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