Law of Contracts Exam Questions with Correct Answers

Law of Contracts Exam Questions with Correct Answers Which of the following requires a contract for the conveyance of real estate to be in writing to be enforceable? - ANSWER Statue of Frauds The TREC residential contract forms - ANSWER are drafted by the Broker Lawyer Committee An option contract is - ANSWER a unilateral contract In a lease with a "right of first refusal" provision - ANSWER the tenant has the right to match or better any offer the landlord receives to prevent the property from being sold to someone else If a broker receives more than one offer on a property - ANSWER all must be presented to the seller unless the seller has instructed the broker otherwise A counteroffer is - ANSWER a rejection, a new offer, able to be withdrawn prior to acceptance If a buyer defaults on a contract and the seller chooses to keep the deposits, this is an example of - ANSWER accepting liquidated damages Freehold estate usually include - ANSWER surface, subsurface, and air rights A written history of all instruments and happenings that may affect the title is called - ANSWER an abstract of title RESPA regulates the closing on - ANSWER 1-4 family residential properties with federally related financing Rule P-53 of the Texas Department of Insurance states that Title Companies - ANSWER cannot provide food and beverages for a picnic for a single firm, can't provide an annual party for a single firm, can't provide continuing education classes unless they charge the market rate for those classes