RealEstateU- Texas Promulgated Contract
Forms Question and Answer [2026/2027] |
UPDATED ACTUAL Exam | 100% Verified
Answers
• Which of the following is an example of consideration? -✓✓ Money, personal
services, cash
• A State law requiring certain contracts to be in writing and signed before they
will be enforceable at law is known as the? -✓✓ Statute of Frauds
• Which of the following is an example of a forbearance contract? -✓✓ Options
contract
• A valid contract must be ______ and enforceable? -✓✓ Binding
• Which of the following real estate contracts does not have to be in writing? -✓✓
Leases under one year
• If one of the parties to a contract does not voluntarily agree to the contract, this
element of valid contract is violated? -✓✓ Mutual agreement
• To have no force or effect is referred to as a .......... contract? -✓✓ Void
• That which is capable of being adjusted void, but is not unless action is taken to
make it so, is referred to as a/an ............ contract? -✓✓ Voidable
,• In order to be considered a competent party, an individual must be of the age of
the? -✓✓ Majority
• A contract in which one of the parties is a minor is considered a -✓✓ Voidable
contract
• A contract in which there is fraud by either commission or omission is voidable
by the? -✓✓ Non-fraudulent party
• A contract in which each party promises to do something is referred to as a -✓✓
Bilateral contract
• When one party promises to do something if the other party performs a certain
act, but the other party does not promise to perform it, it is referred to as a? -✓✓
Unilateral contract
• An options contract is an example of a/an? -✓✓ Unilateral contract
• Which of the following is an example of a bilateral contract? -✓✓ Listing
contract, sales contract, and independent contractor agreement
• What is an amendment? -✓✓ A change in a legal document made by adding,
altering, or omitting a certain part or term
• What is an addendum? -✓✓ Additional pages of material that are added to and
become part of a contract
, • What is an assingment? -✓✓ A transfer of benefits and obligations within a
contract to a 3rd party who is not originally a party to the contract
• What is novation? -✓✓ The substitution or exchange of a new obligation or
contract for an old one by the mutual agreement of the parties
• An assignment can occur when a contract is? -✓✓ Executory
• Which of the following may be used as an alternative to novation? -✓✓ Amend
the existing contract
• What is the Statue of Limitations? -✓✓ A law establishing the time period within
which certain lawsuits may be brought
• What is Breach of Contract? -✓✓ A violation of any of the terms or conditions of
a contract without legal reason.
• Which of the following is an example of a termination of a contract...?Substantial
performance -✓✓ Substantial performance, Partial performance,
Impossibility of performance
• The Texas Real Estate Commission was created in what year? -✓✓ 1949
• The Texas Real Estate Commission was created to administer which of the
following? -✓✓ Texas Real Estate License Act
Forms Question and Answer [2026/2027] |
UPDATED ACTUAL Exam | 100% Verified
Answers
• Which of the following is an example of consideration? -✓✓ Money, personal
services, cash
• A State law requiring certain contracts to be in writing and signed before they
will be enforceable at law is known as the? -✓✓ Statute of Frauds
• Which of the following is an example of a forbearance contract? -✓✓ Options
contract
• A valid contract must be ______ and enforceable? -✓✓ Binding
• Which of the following real estate contracts does not have to be in writing? -✓✓
Leases under one year
• If one of the parties to a contract does not voluntarily agree to the contract, this
element of valid contract is violated? -✓✓ Mutual agreement
• To have no force or effect is referred to as a .......... contract? -✓✓ Void
• That which is capable of being adjusted void, but is not unless action is taken to
make it so, is referred to as a/an ............ contract? -✓✓ Voidable
,• In order to be considered a competent party, an individual must be of the age of
the? -✓✓ Majority
• A contract in which one of the parties is a minor is considered a -✓✓ Voidable
contract
• A contract in which there is fraud by either commission or omission is voidable
by the? -✓✓ Non-fraudulent party
• A contract in which each party promises to do something is referred to as a -✓✓
Bilateral contract
• When one party promises to do something if the other party performs a certain
act, but the other party does not promise to perform it, it is referred to as a? -✓✓
Unilateral contract
• An options contract is an example of a/an? -✓✓ Unilateral contract
• Which of the following is an example of a bilateral contract? -✓✓ Listing
contract, sales contract, and independent contractor agreement
• What is an amendment? -✓✓ A change in a legal document made by adding,
altering, or omitting a certain part or term
• What is an addendum? -✓✓ Additional pages of material that are added to and
become part of a contract
, • What is an assingment? -✓✓ A transfer of benefits and obligations within a
contract to a 3rd party who is not originally a party to the contract
• What is novation? -✓✓ The substitution or exchange of a new obligation or
contract for an old one by the mutual agreement of the parties
• An assignment can occur when a contract is? -✓✓ Executory
• Which of the following may be used as an alternative to novation? -✓✓ Amend
the existing contract
• What is the Statue of Limitations? -✓✓ A law establishing the time period within
which certain lawsuits may be brought
• What is Breach of Contract? -✓✓ A violation of any of the terms or conditions of
a contract without legal reason.
• Which of the following is an example of a termination of a contract...?Substantial
performance -✓✓ Substantial performance, Partial performance,
Impossibility of performance
• The Texas Real Estate Commission was created in what year? -✓✓ 1949
• The Texas Real Estate Commission was created to administer which of the
following? -✓✓ Texas Real Estate License Act
