TEXAS PROMULGATED CONTRACT FORM EXAM 2023-2024 ACTUAL EXAM 200 QUESTIONS AND
CORRECT ANSWERS
An agreement between a buyer and seller giving the buyer the right to purchase a property at a preset
price for a given period of time.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - (answer) D
A "meeting of the minds"
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - (answer) A
A contract that cannot be enforced due to some flaw or other issue in the contract.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - (answer) E
Something given in exchange for a promise.
,TEXAS PROMULGATED CONTRACT FORM EXAM 2023-2024 ACTUAL EXAM 200 QUESTIONS AND
CORRECT ANSWERS
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - (answer) C
A contract in which only one party is obligated to perform.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - (answer) B
The five essential elements that must exist for a real estate sales contract to be considered valid and
enforceable are: legal purpose, competent parties, mutual assent, consideration and _______________.
a. Signature of witnesses
b. In writing
c. Acknowledgment by a notary
d. Recording in county clerk's office - (answer) B
If a contract has been entered into with a person who has been judged to be incompetent, that contract
is considered _________________ because that person never had the capacity to enter into it.
a. Executed
b. Valid
,TEXAS PROMULGATED CONTRACT FORM EXAM 2023-2024 ACTUAL EXAM 200 QUESTIONS AND
CORRECT ANSWERS
c. Voidable
d. Void - (answer) D
________________ is defined as something given in exchange for a promise.
a. Mutual consent
b. Legal subject matter
c. Consideration
d. Competent parties - (answer) C
A buyer who has the right to purchase a property at a preset price and terms for a period of time has
a(n) ______________.
a. Option
b. Novation
c. Bilateral contract
d. Deed - (answer) 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. Fully executed
c. Bilateral
d. Void - (answer) A
In Texas, the statute of limitations is ____________ for an oral agreement.
, TEXAS PROMULGATED CONTRACT FORM EXAM 2023-2024 ACTUAL EXAM 200 QUESTIONS AND
CORRECT ANSWERS
a. Four years
b. Two years
c. Eight years
d. Six years - (answer) B
A rejection of the original offer coupled with a new offer.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror - (answer) B
License holder adding complex provisions to a contract.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror - (answer) C
Contract forms published by TREC.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
CORRECT ANSWERS
An agreement between a buyer and seller giving the buyer the right to purchase a property at a preset
price for a given period of time.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - (answer) D
A "meeting of the minds"
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - (answer) A
A contract that cannot be enforced due to some flaw or other issue in the contract.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - (answer) E
Something given in exchange for a promise.
,TEXAS PROMULGATED CONTRACT FORM EXAM 2023-2024 ACTUAL EXAM 200 QUESTIONS AND
CORRECT ANSWERS
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - (answer) C
A contract in which only one party is obligated to perform.
a. Mutual consent
b. Unilateral contract
c. Consideration
d. Option
e. Unenforceable contract - (answer) B
The five essential elements that must exist for a real estate sales contract to be considered valid and
enforceable are: legal purpose, competent parties, mutual assent, consideration and _______________.
a. Signature of witnesses
b. In writing
c. Acknowledgment by a notary
d. Recording in county clerk's office - (answer) B
If a contract has been entered into with a person who has been judged to be incompetent, that contract
is considered _________________ because that person never had the capacity to enter into it.
a. Executed
b. Valid
,TEXAS PROMULGATED CONTRACT FORM EXAM 2023-2024 ACTUAL EXAM 200 QUESTIONS AND
CORRECT ANSWERS
c. Voidable
d. Void - (answer) D
________________ is defined as something given in exchange for a promise.
a. Mutual consent
b. Legal subject matter
c. Consideration
d. Competent parties - (answer) C
A buyer who has the right to purchase a property at a preset price and terms for a period of time has
a(n) ______________.
a. Option
b. Novation
c. Bilateral contract
d. Deed - (answer) 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. Fully executed
c. Bilateral
d. Void - (answer) A
In Texas, the statute of limitations is ____________ for an oral agreement.
, TEXAS PROMULGATED CONTRACT FORM EXAM 2023-2024 ACTUAL EXAM 200 QUESTIONS AND
CORRECT ANSWERS
a. Four years
b. Two years
c. Eight years
d. Six years - (answer) B
A rejection of the original offer coupled with a new offer.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror - (answer) B
License holder adding complex provisions to a contract.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
d. Lease-purchase agreement
e. Offeror - (answer) C
Contract forms published by TREC.
a. Promulgated forms
b. Counteroffer
c. Unauthorized practice of law
