Texas Promulgated Contracts-CHAMPIONS STUDY-100% CORRECT
QUESTUINS AND ANSWERS 2025
Terms in this set (108)
The elements of a valid contract are, B
competent parties,
consideration, legal subject
matter, in writing, and___
_.
(a) Default
(b) Mutual consent
(c) Property condition
Recording
(d)
A(n)_______ contract is defined as A
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) Executed
(c) Bilateral
(d) Void
,In the business of real estate, is A
defined as something given in
exchange for a promise.
(a) Consideration
(b) Mutual assent
(c) A bribe
(d)Legal subject matter
The TREC-promulgated contract B
forms:
(a) Are for optional use by
real estate licensees
(b) Are drafted by the
Broker-Lawyer Committee
(c) Are promulgated by the
legislature
(d) Are used in both
commercial and residential
transactions
In a lease with a "right of first D
refusal" provision:
(a) The price is set when
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
TREC has promulgated forms for: D
(a) lease purchase transactions
(b) cooperatives
(c) right of first refusal
(d) residential transactions
, An offer can be communicated by D
___________________.
(a) Phone
(b) Hand delivery
(c) E-mail
All of the above
(d)
The Third Party Financing D
Addendum For Credit Approval is
used when:
(a) The buyer is obtaining FHA
financing
(b) Paragraph 4.A(2)(a) is
checked in the contract
(c) The buyer is obtaining VA
financing
(d) The buyer is obtaining
any kind of financing
In the Third Party Financing B
Addendum for Credit Approval:
(a) The buyer has no incentive
to obtain financial approval
(b) The buyer has a definite
time to notify seller of the
inability to obtain financing
approval
(c) The buyer's earnest money
will not be returned if the
buyer does not obtain
QUESTUINS AND ANSWERS 2025
Terms in this set (108)
The elements of a valid contract are, B
competent parties,
consideration, legal subject
matter, in writing, and___
_.
(a) Default
(b) Mutual consent
(c) Property condition
Recording
(d)
A(n)_______ contract is defined as A
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) Executed
(c) Bilateral
(d) Void
,In the business of real estate, is A
defined as something given in
exchange for a promise.
(a) Consideration
(b) Mutual assent
(c) A bribe
(d)Legal subject matter
The TREC-promulgated contract B
forms:
(a) Are for optional use by
real estate licensees
(b) Are drafted by the
Broker-Lawyer Committee
(c) Are promulgated by the
legislature
(d) Are used in both
commercial and residential
transactions
In a lease with a "right of first D
refusal" provision:
(a) The price is set when
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
TREC has promulgated forms for: D
(a) lease purchase transactions
(b) cooperatives
(c) right of first refusal
(d) residential transactions
, An offer can be communicated by D
___________________.
(a) Phone
(b) Hand delivery
(c) E-mail
All of the above
(d)
The Third Party Financing D
Addendum For Credit Approval is
used when:
(a) The buyer is obtaining FHA
financing
(b) Paragraph 4.A(2)(a) is
checked in the contract
(c) The buyer is obtaining VA
financing
(d) The buyer is obtaining
any kind of financing
In the Third Party Financing B
Addendum for Credit Approval:
(a) The buyer has no incentive
to obtain financial approval
(b) The buyer has a definite
time to notify seller of the
inability to obtain financing
approval
(c) The buyer's earnest money
will not be returned if the
buyer does not obtain
