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Texas Promulgated Contract Forms: Chapters 1-3 Exam Questions and Answers

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Texas Promulgated Contract Forms

A competent party is one that is: - At least 18 years of age Mentally competent Cannot be temporary incompetent The Texas Real Estate Commission regulates a licensee in which of the following situations? - When the licensee is selling a house for a client What is a legal agreement between parties to do (performance) or not to do (forbearance) a certain act for consideration? - A contract All of the following are necessary to create a valid contract except which one? - Earnest money Wha...

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. a. Mutual consent b. Unilateral contract c. Consideration d. Option e. Unenforceable contract - D A "meeting of the minds" a. Mutual consent b. Unilateral contract c. Consideration d. Option e. Unenforceable contract - A A contract that cannot be enforced due to some flaw or other issue in the contract. a. Mutual consent b. Unilateral contract ...

B - In addition to the four essential elements, which of the following is necessary to make a real estate sales contract valid? A. all of the answers shown B. it must be in writng C. the mortgage lender must be listed D. the closing must take place at a lender's place of business B - Mutual agreement is also referred to as A. mutual assent B. all of the answers shown C. offer and acceptance D. meeting of the minds B - An offeror revokes an offer and the revocation is received by the ...

1. The TREC promulgated contract forms: - Are drafted by the Broker-Lawyer Committee 2. In a lease with "right of first refusal" provision: - The tenant has the right to match or better any offer the landlord receives to prevent the property from being sold to someone else 3. TREC promulgated forms for: - Residential transactions 4. TREC promulgated contract forms provide for: - -Third party financing -Assumption -Seller finance 5. A lender can withdraw the approval of the property: -...