351 PROMULGATED CONTRACT FORMS EXAM 2023/2024 WITH 100% CORRECT ANSWERS

If there is no time limit specified in an offer, then the time limit will expire: correct answersWithin a reasonable time The clause in a contract stating that "time is of the essence" would indicate: correct answersStrict performance of certain acts within the time stated in the contract. A bilateral contract is: correct answersA promise in exchange for a promise Essential elements of a contract include: correct answersCompetent parties, Offer and acceptance, Consideration A unilateral contract only binds one party to perform.(T/F) correct answersFalse A real estate broker or salesperson, while acting as an agent for another, is a(n) _____________. correct answersfiduciary The Joint Broker-Lawyer Committee consists of _______________ members. correct answers13 The Texas Real Estate Commission is a nine-member commission appointed by _____________. correct answersthe governer The three Canons of Professional Ethics are ____________, ___________, and ______________. correct answersfidelity / integrity / competency The One-to-Four Family Residential Contract spells out the ______________________________________ of each party to successfully complete a transaction. correct answersfinancial obligations, duties