Texas Promulgated Contract Forms
Study online at https://quizlet.com/_b8gzw9
1. 1 What determines whether someone is a com- At least 18 years of age
petent party?
Mentally competent
Cannot be temporary incompe-
tent
2. 1 What is the minimum age a person must have 18
attained to be of legal age in Texas?
3. 1 To make a valid contract, there must be four Consideration
elements including Agreement, Competent Par-
ties and Legal objective. Which one is missing?
4. 1 What are the four basic elements of a contract? Agreement
Competency
Consideration
Legal Objective
5. 1 What group administers the Texas Real Estate Texas Real Estate Commission
License Act?
TREC
6. 1 What is misrepresentation? An error
7. 1 What is a court's primary objective when inter- To ascertain and give effect to the
preting a contract? intent of the parties
8. 1 What is durress? Use of force
9. 1 What is it called when all terms in a contract are Mutual Agreement
agreed to by all parties of the contract?
, Texas Promulgated Contract Forms
Study online at https://quizlet.com/_b8gzw9
10. 1 Consideration is also known as what? Something in exchange for some-
thing else
11. 1 What is it called when someone listens to both Arbitration
sides of the situation and makes a decision?
12. 1 Who is responsible for making sure all applic- You are, the clients agent
able addenda have been included with the con-
tract?
13. 1 What legal status does a void contract have A contract that never existed
14. 1 Fraud in a contract makes it what? Voidable
15. 1 What type of contract is it when two parties Executed
agree to and then sign it?
16. 1 What is the definition of an executory contract? Contract for deed
lease option
purchase option longer than 180
days
17. 1 Who fills out the Seller's Disclosure Notice? The seller
18. 1 What is the best solution to solve a situation The amendment must be com-
when the seller and buyer agree to alter a bind- pleted and signed by both parties
ing One to Four Family Residential Contract (Re-
sale)?
19. 1 How can an agent determine the terms of the The lender will provide this infor-
buyer's loan when completing the Third Party mation after negotiations with the
Financing Addendum? buyer
, Texas Promulgated Contract Forms
Study online at https://quizlet.com/_b8gzw9
20. 1 Alicia is set to close on her new home in three Alicia's agent should submit an
days, but today she received a phone call from "Amendment to Contract" with the
her agent stating that the lender needs to push new closing date to the seller's
closing back seven days. What, if any, action agent.
needs to be done?
21. 1 In completing a sales contract, the sale price Both the down payment and the
should equal what? loan amount are added together
22. 1 What form is used when the buyer wants to Buyer's termination of contract
cancel the contract?
23. 1 Which item cannot be changed or modified by Brokerage fee (commission)
completing the Amendment form?
24. 1 What does the Four Corners Doctrine direct a Document as a whole
judge to look at?
25. 1 If a party feels they have been wronged, what Statute of Limitations
law sets the length of time they are allowed to
bring a civil lawsuit?
26. 1 How long is the Statute of Limitations for a Four years
written contract in Texas?
27. 1 How long is the Statute of Limitations for an Four years
oral contract in Texas?
28. 1 What are some examples of discharging a con- Contract could not be accom-
tract? plished legally, fraud or some ac-
tion of the law.
29. 1 How difficult was the real estate license to ac- d there was no test
quire prior to the 1930's?
, Texas Promulgated Contract Forms
Study online at https://quizlet.com/_b8gzw9
a There were only 50 questions and all were
true/false
b The same test as today, with updates
c The test was based on practical experience, not
questions.
d There was no test
30. 1 What type of contract dispute results in going a Litigation
to court and usually involves attorneys and re-
search?
a Litigation
b Mediation
c Arbitration
d Sublimation
31. 1 What was the Texas Real Estate License Act a The Real Estate Dealer's License
called in 1939? Act
a The Real Estate Dealer's License Act
b The Broker's Act of 1939
c The Real Estate Settlement Procedures Act
d The Real Estate Investment Act
32. b 18
Study online at https://quizlet.com/_b8gzw9
1. 1 What determines whether someone is a com- At least 18 years of age
petent party?
