Texas Promulgated Contracts
Exam Questions and Answers
100% Pass
A competent party is one that is : - CORRECT ANSWER:--At least 18 years of
age
-Mentally competent
-Cannot be temporary incompetent
The Texas Real Estate Commission regulates a license in which of the following
situation? - CORRECT ANSWER:-When the licensee is licensee is selling a house
for a client
What is a legal agreement between parties to do (performance) or not to do
(forbearance) a certain act for consideration? - CORRECT ANSWER:-A contract
All of following are necessary to create a valid contract except which one ? -
CORRECT ANSWER:-Earnest money
What law requires all contracts for real property to be in writing to be enforceable?
- CORRECT ANSWER:-Statue of Frauds
, Which of following would be an example of "good consideration"? - CORRECT
ANSWER:-Love of a friend
What is duress? - CORRECT ANSWER:-Use of force
What is it called when a person listens to both sides of the situation and make a
decision. His or her decision is binding and court action cannot be pursued. -
CORRECT ANSWER:-Arbitration
When all promises in a contract have been met, that contract is called what? -
CORRECT ANSWER:-executed
What is a contract called where there are still promises that need to be fulfilled? -
CORRECT ANSWER:-Executory
When a written agreement is legal and every item is completely agreed to, it is said
to be which of the following? - CORRECT ANSWER:-Valid
When an essential element is missing in an agreement and the courts would not
hold it as a contract, then the agreement would be: - CORRECT ANSWER:-Void
When a change needs to be made to a Residential Contract, what is the best way to
handle it? - CORRECT ANSWER:-Changes should be made using the
"Amendment to Contract " addendum.
For which of the following reasons could a contract need to be changed? -
CORRECT ANSWER:--For repairs
-For financing
Exam Questions and Answers
100% Pass
A competent party is one that is : - CORRECT ANSWER:--At least 18 years of
age
-Mentally competent
-Cannot be temporary incompetent
The Texas Real Estate Commission regulates a license in which of the following
situation? - CORRECT ANSWER:-When the licensee is licensee is selling a house
for a client
What is a legal agreement between parties to do (performance) or not to do
(forbearance) a certain act for consideration? - CORRECT ANSWER:-A contract
All of following are necessary to create a valid contract except which one ? -
CORRECT ANSWER:-Earnest money
What law requires all contracts for real property to be in writing to be enforceable?
- CORRECT ANSWER:-Statue of Frauds
, Which of following would be an example of "good consideration"? - CORRECT
ANSWER:-Love of a friend
What is duress? - CORRECT ANSWER:-Use of force
What is it called when a person listens to both sides of the situation and make a
decision. His or her decision is binding and court action cannot be pursued. -
CORRECT ANSWER:-Arbitration
When all promises in a contract have been met, that contract is called what? -
CORRECT ANSWER:-executed
What is a contract called where there are still promises that need to be fulfilled? -
CORRECT ANSWER:-Executory
When a written agreement is legal and every item is completely agreed to, it is said
to be which of the following? - CORRECT ANSWER:-Valid
When an essential element is missing in an agreement and the courts would not
hold it as a contract, then the agreement would be: - CORRECT ANSWER:-Void
When a change needs to be made to a Residential Contract, what is the best way to
handle it? - CORRECT ANSWER:-Changes should be made using the
"Amendment to Contract " addendum.
For which of the following reasons could a contract need to be changed? -
CORRECT ANSWER:--For repairs
-For financing
