loses
all of his savings during a bad weekend in Vegas, so he can't afford his part of the purchase.
Instead, Anderson and Farmer McDonald allow another cousin, Jeraldine, to take Jethro's place
in the contract, and Jethro is no longer liable. - ANS Novation
What's in the contract between the parties?" The answer would be: - ANS The sales contract,
as signed by the parties
Any associated amendments signed by the parties
Any associated addenda signed by the parties
When Dashiell received the purchase offer for his bungalow, he was surprised to see a page
added to the contract requesting that an attorney review the contract. What is Dashiell looking
at? - ANS Addendum
termination of a contract on court orders (via an order of discharge) or mutual agreement, or
caused by breach of contract, impossibility of performance, or performance of contract -
ANS Discharge of contract
4 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
CONTRACT FORMS EXAM QUESTIONS
WITH VERIFIED ANSWERS. A+ GRADE
2025/2026.
Essential elements to a valid real estate contract in Texas: - ANS Legally competent parties
Mutual agreement (also referred to as "offer and acceptance" or "consent")
Lawful objective (also referred to as "legal purpose")
Consideration
In writing and signed by the parties (as mentioned above)
Legal description of the property
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
,most commonly used types of legal descriptions are: - ANS The metes-and-bounds
description
Reference to a recorded plat (AKA the lot-and-block system)
has no legal basis or force - ANS Void
Missing one or more elements - ANS Voidable
executory contract refers only to a - ANS contract for deed, lease-purchase agreement, or
lease-option agreement.
With these types of real estate transactions, closing normally occurs more than — days after
the contract has been signed by the parties. - ANS 180
Bi lateral real estate contracts - ANS Listing agreement(exclusive right to sell, exclusive
agency) , buyer respresentation agreement, lease agreement, purchase agreement
Unilateral contracts - ANS Open listing, option to purchase, option to terminate
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
,Warren signed a contract with the Samsons for the sale of property he didn't own. What type of
contract is this? - ANS Void
Texas, contracts for deed, lease-purchase agreements, and lease-option agreements are
referred to as ______ contracts. - ANS Executory
What type of contract do you have once the seller has accepted the buyer's offer in writing and
the buyer has been notified of the acceptance? - ANS Enforceable
Novation - ANS substitutes the original party with a new party. This fully releases the original
party from all liability for performance of the contract.
Assignment - ANS It occurs when one of the original parties transfers his or her rights under
the contract to a new party.
The rights and obligations of an original party to an existing contract are taken by another
party, with the agreement of all parties to the contract. - ANS Novation
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, Buyer Anderson Simpson and his cousin, Jethro Smithers, sign a contract to purchase a three-
acre farm—complete with a four-bedroom house—from farmer Oleson McDonald. Jethro loses
all of his savings during a bad weekend in Vegas, so he can't afford his part of the purchase.
Instead, Anderson and Farmer McDonald allow another cousin, Jeraldine, to take Jethro's place
in the contract, and Jethro is no longer liable. - ANS Novation
What's in the contract between the parties?" The answer would be: - ANS The sales contract,
as signed by the parties
Any associated amendments signed by the parties
Any associated addenda signed by the parties
When Dashiell received the purchase offer for his bungalow, he was surprised to see a page
added to the contract requesting that an attorney review the contract. What is Dashiell looking
at? - ANS Addendum
termination of a contract on court orders (via an order of discharge) or mutual agreement, or
caused by breach of contract, impossibility of performance, or performance of contract -
ANS Discharge of contract
4 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
