TX 30 HR LAW OF CONTRACTS PRACTICE EXAM ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS

TX 30 HR LAW OF CONTRACTS PRACTICE EXAM ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS Your buyer client, Jacob, is planning to obtain financing for a new home. What should his first step be? - Answer -Obtain a pre-qualification letter. Sondra thinks the new business contract she signed with her business partner is valid. Both parties are legally competent, the contract has a legal purpose, an offer was made and accepted, and a fee has been negotiated and documented. Which essential element of a valid contract has Sondra not yet considered? - Answer -Whether consent was voluntary The borrower is charged ______ for all FHA loans. - Answer -Mortgage insurance premium Hank leases 150 acres from Sara and Jesse. He has an option contract attached to his lease, with an option to purchase that can be exercised within the next two years. What type of contract is this? - Answer - UnilateralAt the closing of a sales transaction, which parties close on the brokerage agreement? - Answer -Buyer and seller agents The terms of a person's will are subject to ______. - Answer -Operation of law When the buyer's repair addendum included adding a new wing, the seller balked. The buyer then terminated. This is an example of ________. - Answer -Rescinding the contract unilaterally Physical characteristics of land include its immobility, indestructibility, and ______. - Answer -Uniqueness (nonhomogeneity) How many members does TREC appoint to the Broker-Lawyer Committee? - Answer -Six What type of interest involves the property ownership going back to the original owner at the end of the life estate? - Answer -Reversionary interest Which type of an estate doesn't end automatically when the stated event or condition occurs? - Answer -Fee simple subject to a condition subsequent As part of the terms of the sales contract, the seller was supposed to provide a copy of the seller's