Texas Promulgated Contract Forms Exam Questions with Correct Answers

B - Answer-In addition to the four essential elements, which of the following is necessary to make a real estate sales contract valid? A. all of the answers shown B. it must be in writng C. the mortgage lender must be listed D. the closing must take place at a lender's place of business B - Answer-Mutual agreement is also referred to as A. mutual assent B. all of the answers shown C. offer and acceptance D. meeting of the minds B - Answer-An offeror revokes an offer and the revocation is received by the offeree before the offeree can communicate his/her decision. A contract____ exist A. does B. does not B - Answer-An offer is accepted by the offeree and acceptance is communicated by the offeree back to the offeror. A contract _______ exist A. does not B. does D - Answer-An unconditional acceptance is one A. the seller has not yet accepted B. that cannot be canceled for any reason C. none of the answers shown D. without changes D - Answer-When is a contract considered to be valid and binding? A. when the buyer signs the contract B. when the seller signs the contract C. when both parties sign the contract D. when acceptance is communicated back to the offeror