Mentally competent
Cannot be temporary incompe-
tent
2. 1 What is the minimum age a person must have 18
attained to be of legal age in Texas?
3. 1 To make a valid contract, there must be four Consideration
elements including Agreement, Competent Par-
ties and Legal objective. Which one is missing?
4. 1 What are the four basic elements of a contract? Agreement
Competency
Consideration
Legal Objective
5. 1 What group administers the Texas Real Estate Texas Real Estate Commission
License Act?
TREC
6. 1 What is misrepresentation? An error
7. 1 What is a court's primary objective when inter- To ascertain and give effect to the
preting a contract? intent of the parties
8. 1 What is durress? Use of force
9. 1 What is it called when all terms in a contract are Mutual Agreement
agreed to by all parties of the contract?
, Texas Promulgated Contract Forms
Study online at https://quizlet.com/_b8gzw9
10. 1 Consideration is also known as what? Something in exchange for some-
thing else
11. 1 What is it called when someone listens to both Arbitration
sides of the situation and makes a decision?
12. 1 Who is responsible for making sure all applic- You are, the clients agent
able addenda have been included with the con-
tract?
13. 1 What legal status does a void contract have A contract that never existed
14. 1 Fraud in a contract makes it what? Voidable
15. 1 What type of contract is it when two parties Executed
agree to and then sign it?
16. 1 What is the definition of an executory contract? Contract for deed
lease option
purchase option longer than 180
days
17. 1 Who fills out the Seller's Disclosure Notice? The seller
18. 1 What is the best solution to solve a situation The amendment must be com-
when the seller and buyer agree to alter a bind- pleted and signed by both parties
ing One to Four Family Residential Contract (Re-
sale)?
19. 1 How can an agent determine the terms of the The lender will provide this infor-
buyer's loan when completing the Third Party mation after negotiations with the
Financing Addendum? buyer
, Texas Promulgated Contract Forms
Study online at https://quizlet.com/_b8gzw9
20. 1 Alicia is set to close on her new home in three Alicia's agent should submit an
days, but today she received a phone call from "Amendment to Contract" with the
her agent stating that the lender needs to push new closing date to the seller's
closing back seven days. What, if any, action agent.
needs to be done?
21. 1 In completing a sales contract, the sale price Both the down payment and the
should equal what? loan amount are added together
22. 1 What form is used when the buyer wants to Buyer's termination of contract
cancel the contract?
23. 1 Which item cannot be changed or modified by Brokerage fee (commission)
completing the Amendment form?
24. 1 What does the Four Corners Doctrine direct a Document as a whole
judge to look at?
25. 1 If a party feels they have been wronged, what Statute of Limitations
law sets the length of time they are allowed to
bring a civil lawsuit?
26. 1 How long is the Statute of Limitations for a Four years
written contract in Texas?
27. 1 How long is the Statute of Limitations for an Four years
oral contract in Texas?
28. 1 What are some examples of discharging a con- Contract could not be accom-
tract? plished legally, fraud or some ac-
tion of the law.
29. 1 How difficult was the real estate license to ac- d there was no test
quire prior to the 1930's?
, Texas Promulgated Contract Forms
Study online at https://quizlet.com/_b8gzw9
a There were only 50 questions and all were
true/false
b The same test as today, with updates
c The test was based on practical experience, not
questions.
d There was no test
30. 1 What type of contract dispute results in going a Litigation
to court and usually involves attorneys and re-
search?
a Litigation
b Mediation
c Arbitration
d Sublimation
31. 1 What was the Texas Real Estate License Act a The Real Estate Dealer's License
called in 1939? Act
a The Real Estate Dealer's License Act
b The Broker's Act of 1939
c The Real Estate Settlement Procedures Act
d The Real Estate Investment Act
32. b 18
