RE - Texas Promulgated Forms Exam questions with complete solutions

Which of these promulgated forms does NOT include "Time is of the essence"? - Answer-Loan Assumption Addendum A couple starts celebrating the sale of their home after their listing agent calls them with the news that they've received an acceptable offer. The listing agent says he is coming over to get their acceptance and signatures. However, by the time the agent arrives the sellers are completely inebriated. The agent has them sign the contract and then takes it to the title company. This contract is... - Answer-Voidable The statute of limitations in Texas is... - Answer-Four years for a written contract A person approaches an owner and says, "I'd like to buy your house." The owner says, "Sure" and they agree on a price. What type of contract is this? - Answer-Unenforceable A buyer and seller enter a contract for the sale of a 3-bedroom residential property. Shortly after the contract is in place, the buyer has an inspection done. As a result of the inspection, the buyer wants the seller to fix the fence and replace the garage door opener. The seller agrees. How should the parties proceed? - Answer-The parties may use an amendment form. The essential elements of a valid real estate contract include - Answer-All of these - Signatures of the parties - Competent parties - Consideration A seller accepted money from a buyer for his unrestricted right to cancel the purchase transaction (option to terminate) within ten days of the executed date of the sales contract. This agreement is a(n) - Answer-Unilateral Contract One party cancelling or terminating a contract as though it had never been made is... - Answer-Rescission The statute of limitations for a written contract for the sale of real estate in Texas is - Answer-Four years In Texas, the statute of limitations for an oral contract for a lease of less than one year is - Answer-Two years A contract must meet certain minimum requirements to be considered legally valid. all of the following are essential elements of a valid contract EXCEPT - Answer-Earnest Money