Texas Promulgated Contracts-CHAMPIONS
Exam
100% Correct Answers
The elements of a valid contract are, competent parties,
consideration, legal subject matter, in writing, and
.
(a) Default
(b)Mutual consent
(c) Property condition
(d) Recordin
gB
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) Executed
(c) Bilateral
(d) Voi
dA
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 A
The TREC-promulgated contract forms:
(a)Are for optional use by real estate licensees
,Texas Promulgated Contracts-CHAMPIONS
Exam
100% Correct Answers
(b)Are drafted by the Broker-Lawyer Committee
,Texas Promulgated Contracts-CHAMPIONS
Exam
100% Correct Answers
(c)Are promulgated by the legislature
(d)Are used in both commercial and residential
transactions B
, Texas Promulgated Contracts-CHAMPIONS
Exam
100% Correct Answers
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
D
TREC has promulgated forms for:
(a) lease purchase transactions
(b) cooperatives
(c) right of first refusal
(d)residential
transactions D
An offer can be communicated by .
(a) Phone
(b)Hand delivery
(c) E-mail
(d)All of the
above B
The Third Party Financing Addendum For Credit Approval is
used when:
(a) The buyer is obtaining FHA financing
(b)Paragraph 4.A(2)(a) is checked in the contract
Exam
100% Correct Answers
The elements of a valid contract are, competent parties,
consideration, legal subject matter, in writing, and
.
(a) Default
(b)Mutual consent
(c) Property condition
(d) Recordin
gB
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) Executed
(c) Bilateral
(d) Voi
dA
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 A
The TREC-promulgated contract forms:
(a)Are for optional use by real estate licensees
,Texas Promulgated Contracts-CHAMPIONS
Exam
100% Correct Answers
(b)Are drafted by the Broker-Lawyer Committee
,Texas Promulgated Contracts-CHAMPIONS
Exam
100% Correct Answers
(c)Are promulgated by the legislature
(d)Are used in both commercial and residential
transactions B
, Texas Promulgated Contracts-CHAMPIONS
Exam
100% Correct Answers
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
D
TREC has promulgated forms for:
(a) lease purchase transactions
(b) cooperatives
(c) right of first refusal
(d)residential
transactions D
An offer can be communicated by .
(a) Phone
(b)Hand delivery
(c) E-mail
(d)All of the
above B
The Third Party Financing Addendum For Credit Approval is
used when:
(a) The buyer is obtaining FHA financing
(b)Paragraph 4.A(2)(a) is checked in the contract
