PROMULGATED CONTRACTS QUIZZES QUESTIONS &
ANSWERS
A "meeting of the minds" - Answers-mutual consent
A contract in which only one party is obligated to perform - Answers-unilateral contract
Transfers all of the rights related to the contract to another party known as an assignee -
Answers-asignment
A contract that is binding on the parties, with one or more of the parties having
contractual duties that have not yet been performed - Answers-executory contract
Occurs when a new contract is substituted for an existing one - Answers-novation
A contract that lacks mutuality - Answers-voidable contract
A contract of sale between a buyer and seller - Answers-bilateral contract
A contract that cannot be enforced against one or more of the parties - Answers-
voidable
An agreement between a buyer and seller or landlord and tenant - Answers-option
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. - Answers-void
A rejection of the original offer coupled with a new offer - Answers-counteroffer
License holders add complex provisions to a contract - Answers-unauthorized practice
of law
Contract forms published by TREC - Answers-promulgated forms
. Also referred to as notification - Answers-communication
Reduces the amount of cash needed by the buyer at closing - Answers-seller
contribution
Writes residential contract forms that, with few exceptions, are mandatory for license
holders - Answers-broker-lawyer comittee
Gives the tenant occupancy in the present time and the right to purchase at a future
date - Answers-lease-purchase agreement
, Comprised of nine members - Answers-TREC
Under this concept, an offer is presumed to have been delivered to the principal when it
is delivered to the agent - Answers-imputed notice
A provision in a lease that gives the tenant the right to purchase the leased property by
matching or bettering any offer before the property will be sold to someone else -
Answers-right of refusal
The offeree accepts an offer with no change to the contract whatsoever - Answers-
accpetance
An estimate of the net proceeds to the seller that should be based upon the offer being
considered - Answers-net sheet
The actual fee split agreement between the brokers is by virtue of the ____ - Answers-
multiple listing service
The practice of taking buyers or renters to or away from a particular area based on a
protected class is known as _____. - Answers-channeling
in the case study titled "FHA Case Study," the sellers wanted to keep all of the potted
plants on the patio. What should the agent do to ensure that the sellers get to keep their
plants? - Answers-Write "Seller to retain all of the potted plants on the patio" into
Paragraph 2D Exclusions.
In the FHA Case Study, the listing broker represented both sides of the transaction. In
Texas, we call this _____. - Answers-An in-house sale/Intermediary
When inserting _______________ into a contract, the license holder should add only
factual statements and business details that are required for the transaction. - Answers-
provisions
TREC specifically prohibits license holders in Texas from writing any _______________
with an option to purchase or a right of first refusal - Answers-lease
The counteroffer is actually a two-step process: the _______________ of the original
offer coupled with a _______________. - Answers-rejection, new offer
The Broker-Lawyer committee has 13 members. 6 members are licensed
_______________ appointed by TREC, and six members are licensed attorneys
appointed by the president of the State Bar - Answers-brokers
ANSWERS
A "meeting of the minds" - Answers-mutual consent
A contract in which only one party is obligated to perform - Answers-unilateral contract
Transfers all of the rights related to the contract to another party known as an assignee -
Answers-asignment
A contract that is binding on the parties, with one or more of the parties having
contractual duties that have not yet been performed - Answers-executory contract
Occurs when a new contract is substituted for an existing one - Answers-novation
A contract that lacks mutuality - Answers-voidable contract
A contract of sale between a buyer and seller - Answers-bilateral contract
A contract that cannot be enforced against one or more of the parties - Answers-
voidable
An agreement between a buyer and seller or landlord and tenant - Answers-option
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. - Answers-void
A rejection of the original offer coupled with a new offer - Answers-counteroffer
License holders add complex provisions to a contract - Answers-unauthorized practice
of law
Contract forms published by TREC - Answers-promulgated forms
. Also referred to as notification - Answers-communication
Reduces the amount of cash needed by the buyer at closing - Answers-seller
contribution
Writes residential contract forms that, with few exceptions, are mandatory for license
holders - Answers-broker-lawyer comittee
Gives the tenant occupancy in the present time and the right to purchase at a future
date - Answers-lease-purchase agreement
, Comprised of nine members - Answers-TREC
Under this concept, an offer is presumed to have been delivered to the principal when it
is delivered to the agent - Answers-imputed notice
A provision in a lease that gives the tenant the right to purchase the leased property by
matching or bettering any offer before the property will be sold to someone else -
Answers-right of refusal
The offeree accepts an offer with no change to the contract whatsoever - Answers-
accpetance
An estimate of the net proceeds to the seller that should be based upon the offer being
considered - Answers-net sheet
The actual fee split agreement between the brokers is by virtue of the ____ - Answers-
multiple listing service
The practice of taking buyers or renters to or away from a particular area based on a
protected class is known as _____. - Answers-channeling
in the case study titled "FHA Case Study," the sellers wanted to keep all of the potted
plants on the patio. What should the agent do to ensure that the sellers get to keep their
plants? - Answers-Write "Seller to retain all of the potted plants on the patio" into
Paragraph 2D Exclusions.
In the FHA Case Study, the listing broker represented both sides of the transaction. In
Texas, we call this _____. - Answers-An in-house sale/Intermediary
When inserting _______________ into a contract, the license holder should add only
factual statements and business details that are required for the transaction. - Answers-
provisions
TREC specifically prohibits license holders in Texas from writing any _______________
with an option to purchase or a right of first refusal - Answers-lease
The counteroffer is actually a two-step process: the _______________ of the original
offer coupled with a _______________. - Answers-rejection, new offer
The Broker-Lawyer committee has 13 members. 6 members are licensed
_______________ appointed by TREC, and six members are licensed attorneys
appointed by the president of the State Bar - Answers-brokers
