Texas Promulgated Contracts Champions Actual Exam 2023/ A+ Grade

1/18/25, 12:15 PM TEXAS PROMULGATED CONTRACTS CHAMPIONS ACTUAL EXAM 2023/ A+ GRADE Flashcards | Quizlet




TEXAS PROMULGATED CONTRACTS
CHAMPIONS ACTUAL EXAM 2023/ A+ GRADE

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Terms in this set (108)


The elements of a valid B
contract are, competent
parties, consideration,
legal subject matter, in
writing, and ___________.


(a) Default


(b) Mutual consent


(c) Property condition


(d) Recording




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,1/18/25, 12:15 PM TEXAS PROMULGATED CONTRACTS CHAMPIONS ACTUAL EXAM 2023/ A+ GRADE Flashcards | Quizlet


A(n) __________________ contract A
is defined as a contract
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

In the business of real A
estate, ___________ is defined
as something given in
exchange for a promise.


(a) Consideration


(b) Mutual assent


(c) A bribe


(d) Legal subject matter




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,1/18/25, 12:15 PM TEXAS PROMULGATED CONTRACTS CHAMPIONS ACTUAL EXAM 2023/ A+ GRADE Flashcards | Quizlet


The TREC-promulgated B
contract forms:


(a) Are for optional use by
real estate licensees


(b) Are drafted by the
Broker-Lawyer Committee


(c) Are promulgated by
the legislature


(d) Are used in both
commercial and
residential transactions

In a lease with a "right of D
first refusal" provision:


(a) The price is set when
the lease agreement is
negotiated


(b) The tenant has
promised to buy the
property


(c) The TREC promulgated
form must be used


(d) The tenant has the right
to match or better any
offer the landlord receives
to prevent the property
from being sold to
someone else



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, 1/18/25, 12:15 PM TEXAS PROMULGATED CONTRACTS CHAMPIONS ACTUAL EXAM 2023/ A+ GRADE Flashcards | Quizlet


TREC has promulgated D
forms for:


(a) lease purchase
transactions


(b) cooperatives


(c) right of first refusal


(d) residential transactions

An offer can be B
communicated by
___________________.


(a) Phone


(b) Hand delivery


(c) E-mail


(d) All of the above




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