Texas Promulgated Contracts-
CHAMPIONS EXAM STUDY GUIDE
2026/2027 COMPLETE QUESTIONS WITH
VERIFIED CORRECT ANSWERS ||
100% GUARANTEED PASS
<NEWEST VERSION>
addenda - ANSWER additions to a completed contract that specify supplementary
information to the contract
amendment - ANSWER change or modification to an already agreed-upon
contract
bilateral contract - ANSWER a contract wherein both parties are obligated to
perform in an exchange of promises
buyer rebate - ANSWER anything during a transaction that causes money to go
back to the buyer, either at or after closing, without the knowledge of the lender
casualty loss - ANSWER a sudden, unexpected event like a fire, flood, storm,
earthquake that causes damage to a property
consideration - ANSWER something of value exchanged by the parties as
evidence of agreement to the terms of a contract
, contract - ANSWER a legally enforceable and binding agreement between parties
wherein a promise to do or not do something is given in exchange for valuable
consideration
in the back-up addendum, it states that an amendment or modification of the first
contract: - ANSWER will not terminate the first contract
paragraph 2 is different in each promulgated sales contracts because - ANSWER
this paragraph is used to describe the type of property involved
most warranties or RSCs have a _______ life span, but often may be renewed -
ANSWER one-year
if there is a field in a promulgated form for which you have no information to
include, your safest option is: - ANSWER place a N/A so it is clear that the
buyer/buyer's agent is aware that the section exists and was not just overlooked
promulgated contracts for TRELA generally are developed by which of the
following? - ANSWER the broker-lawyer committee
the buyer is obligated to pay the buyer's broker's fees generally only under which
of the following situations? - ANSWER the buyer's broker cannot collect their
commission from the seller or their agent(s)
which of these is not a red flag for potential real estate fraud? - ANSWER
occasional price reductions
the real estate licence act was created to: - ANSWER all of these
,protect public interests from dishonest or incompetent brokers or salespersons
protect licensed brokers and salespersons from unfair or improper competition
maintain high standards in the real estate profession
the seller's diclosure is designed to clearly identify all of these except: - ANSWER
terms of the loan agreement
an executory contract is one that - ANSWER still has a material duty needing to
be performed
which of these does not mean that a contract might not or will not likely stand up
in court? - ANSWER valid
11 special provisions of the TREC 1-4 can be used only for: - ANSWER factual
statements and business details applicable to the sale
accepting the "property in its present condition" in section 7 of the TREC 1-4: -
ANSWER does not waive the right to request seller repairs based uopon
professional inspections performed later
which of these is not an exemption from Fair Housing laws? - ANSWER where
there is racial discrimination under the Civil Rights Act of 1866
which of these is not a subject of the paragraph 6E title notices? - ANSWER
names and boundaries of local school districts
, if the property is damaged or destroyed after the contract's effective date, and
seller fails to fix due to factors beyond their control, buyer may: - ANSWER any
of these
terminate the contract and the earnest money will be refunded to buyer
accept the property as is with an assigment of insurance proceeds, if permitted by
seller's carrier, and receive credit equal to the deductible from seller at closing
extend the time for performance up to 15 days and the closing date will be
extended as necessary
when a property is purchased and then quickly resold at a value artificially inflated
by phony appraisals it is called: - ANSWER False flipping
most multi-page promulgated contracts have a blank space at the top of each page
after page one for: - ANSWER the address of the property central to the
transaction
which of these forms is for general consumer or client information, and not
directly related to a sale? - ANSWER both
IABS
Consumer information form
CHAMPIONS EXAM STUDY GUIDE
2026/2027 COMPLETE QUESTIONS WITH
VERIFIED CORRECT ANSWERS ||
100% GUARANTEED PASS
<NEWEST VERSION>
addenda - ANSWER additions to a completed contract that specify supplementary
information to the contract
amendment - ANSWER change or modification to an already agreed-upon
contract
bilateral contract - ANSWER a contract wherein both parties are obligated to
perform in an exchange of promises
buyer rebate - ANSWER anything during a transaction that causes money to go
back to the buyer, either at or after closing, without the knowledge of the lender
casualty loss - ANSWER a sudden, unexpected event like a fire, flood, storm,
earthquake that causes damage to a property
consideration - ANSWER something of value exchanged by the parties as
evidence of agreement to the terms of a contract
, contract - ANSWER a legally enforceable and binding agreement between parties
wherein a promise to do or not do something is given in exchange for valuable
consideration
in the back-up addendum, it states that an amendment or modification of the first
contract: - ANSWER will not terminate the first contract
paragraph 2 is different in each promulgated sales contracts because - ANSWER
this paragraph is used to describe the type of property involved
most warranties or RSCs have a _______ life span, but often may be renewed -
ANSWER one-year
if there is a field in a promulgated form for which you have no information to
include, your safest option is: - ANSWER place a N/A so it is clear that the
buyer/buyer's agent is aware that the section exists and was not just overlooked
promulgated contracts for TRELA generally are developed by which of the
following? - ANSWER the broker-lawyer committee
the buyer is obligated to pay the buyer's broker's fees generally only under which
of the following situations? - ANSWER the buyer's broker cannot collect their
commission from the seller or their agent(s)
which of these is not a red flag for potential real estate fraud? - ANSWER
occasional price reductions
the real estate licence act was created to: - ANSWER all of these
,protect public interests from dishonest or incompetent brokers or salespersons
protect licensed brokers and salespersons from unfair or improper competition
maintain high standards in the real estate profession
the seller's diclosure is designed to clearly identify all of these except: - ANSWER
terms of the loan agreement
an executory contract is one that - ANSWER still has a material duty needing to
be performed
which of these does not mean that a contract might not or will not likely stand up
in court? - ANSWER valid
11 special provisions of the TREC 1-4 can be used only for: - ANSWER factual
statements and business details applicable to the sale
accepting the "property in its present condition" in section 7 of the TREC 1-4: -
ANSWER does not waive the right to request seller repairs based uopon
professional inspections performed later
which of these is not an exemption from Fair Housing laws? - ANSWER where
there is racial discrimination under the Civil Rights Act of 1866
which of these is not a subject of the paragraph 6E title notices? - ANSWER
names and boundaries of local school districts
, if the property is damaged or destroyed after the contract's effective date, and
seller fails to fix due to factors beyond their control, buyer may: - ANSWER any
of these
terminate the contract and the earnest money will be refunded to buyer
accept the property as is with an assigment of insurance proceeds, if permitted by
seller's carrier, and receive credit equal to the deductible from seller at closing
extend the time for performance up to 15 days and the closing date will be
extended as necessary
when a property is purchased and then quickly resold at a value artificially inflated
by phony appraisals it is called: - ANSWER False flipping
most multi-page promulgated contracts have a blank space at the top of each page
after page one for: - ANSWER the address of the property central to the
transaction
which of these forms is for general consumer or client information, and not
directly related to a sale? - ANSWER both
IABS
Consumer information form
