Package Deal Bundle For Texas Promulgated Contracts-CHAMPIONS Exam .

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 - correct answer B A(n) __________________ contract is defined as a contract that is bindi...

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 - correct answer B) Paragra...

When earnest money is deposited with an escrow agent, the escrow agent: - correct answer A) Is not responsible for the performance of any signatory B) Has the right to secure written release of all signatories C) Is not liable for interest on the money How does the Texas Real Estate License Act d...

When a contract contains all of the essential elements that make it legally sufficient or enforceable and is binding in a court of law, it is - correct answer The answer is valid. A valid contract meets all of the required essential elements (i.e., offer and acceptance, consideration, legal purpose,...

Which of the following is an example of a Bilateral contract? - correct answer A Promise in exchange for a promise - Purchase Contract. Unilateral Contracts - Listing Agreement, Buyer's Rep, Option Contract Who is responsible for filling in the effective date, who, when & what? - correct answer...

TRELA changed from REDLA - correct answer Texas legislature passed the Real Estate Dealer's License Act (REDLA), which required real estate agents to obtain licenses. KEY CONCEPT This act was administered by the Secretary of State until 1949 when the Texas Real Estate Commission (TREC) assumed the ...

Earnest money - correct answer A down payment made by a purchaser of real estate as evidence of good faith is referred to as...? Buy-down money Earnest money Discount money Origination deposit Trust funds - correct answer Money, or other things of value, that a real estate agent receives on...

VOID - correct answer A contract that has no legal effect. VOIDABLE - correct answer When one or more of the parties has the authority to rescind the contract. It appears to be valid, but one party may disaffirm because they are a minor, were subject to duress, or a victim of fraud or misrepresen...

Performance - correct answer The execution of a contract by which the contracting parties are automatically discharged of their obligations under it is known as...? Consideration Novation Performance Void All of the above - correct answer Which of the following is an example of consideratio...

Condominium - correct answer A form of ownership of real property that consists of individual ownership of some aspects and co-ownership in other aspects of the property is known as a...? Condominium Tenancy in common Cooperative Time-share Residential Condominium Contract - Resale - correc...

addenda - correct answer additions to a completed contract that specify supplementary information to the contract amendment - correct answer change or modification to an already agreed-upon contract bilateral contract - correct answer a contract wherein both parties are obligated to perform in...

A competent party is one that is: - correct answer 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? - correct answer When the licensee is selling a house for a client What...