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Texas Law of Contracts Exam Review Questions with correct answers.
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Texas Law of Contracts Exam Review Questions with correct answers.
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Texas Law of Contracts Exam Review Questions withcorrect answers
Counteroffer Correct Answer-A buyer makes an offer, the seller wants
to accept the offer if the buyer will agree to a change in price. In these
circumstances, the seller will give the buyer a
Statute of Frauds Correct Answer-What law requires certain types of
contracts to be enforceable?
Addresses in the sales contract Correct Answer-the buyer and the seller
have agreed that the seller will remove a huge birdbath in the backyard
before the buyer takes possession of the property. This agreement should
be
Rectangular government survey system Correct Answer-Which method
of providing legal description uses north-south and east-west lines to
describe the location of the property?
Void Correct Answer-When a contract is unenforceable because it does
not fulfill the statutory requirements it is
It serves as a remedy of default Correct Answer-Which of the following
is TRUE regarding earnest money?
Breach of contract by the other party Correct Answer-Suit for specific
performance is an action one party can take in the event of
, They must be used by real estate license holders in all transactions to
which the forms are applicable unless one of four exceptions apply
Correct Answer-Which of the following is TRUE about TREC-
promulgated contract forms?
Contingency Correct Answer-The sales contract says the buyer will
purchase only if the buyers current home closes within the next 30 days.
This is called
Has equitable title in the property Correct Answer-A buyer purchases a
home under a land contract. until the contract is paid in full, the buyer
(Private mortgage insurance (PMI) for conventional mortgage, to avoid
pmi on a conventional there has to be 20% down on a conventional loan,
the lender may require to have PMI on 20% of the loan amount. Correct
Answer-
VA Loans Correct Answer-What is the certificate of eligibility for?
Certificate for eligibility Correct Answer-All of the following is required
for FHA except
Yes, and it would void the contract Correct Answer-If the seller accepts
an offer, can they later claim that they were in un-due duress?
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