TEXAS PROMULGATED CONTRACTS CHAMPIONS EXAM|ACTUAL EXAM WITH 100% VERIFIED QUESTIONS AND CORRECT ANSWERS

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TEXAS PROMULGATED CONTRACTS CHAMPIONS
EXAM|ACTUAL EXAM WITH 100% VERIFIED
QUESTIONS AND CORRECT ANSWERS




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



(a) Default



(b) Mutual consent



(c) Property condition



(d) Recording - CORRECT-ANSWER-B




A(n) __________________ 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

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(b) Executed



(c) Bilateral



(d) Void - CORRECT-ANSWER-A




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



(a) Consideration



(b) Mutual assent



(c) A bribe



(d) Legal subject matter - CORRECT-ANSWER-A




The TREC-promulgated contract forms:

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(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 - CORRECT-ANSWER-
B




In a lease with a "right of 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 - CORRECT-ANSWER-D

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TREC has promulgated forms for:



(a) lease purchase transactions



(b) cooperatives



(c) right of first refusal



(d) residential transactions - CORRECT-ANSWER-D




An offer can be communicated by ___________________.



(a) Phone



(b) Hand delivery



(c) E-mail



(d) All of the above - CORRECT-ANSWER-D