Texas Promulgated Contracts-CHAMPIONS COMPLETE TEST 2023/2024 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 B 2. A(n) __________________ contract is de...
Texas Promulgated Contracts-CHAMPIONS COMPLETE
TEST 2023/2024
,Texas Promulgated Contracts-CHAMPIONS COMPLETE
TEST 2023/2024.
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
B
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
(d) Void
A
In the business of real estate, is defined as
something given in exchange for a promise.
(a) Consideration
(b) Mutual assent
(c) A bribe
(d) Legal subject matter
A
The TREC-promulgated contract forms:
(a) Are for optional use by real estate licensees
(b) Are drafted by the Broker-Lawyer Committee
,Texas Promulgated Contracts-CHAMPIONS COMPLETE
TEST 2023/2024.
(c) Are promulgated by the legislature
(d) Are used in both commercial and residential transactions
B
, Texas Promulgated Contracts-CHAMPIONS COMPLETE
TEST 2023/2024.
In a lease with a "right of first refusal" provision:
(a) The price is set when the lease agreement is negotiated
(b) The tenant has promised to buy the property
(c) The TREC promulgated form must be used
(d) The tenant has the right to match or better any offer the
landlord receives to prevent the property from being sold to
someone else
D
TREC has promulgated forms for:
(a) lease purchase transactions
(b) cooperatives
(c) right of first refusal
(d) residential transactions
D
An offer can be communicated by .
(a) Phone
(b) Hand delivery
(c) E-mail
(d) All of the above
B
The Third Party Financing Addendum For Credit Approval is used
when:
(a) The buyer is obtaining FHA financing
(b) Paragraph 4.A(2)(a) is checked in the contract
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MasterGrade. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.98. You're not tied to anything after your purchase.
