promulgated forms - champions school Questions and Correct Answers/ Latest Update / Already Graded

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promulgated forms - champions school Questions and Correct Answers/ Latest Update / Already Graded

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2024/2025

Institution Promulgated

Course Promulgated

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promulgated forms - champions school Questions and Correct Answers/ Latest Update / Already Graded

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promulgated forms - champions school Questions
and Correct Answers/ Latest Update / Already Graded
Competent Parties

Offer and acceptance ( mutual consent)

Legal Purpose

In writing (when required by law)

Consideration

Ans: Elements of a contract to be valid

contract binding parties with one or more duties

Ans: executory contract

both parties made promise

Ans: bilateral

one party made promise

Ans: unilateral

agreement between buyer and seller or tenant and landlord (right of first refusal -
tenant and landlord)

Ans: option

CHANGES to the contract

Ans: amendment

© 2025/ 2026 | ® All rights reserved

, 2 | Page

ADDITIONS to the contract

Ans: addendum

transfers rights

Ans: assignment

new contract substituted for an existing one

Ans: novation

2 years oral

4 years verbal

Ans: statue of limitations

always to protect consumer (all of the above)

Ans: law rules/ regulation

9 members

protect consumers

unlawful practice of law

license holder is not qualified to craft provisions

Ans: TRELA

1. one to four

2. new home - incomplete

3. new home - complete

© 2025/ 2026 | ® All rights reserved

, 3 | Page

4. unimproved property

5. residential condominium contract

6. farm and ranch

Ans: TREC 6 promulgated forms

NOT a promulgated form

Ans: LISTING AGREEMENT

TREC does not have forms for

Ans: first right of refusal or option to purchase

phone

fax

email

letter

hand delivery

Ans: offers must be communicated by

presumed to be delivered to the principal when it is delivered to the agent

Ans: imputed notice

party making the offer

Ans: offeror

party to whom the offer is being made to

© 2025/ 2026 | ® All rights reserved

Document information

Uploaded on: May 1, 2025
Number of pages: 18
Written in: 2024/2025
Type: Exam (elaborations)
Contains: Questions & answers

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