EXAM BUNDLE Champions Promulgated Forms Exam Questions and Answers (Graded A+)

Mutual Consent - ANSWER-"meeting of the minds" unilateral contract - ANSWER-A contract in which only one party is obligated to perform consideration - ANSWER-Something given in exchange for a promise option - ANSWER-an agreement between a buyer and seller giving the buyer the right to pur...

COLIC - ANSWER-Elements of a Valid & Enforceable Contract: 1. Competent Parties 2. Offer & Accept (Mutual Consent) 3. Legal Purpose 4. In Writing 5. Consideration Void Contract - ANSWER-Invalid from the beginning Voidable Contract - ANSWER-Cannot be enforced Earnest Money - ANSWER-Earn...

lead based paint disclosure - ANSWER-a federal disclosure requirement for residential properties built prior to 1978 TREC has promulgated forms for what? - ANSWER-residential transactions the number of days allowed for objections to title or survey is - ANSWER-the number of days entered in PAR...

1. The effective date- who, what, and when? - ANSWER-Between the buyer and the seller, The date on which the communication was made. The date of initialing and signing of the parties. The last party to initial/Sign fills in the day. 2. What is the legal proceedings brought by party to a contract ...

mutual consent - ANSWER-meeting of the minds consideration - ANSWER-something given in exchange for a promise option - ANSWER-an agreement between a buyer and seller giving the buyer the right to purchase a property at a present price for a given period of time void contract - ANSWER-invali...

What contract form would you use if you're an agent selling a townhome - ANSWER-1-4 family What type of transaction are TRECS contract promulgated forms used for - ANSWER-Residential Who are buyers supposed to hire for inspections - ANSWER-TREC licensed Inspectors What % does the lender re...

mutual consent - ANSWER-meeting of the minds consideration - ANSWER-something given in exchange for a promise option - ANSWER-an agreement between a buyer and seller giving the buyer the right to purchase a property at a present price for a given period of time void contract - ANSWER-invali...

Loan Assumption - ANSWER-When a new buyer takes over the seller's existing mortgage loan. legal description - ANSWER-A written description of a parcel of land which locates it precisely and will hold up in court. (Does not include address.) third party financing - ANSWER-financing that involv...

Competent Parties Offer and acceptance ( mutual consent) Legal Purpose In writing (when required by law) Consideration - ANSWER-Elements of a contract to be valid contract binding parties with one or more duties - ANSWER-executory contract both parties made promise - ANSWER-bilateral on...

Void Contract -ANSWER-Invalid from the beginning and voidable contract is one that can't be enforced against one or more parties (minors are voidable at the option of the minor). Example of Void Contract -ANSWER-A contract between two parties to commit an illegal act is a void contract. Eleme...