Champions Promulgated Contract Forms Test (Actual
2025/2026) 75 Questions And 100% Verified Answers.
One to Four Family Residential Contract (Resale)
The promulgated contract used by real estate licensees
for the sale of residential property. It's used when
purchasing residential real estate, but variations of
forms are available for other types of real property.
Residential Condominium (Resale)
A TREC promulgated contract for use where the seller
does not own fee simple title to the land beneath the
unit.
Offers and the communication of offers
A properly completed form with a price less than, equal
to, or more than the seller's asking price and signed by
the buyer. Can be communicated by phone, fax, email,
letter, hand delivery.
,Addressing environmental concerns - TREC forms
Buyer is advised the presence of wetlands, asbestos,
wastes, and other environmental hazards, or the
presence of an endangered species. If the buyer is
concerned about these matters, then an addendum
promulgated by TREC should be used.
Earnest Money
a deposit that shows the buyer is serious about
purchasing and fulfilling the contract. A buyer's
evidence of good faith, submitted with an offer to
purchase. The buyer is required to deposit this with the
escrow agent within 3 days after the effective date of
the contract.
Short Sale
Used when the seller is unable to sell the property at or
above what he/she owes the lender. The lender accepts
insufficient proceeds to pay off the loan and releases
the lien.
foreclosure
, The seizure of property from borrowers who are unable
to repay their loans
Deed in lieu of foreclosure
The borrower simply transfers the property back to the
lender and the lender cancels the debt.
Farm and Ranch Contract Crops
Buyer and Seller must agree as to how Seller will leave
the land, including who will shred the stalks, plow the
ground, and other issues.
Farm and Ranch Contract Accessories
not necessarily permanently installed or built-in items
but conveyed at sale. Residential items that are
checked off to be given to the buyer in sale.
portable buildings hunting blinds game feeders
livestock feeders and troughs irrigation equipment fuel
tanks submersible pumps pressure tanks corrals gates
chutes
2025/2026) 75 Questions And 100% Verified Answers.
One to Four Family Residential Contract (Resale)
The promulgated contract used by real estate licensees
for the sale of residential property. It's used when
purchasing residential real estate, but variations of
forms are available for other types of real property.
Residential Condominium (Resale)
A TREC promulgated contract for use where the seller
does not own fee simple title to the land beneath the
unit.
Offers and the communication of offers
A properly completed form with a price less than, equal
to, or more than the seller's asking price and signed by
the buyer. Can be communicated by phone, fax, email,
letter, hand delivery.
,Addressing environmental concerns - TREC forms
Buyer is advised the presence of wetlands, asbestos,
wastes, and other environmental hazards, or the
presence of an endangered species. If the buyer is
concerned about these matters, then an addendum
promulgated by TREC should be used.
Earnest Money
a deposit that shows the buyer is serious about
purchasing and fulfilling the contract. A buyer's
evidence of good faith, submitted with an offer to
purchase. The buyer is required to deposit this with the
escrow agent within 3 days after the effective date of
the contract.
Short Sale
Used when the seller is unable to sell the property at or
above what he/she owes the lender. The lender accepts
insufficient proceeds to pay off the loan and releases
the lien.
foreclosure
, The seizure of property from borrowers who are unable
to repay their loans
Deed in lieu of foreclosure
The borrower simply transfers the property back to the
lender and the lender cancels the debt.
Farm and Ranch Contract Crops
Buyer and Seller must agree as to how Seller will leave
the land, including who will shred the stalks, plow the
ground, and other issues.
Farm and Ranch Contract Accessories
not necessarily permanently installed or built-in items
but conveyed at sale. Residential items that are
checked off to be given to the buyer in sale.
portable buildings hunting blinds game feeders
livestock feeders and troughs irrigation equipment fuel
tanks submersible pumps pressure tanks corrals gates
chutes
