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Texas Law of Contracts Final Exam Questions and Answers
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Texas Law of Contracts Final Exam Questions and Answers
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Texas Law of Contracts Final ExamQuestions and Answers
If a buyer cannot secure financing, a financing contingency allows: - Answer -the buyer
to back out of the home purchase and reclaim their earnest money
Which of the following forms is NOT promulgated by TREC? - Answer -Buyer/Tenant
Representation Agreement
During a contract for deed: - Answer -The seller holds the legal title to the property and
the buyer is entitled to possession and equitable title to the property.
What is a leaseback agreement? - Answer -A leaseback is an arrangement in which the
seller of an asset leases back the same asset from the purchaser of the asset.
A sale and leaseback agreement allows landowners to: - Answer -free up capital while
maintaining the same overhead expenses
Kirpa and Tim are a married couple. Tim separately owns a property that both he and
Kirpa live on for many years. Who will likely need to sign the deed at closing to sever
homestead rights? - Answer -both Kirpa and Tim
Which of the following is NOT a right that comes with the power of attorney? - Answer -
the right to make personal investments with the principal's funds
Who is responsible for writing commission checks to the brokers? - Answer -title
company
Which of the following requires certain types of contracts to be set out in writing and
signed by all the parties bound by the contract? - Answer -statute of frauds
Operation of law occurs when: - Answer -a contract is not legally valid or becomes
unenforceable due to a statute of frauds, a statute of limitations, or other legal
regulations
The forced sale of a mortgaged property at a public auction is called a: - Answer -
foreclosure
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