AYPO REAL ESTATE PROMULGATED
CONTRACTS FINAL EXAM REVIEW
QUESTIONS 2025 |GUARANTEED
ACCURATE ANSWERS |PASS!!
Which of these is an exemption to the "legal capacity" requirement to
form a contract? - ACCURATE ANSWERS✔✔ A contract for a life
necessity.
A contract for non-life necessities with a person lacking legal capacity
is: - ACCURATE ANSWERS✔✔ Voidable
A contract for deed is a classic example of a(n): - ACCURATE
ANSWERS✔✔ Executory contract
An option is a form of which kind of contract? - ACCURATE
ANSWERS✔✔ Unilateral
According to TREC a "reasonable time" within which to deposit the
escrow check is: - ACCURATE ANSWERS✔✔ By the end of the
second business day following formation of the contract.
,An attachment added to the end of a contract and incorporated in the
contract terms is called an: - ACCURATE ANSWERS✔✔ Addendum
An assignment of rights is: - ACCURATE ANSWERS✔✔ A transfer of
rights or duties under a contract from a current party to a contract to
another party.
An oral contract for the lease of a property for one year or less has a
statute of limitation of: - ACCURATE ANSWERS✔✔ Two years
Which of these IS NOT a potential reason for terminating a contract? -
ACCURATE ANSWERS✔✔ Specific performance
The Real Estate License Act was created to: - ACCURATE
ANSWERS✔✔ 1. Maintain high standards in the real estate profession.
2. Protect licensed brokers and salespersons from unfair or improper
competition.
3. Protect the public interests from dishonest or incompetent brokers or
salespersons.
The unauthorized practice of law would include all of these actions by a
licensee, except: - ACCURATE ANSWERS✔✔ Inserting minor
handwritten notes on the contract initialed by all parties.
, The Broker-Lawyer Committee: - ACCURATE ANSWERS✔✔
Develops forms for TREC to adopt and promulgate at their discretion.
The current One to Four Family Residential Contract (Resale) is which
of these form numbers? - ACCURATE ANSWERS✔✔ 20-16
What is/are the seller's options when receiving an offer? - ACCURATE
ANSWERS✔✔ 1. Counter.
2. Accept.
3. Reject.
The offer becomes a sales contract when: - ACCURATE ANSWERS✔✔
It is accepted, signed by the seller, and acceptance communicated to the
buyer or buyer's agent.
Which of these IS NOT in the information requested above? -
ACCURATE ANSWERS✔✔ Who is the buyer's employer?
Identification of the buyer and seller must include: - ACCURATE
ANSWERS✔✔ Full name and marital status of all parties.
For items for which a promulgated addendum is provided the proper
way to include the item is: - ACCURATE ANSWERS✔✔ Through use
of the addendum.
CONTRACTS FINAL EXAM REVIEW
QUESTIONS 2025 |GUARANTEED
ACCURATE ANSWERS |PASS!!
Which of these is an exemption to the "legal capacity" requirement to
form a contract? - ACCURATE ANSWERS✔✔ A contract for a life
necessity.
A contract for non-life necessities with a person lacking legal capacity
is: - ACCURATE ANSWERS✔✔ Voidable
A contract for deed is a classic example of a(n): - ACCURATE
ANSWERS✔✔ Executory contract
An option is a form of which kind of contract? - ACCURATE
ANSWERS✔✔ Unilateral
According to TREC a "reasonable time" within which to deposit the
escrow check is: - ACCURATE ANSWERS✔✔ By the end of the
second business day following formation of the contract.
,An attachment added to the end of a contract and incorporated in the
contract terms is called an: - ACCURATE ANSWERS✔✔ Addendum
An assignment of rights is: - ACCURATE ANSWERS✔✔ A transfer of
rights or duties under a contract from a current party to a contract to
another party.
An oral contract for the lease of a property for one year or less has a
statute of limitation of: - ACCURATE ANSWERS✔✔ Two years
Which of these IS NOT a potential reason for terminating a contract? -
ACCURATE ANSWERS✔✔ Specific performance
The Real Estate License Act was created to: - ACCURATE
ANSWERS✔✔ 1. Maintain high standards in the real estate profession.
2. Protect licensed brokers and salespersons from unfair or improper
competition.
3. Protect the public interests from dishonest or incompetent brokers or
salespersons.
The unauthorized practice of law would include all of these actions by a
licensee, except: - ACCURATE ANSWERS✔✔ Inserting minor
handwritten notes on the contract initialed by all parties.
, The Broker-Lawyer Committee: - ACCURATE ANSWERS✔✔
Develops forms for TREC to adopt and promulgate at their discretion.
The current One to Four Family Residential Contract (Resale) is which
of these form numbers? - ACCURATE ANSWERS✔✔ 20-16
What is/are the seller's options when receiving an offer? - ACCURATE
ANSWERS✔✔ 1. Counter.
2. Accept.
3. Reject.
The offer becomes a sales contract when: - ACCURATE ANSWERS✔✔
It is accepted, signed by the seller, and acceptance communicated to the
buyer or buyer's agent.
Which of these IS NOT in the information requested above? -
ACCURATE ANSWERS✔✔ Who is the buyer's employer?
Identification of the buyer and seller must include: - ACCURATE
ANSWERS✔✔ Full name and marital status of all parties.
For items for which a promulgated addendum is provided the proper
way to include the item is: - ACCURATE ANSWERS✔✔ Through use
of the addendum.
