PROMULGATED CONTRACTS EXAM
2025 VERIFIED QUESTIONS AND
COMPLETE ANSWERS
a contract for life necessity - ANS-Which of these is an exemption to the
"legal capacity" requirement to form a contract?
voidable - ANS-A contract for non-life necessities with a person lacking
legal capacity is
executory contract - ANS-a contract for deed is a classic example of a
unilateral - ANS-an option is a form of which kind of conrtact
by the end of the second day following formation of the contract - ANS-
According to TREC a "reasonable time" within which to deposit the
escrow check is
addendum - ANS-an attachment added to the end of a contract and
incorporated in the contract terms is called an
,A transfer of rights or duties under a contract from a current party to a
contract to another party - ANS-an assignment of rights is
two years - ANS-an oral contract for the lease of a property for one year
or less has a statute of limitation of
specific performance - ANS-which of these is not a potential reason for
terminating a contract?
an option fee - ANS-When a buyer makes a "backup offer" on a pending
property, they must submit which of these?
4 years - ANS-In Texas, the statute of limitations on filing a lawsuit on a
written contract is which of the following
their stages of fufillment - ANS-Executed and Executory contracts are
differentiated by
The date of ratification, the parties involved, reference to the original
contract - ANS-An amendment to a contract must always be include
which of the following?
title insurance, buyer credit, credit terms - ANS-The "Seller Financing
Addendum" covers all of these (3):
, that time is of the essence - ANS-If the timing of an agreement being
executed is crucial to the agreement, the contract should state:
Use the Addendum for Sale of Other Property by Buyer form - ANS-
What is the best method to note that the sale is contingent on the
successful sale of buyers current home?
The client loses the option fee, but is refunded her earnest deposit -
ANS-What happens to the client's fee and escrow deposit if her
contingency sale is completed, but she terminates this purchase within
the option period for other reasons?
once it has been communicated to the first signing party that the second
party has accepted and signed - ANS-When is the contract considered
"executed"
Develops forms for TREC to adopt and promulgate at their discretion -
ANS-The Broker-Lawyer Committee
20-16 - ANS-The current One to Four Family Residential Contract
(Resale) is form number
it is accepted, signed by the seller, and acceptance communicated to the
buyer or buyers agent - ANS-The offer becomes a sales contract when
2025 VERIFIED QUESTIONS AND
COMPLETE ANSWERS
a contract for life necessity - ANS-Which of these is an exemption to the
"legal capacity" requirement to form a contract?
voidable - ANS-A contract for non-life necessities with a person lacking
legal capacity is
executory contract - ANS-a contract for deed is a classic example of a
unilateral - ANS-an option is a form of which kind of conrtact
by the end of the second day following formation of the contract - ANS-
According to TREC a "reasonable time" within which to deposit the
escrow check is
addendum - ANS-an attachment added to the end of a contract and
incorporated in the contract terms is called an
,A transfer of rights or duties under a contract from a current party to a
contract to another party - ANS-an assignment of rights is
two years - ANS-an oral contract for the lease of a property for one year
or less has a statute of limitation of
specific performance - ANS-which of these is not a potential reason for
terminating a contract?
an option fee - ANS-When a buyer makes a "backup offer" on a pending
property, they must submit which of these?
4 years - ANS-In Texas, the statute of limitations on filing a lawsuit on a
written contract is which of the following
their stages of fufillment - ANS-Executed and Executory contracts are
differentiated by
The date of ratification, the parties involved, reference to the original
contract - ANS-An amendment to a contract must always be include
which of the following?
title insurance, buyer credit, credit terms - ANS-The "Seller Financing
Addendum" covers all of these (3):
, that time is of the essence - ANS-If the timing of an agreement being
executed is crucial to the agreement, the contract should state:
Use the Addendum for Sale of Other Property by Buyer form - ANS-
What is the best method to note that the sale is contingent on the
successful sale of buyers current home?
The client loses the option fee, but is refunded her earnest deposit -
ANS-What happens to the client's fee and escrow deposit if her
contingency sale is completed, but she terminates this purchase within
the option period for other reasons?
once it has been communicated to the first signing party that the second
party has accepted and signed - ANS-When is the contract considered
"executed"
Develops forms for TREC to adopt and promulgate at their discretion -
ANS-The Broker-Lawyer Committee
20-16 - ANS-The current One to Four Family Residential Contract
(Resale) is form number
it is accepted, signed by the seller, and acceptance communicated to the
buyer or buyers agent - ANS-The offer becomes a sales contract when
