Texas Promulgated Contracts Exam Questions and Answers Graded A+

Lease With Option To Buy Form - Answer-There are no TREC or TAR forms for a lease with option to buy They need an attorney to draw up the form Implied Contract - Answer-Created by the actions of the parties The Third Party Financing Addendum - Answer-Contains the words "time is of the essence" Assignment - Answer-Transfers contract obligations to another party but does not relieve the original party from liability Express Contract - Answer-May be an oral agreement that is a very specific offer and acceptance Option To Buy Contract - Answer-Is a unilateral contract "Time Is Of The Essence" - Answer-You can find these words in Paragraph 23 of the One to Four Family Contract Offer Consideration - Answer-Sellers may consider an offer until it has been accepted If a seller receives three offers on the same day, he can respond to them in any order, one counteroffer at a time If the seller has already sent a counteroffer to a prospective buyer and then receives another offer that is even better, he/she can withdraw the first counter before answering the new offer Negotiating Contracts - Answer-When negotiating contracts binding the sale. Exchange, option, lease or rental of any interest in real property, a real estate licensee shall use only those contract forms promulgated by TREC for that kind of transaction There are exceptions , such as a contract prepared by the seller's attorney Members of The Texas Real Estate Commission - Answer-Are appointed by the Governor Texas Real Estate Commission (TREC) - Answer-Was created in 1949 Addenda Forms - Answer-TREC has 15 promulgated addenda (including two temporary lease forms) and 3 approved addenda for license use None of these are required