Texas Promulgated Contracts Test with Questions and Answers Latest 2025
addenda
additions to a completed contract that specify supplementary information to
the contract
amendment
change or modification to an already agreed-upon contract
bilateral contract
a contract wherein both parties are obligated to perform in an exchange of
promises
buyer rebate
anything during a transaction that causes money to go back to the buyer,
either at or after closing, without the knowledge of the lender
casualty loss
a sudden, unexpected event like a fire, flood, storm, earthquake that
causes damage to a property
consideration
something of value exchanged by the parties as evidence of agreement to the
terms of a contract
contract
a legally enforceable and binding agreement between parties wherein a
promise to do or not do something is given in exchange for valuable
consideration
counteroffer
a contract proposal submitted in response to a previous offer, modifying
the terms of the original offer; considered a rejection of the original
offer
, Texas Promulgated Contracts Test with Questions and Answers Latest 2025
disability
a physical or mental impairment that substantially limits one or more major
life activities, the record of such impairment, or being regarded as having
such an impairment
earnest money
funds paid to confirm or commit to a contract
effective date
the date a contract becomes binding between the parties
endorsement
additional coverage that can be added onto an insurance policy
escrow
a process in which funds and/or financial documents are held by a
disinterested third party on behalf of the other two parties in the real
estate transaction until specific conditions are satisfied
executed contract
a contract in which all terms have been fulfilled by all parties
executory contract
a contract that has not yet been fully performed (both sides have not yet
completed their obligations)
Fair Housing Act of 1968
a federal law that prohibits discrimination in housing based upon race,
color, religion, or national origin and was amended to include sex,
disability, and familial status
addenda
additions to a completed contract that specify supplementary information to
the contract
amendment
change or modification to an already agreed-upon contract
bilateral contract
a contract wherein both parties are obligated to perform in an exchange of
promises
buyer rebate
anything during a transaction that causes money to go back to the buyer,
either at or after closing, without the knowledge of the lender
casualty loss
a sudden, unexpected event like a fire, flood, storm, earthquake that
causes damage to a property
consideration
something of value exchanged by the parties as evidence of agreement to the
terms of a contract
contract
a legally enforceable and binding agreement between parties wherein a
promise to do or not do something is given in exchange for valuable
consideration
counteroffer
a contract proposal submitted in response to a previous offer, modifying
the terms of the original offer; considered a rejection of the original
offer
, Texas Promulgated Contracts Test with Questions and Answers Latest 2025
disability
a physical or mental impairment that substantially limits one or more major
life activities, the record of such impairment, or being regarded as having
such an impairment
earnest money
funds paid to confirm or commit to a contract
effective date
the date a contract becomes binding between the parties
endorsement
additional coverage that can be added onto an insurance policy
escrow
a process in which funds and/or financial documents are held by a
disinterested third party on behalf of the other two parties in the real
estate transaction until specific conditions are satisfied
executed contract
a contract in which all terms have been fulfilled by all parties
executory contract
a contract that has not yet been fully performed (both sides have not yet
completed their obligations)
Fair Housing Act of 1968
a federal law that prohibits discrimination in housing based upon race,
color, religion, or national origin and was amended to include sex,
disability, and familial status
