161 Texas Promulgated Contract Forms Questions And Answers | Test Your Knowledge

161 Texas Promulgated Contract Forms
Questions And Answers

A(n) __________________ contract is defined as a contract that is

binding on the parties, with one or more of the parties having

contractual duties that have not yet been performed.




a. Executory


b. Fully Executed


c. Bilateral


d. Void - Correct Answer ✔️✔️A


In the business of real estate, ___________ is defined as something

given in exchange for a promise.




a. Consideration

,b. Mutual assent


c. A bribe


d. Legal subject matter - Correct Answer ✔️✔️A


The TREC-promulgated contract forms:




a. Are for optional use by real estate license holders


b. Are drafted by the Broker-Lawyer Committee


c. Are promulgated by the legislature


d. Are used in both commercial and residential transactions -

Correct Answer ✔️✔️B


In a lease with a "right of first refusal" provision:




a. The price is set when the lease agreement is negotiated

,b. The tenant has promised to buy the property


c. The TREC promulgated form must be used


d. The tenant has the right to match or better any offer the landlord

receives to prevent the property from being sold to someone else -

Correct Answer ✔️✔️D


TREC has promulgated forms for:




a. Lease purchase transactions


b. Cooperatives


c. Right of first refusal


d. Residential transactions - Correct Answer ✔️✔️D


An offer can be communicated by ___________________.




a. Phone

, b. Hand delivery


c. E-mail


d. All of these are correct - Correct Answer ✔️✔️B


The Third Party Financing Addendum cannot be used for:




a. VA guaranteed loans


b. FHA insured loans


c. Seller Financing


d. Texas Veterans Loans - Correct Answer ✔️✔️B


According to the Seller Financing Addendum, the interest rate is:




a. Set at 6%


b. Negotiated between the parties