3/31/25, 8:25 AM Texas Promulgated Contracts-CHAMPIONS STUDY (2025) comprehensive questions and verified detailed solutions ( MULTIP…
Texas Promulgated Contracts-CHAMPIONS
STUDY (2025) comprehensive questions and
verified detailed solutions ( MULTIPLE
CHOICES)|complete solutions|A+ GRADED
|100% CORRECT!!
Save
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
https://quizlet.com/1024998483/texas-promulgated-contracts-champions-study-2025-comprehensive-questions-and-verified-detailed-solutions-m… 1/54
,3/31/25, 8:25 AM Texas Promulgated Contracts-CHAMPIONS STUDY (2025) comprehensive questions and verified detailed solutions ( MULTIP…
A(n) __________________ A
contract 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
https://quizlet.com/1024998483/texas-promulgated-contracts-champions-study-2025-comprehensive-questions-and-verified-detailed-solutions-m… 2/54
,3/31/25, 8:25 AM Texas Promulgated Contracts-CHAMPIONS STUDY (2025) comprehensive questions and verified detailed solutions ( MULTIP…
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
https://quizlet.com/1024998483/texas-promulgated-contracts-champions-study-2025-comprehensive-questions-and-verified-detailed-solutions-m… 3/54
, 3/31/25, 8:25 AM Texas Promulgated Contracts-CHAMPIONS STUDY (2025) comprehensive questions and verified detailed solutions ( MULTIP…
TREC has promulgated D
forms for:
(a) lease purchase
transactions
(b) cooperatives
(c) right of first refusal
(d) residential
transactions
An offer can be D
communicated by
___________________.
(a) Phone
(b) Hand delivery
(c) E-mail
(d) All of the above
The Third Party Financing D
Addendum For Credit
Approval is used when:
(a) The buyer is obtaining
FHA financing
(b) Paragraph 4.A(2)(a) is
checked in the contract
(c) The buyer is obtaining
VA financing
(d) The buyer is obtaining
any kind of financing
https://quizlet.com/1024998483/texas-promulgated-contracts-champions-study-2025-comprehensive-questions-and-verified-detailed-solutions-m… 4/54
Texas Promulgated Contracts-CHAMPIONS
STUDY (2025) comprehensive questions and
verified detailed solutions ( MULTIPLE
CHOICES)|complete solutions|A+ GRADED
|100% CORRECT!!
Save
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
https://quizlet.com/1024998483/texas-promulgated-contracts-champions-study-2025-comprehensive-questions-and-verified-detailed-solutions-m… 1/54
,3/31/25, 8:25 AM Texas Promulgated Contracts-CHAMPIONS STUDY (2025) comprehensive questions and verified detailed solutions ( MULTIP…
A(n) __________________ A
contract 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
https://quizlet.com/1024998483/texas-promulgated-contracts-champions-study-2025-comprehensive-questions-and-verified-detailed-solutions-m… 2/54
,3/31/25, 8:25 AM Texas Promulgated Contracts-CHAMPIONS STUDY (2025) comprehensive questions and verified detailed solutions ( MULTIP…
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
https://quizlet.com/1024998483/texas-promulgated-contracts-champions-study-2025-comprehensive-questions-and-verified-detailed-solutions-m… 3/54
, 3/31/25, 8:25 AM Texas Promulgated Contracts-CHAMPIONS STUDY (2025) comprehensive questions and verified detailed solutions ( MULTIP…
TREC has promulgated D
forms for:
(a) lease purchase
transactions
(b) cooperatives
(c) right of first refusal
(d) residential
transactions
An offer can be D
communicated by
___________________.
(a) Phone
(b) Hand delivery
(c) E-mail
(d) All of the above
The Third Party Financing D
Addendum For Credit
Approval is used when:
(a) The buyer is obtaining
FHA financing
(b) Paragraph 4.A(2)(a) is
checked in the contract
(c) The buyer is obtaining
VA financing
(d) The buyer is obtaining
any kind of financing
https://quizlet.com/1024998483/texas-promulgated-contracts-champions-study-2025-comprehensive-questions-and-verified-detailed-solutions-m… 4/54
