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PROMULGATED CONTRACTS EXAM EXAM QUESTIONS WITH SOLVED SOLUTIONS. 1. Which of these forms is least likely to be involved in the sale of unimproved property? ANS >>> The Unimproved Property Contract would not be involved in the sale of a condo. 2. A buyer and seller have been in negotiations. They have everything in writing, have agreed to all terms, the contract is signed and changes initialed. Today, the written acceptance of the final agreement has been communicated to the other ...

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TEXAS PROMULGATED CONTRACTS-CHAMPIONS ACTUAL TEST WITH ALL CORRECT ANSWERS. 1. 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 ANS >>> B 2. 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. (a) Executory (b) Executed (c) Bilateral ...

PROMULGATED CONTRACT FORMS EXAM QUESTIONS AND ANSWERS LATEST UPDATE. 1. If a Buyer wants the Seller to pay some or all of their closing costs, it should be added to the contract in: A) Paragraph #11 (Special Provisions) B) Paragraph #12 - Seller participation in the Buyer's costs C) Third Part financing Addendum D) All of the above: B) Paragraph #12- Seller participation in the Buyer's costs 2. If a Buyer chooses not to be represented by an agent, the Buyer must be made aware that ...