Texas Promulgated Contracts Champions
Study Exam Questions With Correct
Answers 2024
The .elements .of .a .valid .contract .are, .competent .parties, .consideration, .legal .subject
.matter, .in .writing, .and .___________.
.
(a) .Default
.
(b) .Mutual .consent
.
(c) .Property .condition
.
(d) .Recording .- .correct .answer.B
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) .Executed
.
(c) .Bilateral
.
(d) .Void .- .correct .answer.A
In .the .business .of .real .estate, .___________ .is .defined .as .something .given .in .exchange
.for .a .promise.
.
(a) .Consideration
.
(b) .Mutual .assent
.
(c) .A .bribe
.
(d) .Legal .subject .matter .- .correct .answer.A
The .TREC-promulgated .contract .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 .- .correct .answer.B
In .a .lease .with .a ."right .of .first .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 .- .correct .answer.D
TREC .has .promulgated .forms .for:
.
(a) .lease .purchase .transactions
.
(b) .cooperatives
.
(c) .right .of .first .refusal
.
(d) .residential .transactions .- .correct .answer.D
An .offer .can .be .communicated .by .___________________.
.
(a) .Phone
.
(b) .Hand .delivery
.
(c) .E-mail
.
(d) .All .of .the .above .- .correct .answer.D
The .Third .Party .Financing .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 .- .correct .answer.D
In .the .Third .Party .Financing .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 .financing
.
(d) .The .option .period .is .explained .- .correct .answer.B
The .Third .Party .Financing .Addendum .for .Credit .Approval .cannot .be .used .for:
.
(a) .VA .guaranteed .loans
.
(b) .FHA .insured .loans
.
, (c) .Seller .Financing
.
(d) .Texas .Veterans .Loans .- .correct .answer.C
According .to .the .Seller .Financing .Addendum, .the .interest .rate .is:
.
(a) .Set .at .6%
.
(b) .Negotiated .between .the .parties
.
(c) .Set .by .TREC
.
(d) .Determined .at .closing .- .correct .answer.B
___________________ .occurs .when .a .buyer .assumes .and .agrees .to .pay .the .seller's
.existing .mortgage.
.
(a) .Loan .assumption
.
(b) .Seller .liability
.
(c) .Seller .lien
.
(d) .Credit .approval .- .correct .answer.A
Land, .improvements .and .accessories .are .collectively .referred .to .as:
.
(a) .The .estate
.
(b) .The .property
.
(c) .The .listing
.
(d) .The .homestead .- .correct .answer.B
According .to .the .TREC .contract, .accessories .include:
.
(a) .Refrigerators
.
(b) .Stoves
.
(c) .Washing .machines
.
(d) .Gas .dryers .- .correct .answer.B
Exclusions .to .the .sale .must .be .removed
.
(a) .Prior .to .delivery .of .possession
.
(b) .At .the .convenience .of .the .seller
.
(c) .When .the .offer .becomes .a .binding .contract
.
(d) .Two .days .prior .to .closing .- .correct .answer.A
The .loan .amount .in .Paragraph .3.B. .of .the .sales .contract .includes:
.
(a) .The .amount .of .the .mortgage .insurance
.
(b) .The .loan .plus .origination .fees
Study Exam Questions With Correct
Answers 2024
The .elements .of .a .valid .contract .are, .competent .parties, .consideration, .legal .subject
.matter, .in .writing, .and .___________.
.
(a) .Default
.
(b) .Mutual .consent
.
(c) .Property .condition
.
(d) .Recording .- .correct .answer.B
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) .Executed
.
(c) .Bilateral
.
(d) .Void .- .correct .answer.A
In .the .business .of .real .estate, .___________ .is .defined .as .something .given .in .exchange
.for .a .promise.
.
(a) .Consideration
.
(b) .Mutual .assent
.
(c) .A .bribe
.
(d) .Legal .subject .matter .- .correct .answer.A
The .TREC-promulgated .contract .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 .- .correct .answer.B
In .a .lease .with .a ."right .of .first .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 .- .correct .answer.D
TREC .has .promulgated .forms .for:
.
(a) .lease .purchase .transactions
.
(b) .cooperatives
.
(c) .right .of .first .refusal
.
(d) .residential .transactions .- .correct .answer.D
An .offer .can .be .communicated .by .___________________.
.
(a) .Phone
.
(b) .Hand .delivery
.
(c) .E-mail
.
(d) .All .of .the .above .- .correct .answer.D
The .Third .Party .Financing .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 .- .correct .answer.D
In .the .Third .Party .Financing .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 .financing
.
(d) .The .option .period .is .explained .- .correct .answer.B
The .Third .Party .Financing .Addendum .for .Credit .Approval .cannot .be .used .for:
.
(a) .VA .guaranteed .loans
.
(b) .FHA .insured .loans
.
, (c) .Seller .Financing
.
(d) .Texas .Veterans .Loans .- .correct .answer.C
According .to .the .Seller .Financing .Addendum, .the .interest .rate .is:
.
(a) .Set .at .6%
.
(b) .Negotiated .between .the .parties
.
(c) .Set .by .TREC
.
(d) .Determined .at .closing .- .correct .answer.B
___________________ .occurs .when .a .buyer .assumes .and .agrees .to .pay .the .seller's
.existing .mortgage.
.
(a) .Loan .assumption
.
(b) .Seller .liability
.
(c) .Seller .lien
.
(d) .Credit .approval .- .correct .answer.A
Land, .improvements .and .accessories .are .collectively .referred .to .as:
.
(a) .The .estate
.
(b) .The .property
.
(c) .The .listing
.
(d) .The .homestead .- .correct .answer.B
According .to .the .TREC .contract, .accessories .include:
.
(a) .Refrigerators
.
(b) .Stoves
.
(c) .Washing .machines
.
(d) .Gas .dryers .- .correct .answer.B
Exclusions .to .the .sale .must .be .removed
.
(a) .Prior .to .delivery .of .possession
.
(b) .At .the .convenience .of .the .seller
.
(c) .When .the .offer .becomes .a .binding .contract
.
(d) .Two .days .prior .to .closing .- .correct .answer.A
The .loan .amount .in .Paragraph .3.B. .of .the .sales .contract .includes:
.
(a) .The .amount .of .the .mortgage .insurance
.
(b) .The .loan .plus .origination .fees
