PROMULGATED FORMS CHAMPIONS
EXAMINATION TEST 2026 FULL QUESTIONS
AND CORRECT SOLUTIONS GRADED A+
⩥ consideration. Answer: something given in exchange for a promise
⩥ option. Answer: an agreement between a buyer and seller giving the
buyer the right to purchase a property at a present price for a given
period of time
⩥ void contract. Answer: invalid from the beginning and has no effect
on the parties. contract to perform illegal act is a void contract
⩥ voidable contract. Answer: cannot be enforced against one or more of
the parties. most contracts entered into with minors are voidable at the
option of the minor.
⩥ valid and enforceable contract. Answer: competent parties, mutual
consent (offer and acceptance), legal purpose, in writing (when required
by law), consideration
⩥ executory contract. Answer: 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 (from effective date to closing, the contract
is executory)
⩥ "time is of the essence". Answer: time for performance is literally
interpreted, and must be performed by the day stipulated
⩥ amendments. Answer: ___________ to the original contract may be
needed. common amendments: changes to closing date, sales price,
down payment and or amount financed, repairs that the seller agrees to
perform, removal or waiver of contingencies
⩥ addenda. Answer: _______ to a contract is an attachment that adds or
further describes the rights and duties of a party. (ex. Financing _______
to obtain acceptable financing) if _____addendum contradicts the main
body of a contract, the provision in the ________ prevails
⩥ assignment. Answer: _____ of a contract transfers all the rights related
to the contract to another party known as the assignee. assignee assumes
primary liability for performance under the contracts, and the assignor,
unless released, remains secondarily liable
⩥ novation. Answer: new contract is substituted for an existing one
, ⩥ statute of limitations. Answer: limitation of time in which an
individual may file suit in court for damages because a party breached a
contract. 2 years for oral agreement, 4 years for written
⩥ reasons for termination of a contract. Answer: mutual agreement,
partial performance, substantial performance, impossibility, operation of
law, breach of contract
⩥ Enter into a contract with a person who has been judged to be
incompetent that contract is considered:. Answer: void
⩥ Enter into a contract with a person who is a minor, that contract is
considered:. Answer: voidable
⩥ Texas Real Estate License Act created in. Answer: 1939
⩥ Texas Real Estate Commission created in:. Answer: 1949
⩥ TREC compromised of (and appointed and approved by):. Answer: 9
members. 6 members are brokers, 3 are individuals not regulated by
commission and who have no financial interest in real estate (appointed
by the governor and approved by the state senate)
⩥ Primary duty of Commission. Answer: protect the interests of the
general public and enforcement of the license act
EXAMINATION TEST 2026 FULL QUESTIONS
AND CORRECT SOLUTIONS GRADED A+
⩥ consideration. Answer: something given in exchange for a promise
⩥ option. Answer: an agreement between a buyer and seller giving the
buyer the right to purchase a property at a present price for a given
period of time
⩥ void contract. Answer: invalid from the beginning and has no effect
on the parties. contract to perform illegal act is a void contract
⩥ voidable contract. Answer: cannot be enforced against one or more of
the parties. most contracts entered into with minors are voidable at the
option of the minor.
⩥ valid and enforceable contract. Answer: competent parties, mutual
consent (offer and acceptance), legal purpose, in writing (when required
by law), consideration
⩥ executory contract. Answer: 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 (from effective date to closing, the contract
is executory)
⩥ "time is of the essence". Answer: time for performance is literally
interpreted, and must be performed by the day stipulated
⩥ amendments. Answer: ___________ to the original contract may be
needed. common amendments: changes to closing date, sales price,
down payment and or amount financed, repairs that the seller agrees to
perform, removal or waiver of contingencies
⩥ addenda. Answer: _______ to a contract is an attachment that adds or
further describes the rights and duties of a party. (ex. Financing _______
to obtain acceptable financing) if _____addendum contradicts the main
body of a contract, the provision in the ________ prevails
⩥ assignment. Answer: _____ of a contract transfers all the rights related
to the contract to another party known as the assignee. assignee assumes
primary liability for performance under the contracts, and the assignor,
unless released, remains secondarily liable
⩥ novation. Answer: new contract is substituted for an existing one
, ⩥ statute of limitations. Answer: limitation of time in which an
individual may file suit in court for damages because a party breached a
contract. 2 years for oral agreement, 4 years for written
⩥ reasons for termination of a contract. Answer: mutual agreement,
partial performance, substantial performance, impossibility, operation of
law, breach of contract
⩥ Enter into a contract with a person who has been judged to be
incompetent that contract is considered:. Answer: void
⩥ Enter into a contract with a person who is a minor, that contract is
considered:. Answer: voidable
⩥ Texas Real Estate License Act created in. Answer: 1939
⩥ Texas Real Estate Commission created in:. Answer: 1949
⩥ TREC compromised of (and appointed and approved by):. Answer: 9
members. 6 members are brokers, 3 are individuals not regulated by
commission and who have no financial interest in real estate (appointed
by the governor and approved by the state senate)
⩥ Primary duty of Commission. Answer: protect the interests of the
general public and enforcement of the license act
