**Texas Promulgated Contracts-CHAMPIONS STUDY
Study online at https://quizlet.com/_7hk0qd
1. The elements of a valid contract are, competent par- B
ties, consideration, legal subject matter, in writing, and
___________.
(a) Default
(b) Mutual consent
(c) Property condition
(d) Recording
2. A(n) __________________ contract is defined as a contract A
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) Void
3. A federal disclosure requirement for residential prop- B
erties built prior to 1978 is:
(a) An energy efficiency audit
(b) A lead-based paint disclosure
, **Texas Promulgated Contracts-CHAMPIONS STUDY
Study online at https://quizlet.com/_7hk0qd
(c) A seller's disclosure of property condition
(d) A water district noticeAccording to the Seller
4. If the Seller agrees to contribute to the Buyer's closing C
costs, the amount should be:
(a) entered in Paragraph 11, Special Provisions
(b) paid in cash to the Buyer after closing
(c) entered in Paragraph 12.A(1)(b)
(d) added to the sales price in Paragraph 3
5. All of the TREC promulgated contracts provide that the A
Buyer is purchasing the property "as-is".
(a) True
(b) False
6. All written notices between the parties are effective D
when:
(a) Mailed
(b) Hand-delivered
(c) Faxed or emailed
(d) Any of the above
, **Texas Promulgated Contracts-CHAMPIONS STUDY
Study online at https://quizlet.com/_7hk0qd
7. At closing the buyer should bring a: D
(a) personal check for the amount of closing costs and
down payment
(b) a promissory note for the amount of closing costs
and down payment
(c) cash for the amount of closing costs and down
payment
(d) a cashier's check or wire transfer for the amount of
closing costs and down payment
8. TREC promulgated contracts allow the Buyer to have B
the property inspected:
(a) by anybody selected by the buyer
(b) by inspectors licensed by TREC or otherwise permit-
ted by law
(c) no more than three times
(d) at any time by any person selected by their agent
9. If the property is currently under an agricultural ex- C
emption, and the use of the property changes, the
buyer may be charged a:
(a) Fine
Study online at https://quizlet.com/_7hk0qd
1. The elements of a valid contract are, competent par- B
ties, consideration, legal subject matter, in writing, and
___________.
(a) Default
(b) Mutual consent
(c) Property condition
(d) Recording
2. A(n) __________________ contract is defined as a contract A
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) Void
3. A federal disclosure requirement for residential prop- B
erties built prior to 1978 is:
(a) An energy efficiency audit
(b) A lead-based paint disclosure
, **Texas Promulgated Contracts-CHAMPIONS STUDY
Study online at https://quizlet.com/_7hk0qd
(c) A seller's disclosure of property condition
(d) A water district noticeAccording to the Seller
4. If the Seller agrees to contribute to the Buyer's closing C
costs, the amount should be:
(a) entered in Paragraph 11, Special Provisions
(b) paid in cash to the Buyer after closing
(c) entered in Paragraph 12.A(1)(b)
(d) added to the sales price in Paragraph 3
5. All of the TREC promulgated contracts provide that the A
Buyer is purchasing the property "as-is".
(a) True
(b) False
6. All written notices between the parties are effective D
when:
(a) Mailed
(b) Hand-delivered
(c) Faxed or emailed
(d) Any of the above
, **Texas Promulgated Contracts-CHAMPIONS STUDY
Study online at https://quizlet.com/_7hk0qd
7. At closing the buyer should bring a: D
(a) personal check for the amount of closing costs and
down payment
(b) a promissory note for the amount of closing costs
and down payment
(c) cash for the amount of closing costs and down
payment
(d) a cashier's check or wire transfer for the amount of
closing costs and down payment
8. TREC promulgated contracts allow the Buyer to have B
the property inspected:
(a) by anybody selected by the buyer
(b) by inspectors licensed by TREC or otherwise permit-
ted by law
(c) no more than three times
(d) at any time by any person selected by their agent
9. If the property is currently under an agricultural ex- C
emption, and the use of the property changes, the
buyer may be charged a:
(a) Fine
