Exam (elaborations)
PROMULGATED CONTRACTS QUESTIONS AND ANSWERS
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PROMULGATED CONTRACTS QUESTIONS AND ANSWERS
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PROMULGATED CONTRACTS QUESTIONS AND ANSWERSdisclose all material facts to client
A license holder should ___________.
FALSE
In a real estate sale, the license holder must use the appropriate TREC-promulgated form
UNLESS another contract form is required by the buyer's lender. (True or False)
TAR and TREC
In Texas, what are the two entities that promulgate contracts?
there cannot be mistakes in the terms and conditions
Which of the following is TRUE of mutual agreement?
earnest money
All of the following are essential elements of a valid contract EXCEPT:
3 multiple choice options
statue of frauds
A law that requires real estate contracts to be in writing is the ______.
VOID- valid element of a contract is that the subject is lawful
If two people have a contract for one to sell illegal drugs to the other, the contract would be:
unenforceable contract
A contract that cannot be enforced by the courts is _____.
executory contract
A contract that is "pending" is __________________.
closed
The difference between an executory contract and an executed contract is that the executed
contract is _____.
executed
The best way for any contract to terminate is to become _________________.
, executory
According to Texas state law, a contract for deed and a lease with an option to buy are
considered ___________.
unilateral contract
An option to buy contract is a(n)_________________.
leases
Which of the following is a bilateral contract?
3 multiple choice options
as soon as possible
If a contract says "time is of the essence," that means that it is due:
an attorney
By whom should the language "time of the essence" be added?
True
When filling out the nine checkable box options on the Amendment to Contract form, more
than one box can be checked. TRUE OR FALSE
The parties sign the amendment
In which situation would an amendment go into effect?
FALSE
TREC promulgated addenda are added to the contract AFTER it has been signed. TRUE OR
FALSE
the effective date
Obligations often times must be completed within a certain number of days of _____.
do nothing more, the contract is terminated
If one of the parties defaults and the non-defaulting party accepts the earnest money as
damages, they may also:
assignment
To transfer contract obligations without necessarily relieving the original party from
obligations, you need a(n) __________.
FALSE
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