351 Promulgated Contract Forms Exam
Study Guide | Questions & Verified
Answers | 2026/2027
What is the correct term for an agreement to do or not to do something? -
correct answer-Contract
Which of the following things transfers contract obligations but does not relieve
the original party from obligations? - correct answer-Assignment
A contract that is "pending" is __________ . - correct answer-Executory
Which law limits the amount of time within which a lawsuit can be filed? - correct
answer-Statute of Limitations
With which of the following things does a new contract or a new party replaces
the original contract and releases the obligations under the original contract? -
correct answer-Novation
What type of contract has all of its obligations completed? - correct answer-
Executed
, Which law requires real estate contracts to be in writing? - correct answer-
Statute of Frauds
What type of contract is an option to buy? - correct answer-Unilateral
A contract that cannot be enforced by the court is __________ . - correct answer-
Unenforceable
What is the purpose of the Real Estate License Act? - correct answer-Protect the
public
Which group administers the Real Estate License Act? - correct answer-Texas Real
Estate Commission (TREC)
TREC has promulgated how many contract forms? - correct answer-6
When property owned by a married couple is being sold, what is the BEST way to
identify the sellers? - correct answer-Thomas Bud Smith and spouse Mary Ann
Smith
The Third Party Addendum for Credit Approval says credit approval must be
obtained within ten days after the effective date. The appraisal comes in too low
for the lender to make the loan on the 12th day. What is the status of the
contract? - correct answer-The buyer may terminate the contract, and earnest
money will be refunded to the buyer.
Which date is the date in the upper-right corner of the promulgated form? -
correct answer-When TREC approved and promulgated the form.
Study Guide | Questions & Verified
Answers | 2026/2027
What is the correct term for an agreement to do or not to do something? -
correct answer-Contract
Which of the following things transfers contract obligations but does not relieve
the original party from obligations? - correct answer-Assignment
A contract that is "pending" is __________ . - correct answer-Executory
Which law limits the amount of time within which a lawsuit can be filed? - correct
answer-Statute of Limitations
With which of the following things does a new contract or a new party replaces
the original contract and releases the obligations under the original contract? -
correct answer-Novation
What type of contract has all of its obligations completed? - correct answer-
Executed
, Which law requires real estate contracts to be in writing? - correct answer-
Statute of Frauds
What type of contract is an option to buy? - correct answer-Unilateral
A contract that cannot be enforced by the court is __________ . - correct answer-
Unenforceable
What is the purpose of the Real Estate License Act? - correct answer-Protect the
public
Which group administers the Real Estate License Act? - correct answer-Texas Real
Estate Commission (TREC)
TREC has promulgated how many contract forms? - correct answer-6
When property owned by a married couple is being sold, what is the BEST way to
identify the sellers? - correct answer-Thomas Bud Smith and spouse Mary Ann
Smith
The Third Party Addendum for Credit Approval says credit approval must be
obtained within ten days after the effective date. The appraisal comes in too low
for the lender to make the loan on the 12th day. What is the status of the
contract? - correct answer-The buyer may terminate the contract, and earnest
money will be refunded to the buyer.
Which date is the date in the upper-right corner of the promulgated form? -
correct answer-When TREC approved and promulgated the form.
