©FYNDLAY 2025 ALL RIGHTS RESERVED 11:49 AM A+
Champions Promulgated Contract Forms.
Exam Questions And Answers |Latest 2025 |
Guaranteed Pass
The five essential elements that must exist for a real estate sales contract to be considered valid
and enforceable are: legal purpose, competent parties, mutual assent, consideration and
____________.
(a) Signature of witnesses
(b) In writing
(c) Acknowledgment by a notary
(d) Recording in county clerk's office - Answer✔(b) In writing
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.
(a) Executed
(b) Valid
(c) Voidable
(d) Void - Answer✔(d) Void
Tammy is interested in Jolene's property, but wants to research the zoning laws before
purchasing. She has and agreement in which she paid a fee of $10,000 to keep the property
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, ©FYNDLAY 2025 ALL RIGHTS RESERVED 11:49 AM A+
available for a preset price for 30 days, during which time Jolene cannot sell the property to
another. Tammy, however, can change her mind if she likes. What kind of agreement is this?
(a) Bilateral
(b) Oral
(c) Option
(d) Void - Answer✔(c) Option
All oral negotiations are _________.
(a) Voluntary
(b) Involuntary
(c) Executory
(d) Binding - Answer✔(a) Voluntary
The _________ assumes primary liability for performance under the contract.
(a) Assignee
(b) Assignor
(c) Broker-Lawyer Committee
(d) Title company - Answer✔(a) Assignee
Mutual consent is completed by the process of __________.
(a) Consideration
(b) Offer and acceptance
(c) Default
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, ©FYNDLAY 2025 ALL RIGHTS RESERVED 11:49 AM A+
(d) Fraud - Answer✔(b) Offer and acceptance
Which of the following is the buyer's primary obligation toward the performance of a real
estate contract?
(a) Convey satisfactory title
(b) Negotiate a lower price
(c) Be ready to pay the agreed-upon price
(d) All of these are the buyer's obligations toward the performance of a real estate contract -
Answer✔(c) Be ready to pay the agreed-upon price
Which of the following contracts is NOT assignable?
(a) Most purchase contracts
(b) Leases
(c) Contracts for personal services
(d) All of these are assignable - Answer✔(c) Contracts for personal services
What is the statute of limitations in Texas to file suit in court for damages for breach of a
written agreement?
(a) 2 years
(b) 90 days
(c) 4 years
(d) There is no statute of limitations in Texas - Answer✔(c) 4 years
Bertha, a law school dropout is a licensed real estate agent who wants to make sure that she is
providing her buyers with the best representation possible, so she drafts an iron-clad purchase
3|Page
Champions Promulgated Contract Forms.
Exam Questions And Answers |Latest 2025 |
Guaranteed Pass
The five essential elements that must exist for a real estate sales contract to be considered valid
and enforceable are: legal purpose, competent parties, mutual assent, consideration and
____________.
(a) Signature of witnesses
(b) In writing
(c) Acknowledgment by a notary
(d) Recording in county clerk's office - Answer✔(b) In writing
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.
(a) Executed
(b) Valid
(c) Voidable
(d) Void - Answer✔(d) Void
Tammy is interested in Jolene's property, but wants to research the zoning laws before
purchasing. She has and agreement in which she paid a fee of $10,000 to keep the property
1|Page
, ©FYNDLAY 2025 ALL RIGHTS RESERVED 11:49 AM A+
available for a preset price for 30 days, during which time Jolene cannot sell the property to
another. Tammy, however, can change her mind if she likes. What kind of agreement is this?
(a) Bilateral
(b) Oral
(c) Option
(d) Void - Answer✔(c) Option
All oral negotiations are _________.
(a) Voluntary
(b) Involuntary
(c) Executory
(d) Binding - Answer✔(a) Voluntary
The _________ assumes primary liability for performance under the contract.
(a) Assignee
(b) Assignor
(c) Broker-Lawyer Committee
(d) Title company - Answer✔(a) Assignee
Mutual consent is completed by the process of __________.
(a) Consideration
(b) Offer and acceptance
(c) Default
2|Page
, ©FYNDLAY 2025 ALL RIGHTS RESERVED 11:49 AM A+
(d) Fraud - Answer✔(b) Offer and acceptance
Which of the following is the buyer's primary obligation toward the performance of a real
estate contract?
(a) Convey satisfactory title
(b) Negotiate a lower price
(c) Be ready to pay the agreed-upon price
(d) All of these are the buyer's obligations toward the performance of a real estate contract -
Answer✔(c) Be ready to pay the agreed-upon price
Which of the following contracts is NOT assignable?
(a) Most purchase contracts
(b) Leases
(c) Contracts for personal services
(d) All of these are assignable - Answer✔(c) Contracts for personal services
What is the statute of limitations in Texas to file suit in court for damages for breach of a
written agreement?
(a) 2 years
(b) 90 days
(c) 4 years
(d) There is no statute of limitations in Texas - Answer✔(c) 4 years
Bertha, a law school dropout is a licensed real estate agent who wants to make sure that she is
providing her buyers with the best representation possible, so she drafts an iron-clad purchase
3|Page
