Champions Promulgated Study guides, Class notes & Summaries

Loan Assumption - ANSWER-When a new buyer takes over the seller's existing mortgage loan. legal description - ANSWER-A written description of a parcel of land which locates it precisely and will hold up in court. (Does not include address.) third party financing - ANSWER-financing that involves someone other than the seller of the property; may be conventional or government backed When inserting provisions into a contract, the license holder should only use factual statements and busin...

mutual consent - ANSWER-meeting of the minds consideration - ANSWER-something given in exchange for a promise option - ANSWER-an agreement between a buyer and seller giving the buyer the right to purchase a property at a present price for a given period of time void contract - ANSWER-invalid from the beginning and has no effect on the parties. contract to perform illegal act is a void contract voidable contract - ANSWER-cannot be enforced against one or more of the parties. most cont...

One to Four Family Residential Contract (Resale) - ANSWER-The promulgated contract used by real estate licensees for the sale of residential property. It's used when purchasing residential real estate, but variations of forms are available for other types of real property. Residential Condominium (Resale) - ANSWER-A TREC promulgated contract for use where the seller does not own fee simple title to the land beneath the unit. New Home Contract (Completed Construction) - ANSWER-This contrac...

One to Four Family Residential Contract (Resale) - ANSWER-The promulgated contract used by real estate licensees for the sale of residential property. It's used when purchasing residential real estate, but variations of forms are available for other types of real property. Residential Condominium (Resale) - ANSWER-A TREC promulgated contract for use where the seller does not own fee simple title to the land beneath the unit. New Home Contract (Completed Construction) - ANSWER-This contrac...

mutual consent - ANSWER-meeting of the minds consideration - ANSWER-something given in exchange for a promise option - ANSWER-an agreement between a buyer and seller giving the buyer the right to purchase a property at a present price for a given period of time void contract - ANSWER-invalid from the beginning and has no effect on the parties. contract to perform illegal act is a void contract voidable contract - ANSWER-cannot be enforced against one or more of the parties. most cont...

The two most common disclosure forms include - ANSWER-Texas Real Estate Commission, and Texas Association of REALTORS® A conventional loan is best described as any loan - ANSWER-that is not a government loan. A "meeting of the minds" - ANSWER-Mutual consent A contract in which only one party is obligated to perform - ANSWER-Unilateral contract Something given in exchange for a promise - ANSWER-Consideration An agreement between a buyer and seller giving the buyer the right t...

The five essential elements that must exist for a real estate sales contract to be considered valid and enforceable are: legal purpose, competent parties, mutual assent, consideration and ____________. (a) Signature of witnesses (b) In writing (c) Acknowledgment by a notary (d) Recording in county clerk's office - ANSWER-(b) In writing If a contract has been entered into with a person who has been judged to be incompetent, that contract is considered ____________ because that person ne...

TEXAS PROMULGATED CONTRACTS-CHAMPIONS STUDY - QUESTIONS WITH ALL ANSWERS VERIFIED 2024/2025 The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording Answer B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. ...

Promulgated Forms – Champions Exam Study Guide with Complete Solutions 100% Verified 2024/2025 Mutual Consent - Correct Answer "meeting of the minds" unilateral contract - Correct Answer A contract in which only one party is obligated to perform consideration - Correct Answer Something given in exchange for a promise option - Correct Answer an agreement between a buyer and seller giving the buyer the right to purchase a property at a preset price for a given period of time ...