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