TEXAS PROMULGATED CONTRACTS-CHAMPIONS STUDY | TEXAS PROMULGATED
CONTRACTS-CHAMPIONS STUDY REVIEW CONTAINING 108 QUESTIONS WITH CERTIFIED
SOLUTIONS 2025-2026 UPDATE
An exception to a license holder using a TREC-promulgated contract form would be:
(a) if the broker does not want to use the forms
(b) if the license holder prepared his or her own form
(c) if the sale is for a vacant lot in a subdivision
(d) if an attorney-prepared form is used D
During the time between execution and closing/funding, a contract is a(n):
(a) tentative contract
(b) voidable contract
(c) executory contract
(d) fully executed contract C
,At closing the buyer should bring a:
(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 D
When a party fails to perform according to the terms of a contract, the party is said to be:
(a) in default
(b) in avoidance
(c) terminated
(d) in violation A
____________________ is defined as something given in exchange for a promise.
,(a) Consideration
(b) Legal subject matter
(c) Mutual assent
(d) Competent parties A
Usual expenses of the buyer as stated in the contract include:
(a) deed preparation fee
(b) release of existing liens
(c) loan application fees
(d) tax statements C
If a buyer makes an offer without having received the Seller's Disclosure Notice, how many days
does the seller have to provide the notice?
, (a) not less than 3 days prior to closing
(b) not more than 5 days after the effective date of the contract
(c) within 7 days of loan approval
(d) the number of days negotiated in the contract D
When should a licensee advise a client to consult an attorney:
(a) at first contact with the client
(b) before signing the contract if the client does not understand the effect of signing the sales
contract or the terms or conditions in the agreement
(c) after the contract has been signed by all parties
(d) a licensee should never advise a client to consult an attorney B
One possible issue with using the Seller's existing survey is that the Buyer may have no cause of
action against the original surveyor in the event that an error is discovered.
CONTRACTS-CHAMPIONS STUDY REVIEW CONTAINING 108 QUESTIONS WITH CERTIFIED
SOLUTIONS 2025-2026 UPDATE
An exception to a license holder using a TREC-promulgated contract form would be:
(a) if the broker does not want to use the forms
(b) if the license holder prepared his or her own form
(c) if the sale is for a vacant lot in a subdivision
(d) if an attorney-prepared form is used D
During the time between execution and closing/funding, a contract is a(n):
(a) tentative contract
(b) voidable contract
(c) executory contract
(d) fully executed contract C
,At closing the buyer should bring a:
(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 D
When a party fails to perform according to the terms of a contract, the party is said to be:
(a) in default
(b) in avoidance
(c) terminated
(d) in violation A
____________________ is defined as something given in exchange for a promise.
,(a) Consideration
(b) Legal subject matter
(c) Mutual assent
(d) Competent parties A
Usual expenses of the buyer as stated in the contract include:
(a) deed preparation fee
(b) release of existing liens
(c) loan application fees
(d) tax statements C
If a buyer makes an offer without having received the Seller's Disclosure Notice, how many days
does the seller have to provide the notice?
, (a) not less than 3 days prior to closing
(b) not more than 5 days after the effective date of the contract
(c) within 7 days of loan approval
(d) the number of days negotiated in the contract D
When should a licensee advise a client to consult an attorney:
(a) at first contact with the client
(b) before signing the contract if the client does not understand the effect of signing the sales
contract or the terms or conditions in the agreement
(c) after the contract has been signed by all parties
(d) a licensee should never advise a client to consult an attorney B
One possible issue with using the Seller's existing survey is that the Buyer may have no cause of
action against the original surveyor in the event that an error is discovered.
