Texas Promulgated Contract Forms: Mini-Quizzes | All Answered with Complete Verified Solutions 2023/2024
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Texas Promulgated Contract Forms
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Texas Promulgated Contract Forms
Texas Promulgated Contract Forms: Mini-Quizzes | All Answered with Complete Verified Solutions 2023/2024
Performance
The execution of a contract by which the contracting parties are automatically discharged of their obligations under it is known as...?
All of the above
Which of the following ...
Texas Promulgated Contract Forms: Mini-
Quizzes | All Answered with Complete Verified
Solutions 2023/2024
Performance
The execution of a contract by which the contracting parties are automatically
discharged of their obligations under it is known as...?
All of the above
Which of the following is an example of consideration...?
- Money
- Personal services
- Cash
- All of the above
Statute of Frauds
A State law requiring certain contracts to be in writing and signed before they will be
enforceable at law is known as the...?
Options contract
What is an example of a forbearance contract...?
Binding
A valid contract must be .......... and enforceable?
Competent parties
A party to a contract that is forced to sign a contract under duress violates this element
of a valid contract...?
Leases under one year
What real estate contract does not have to be in-writing...?
Mutual agreement
If one of the parties to a contract does not voluntarily agree to the contract, this element
of a valid contract is violated...?
Void
To have no force or effect is referred to as a .......... contract?
Voidable
That which is capable of being adjusted void, but is not unless action is taken to make it
so, is referred to as a/an ............ contract?
Majority
In order to be considered a competent party, an individual must be of the age of the...?
Voidable Contract
A contract in which one of the parties is a minor is considered a...?
Non-fraudulent party
A contract in which there is fraud by either commission or omission is voidable by the...?
Void
A contract that is missing one or more of the elements of a valid contract is
considered...?
Bilateral contract
,A contract in which each party promises to do something is referred to as a...?
Unilateral Contract
When one party promises to do something if the other party performs a certain act, but
the other party does not promise to perform it, it is referred to as a...?
Unilateral contract
An options contract is an example of a/an...?
All of the Above
Which of the following is an example of a bilateral contract...?
- Listing contract
- Sales contract
- Independent contractor agreement
- All of the above
Assignment
A transfer of benefits and obligations within a contract to a 3rd party who is not originally
a party to the contract is known as a/an...?
Novation
The substitution or exchange of a new obligation or contract for an old one by the
mutual agreement of the parties is known as...?
Executory
An assignment can occur when a contract is...?
Amend the existing contract
Which of the following may be used as an alternative to novation...?
Statute of Limitations
A law establishing the time period within which certain lawsuits may be brought is
known as the...?
Breach of Contract
A violation of any of the terms or conditions of a contract without legal reason leads to
a/an...?
All of the Above
Which of the following is an example of a termination of a contract...?
- Substantial performance
- Partial performance
- Impossibility of performance
- All of the above
A buyer has entered into a contract to purchase a commercial property but the
city has now rezoned the property as residential
What is an example of a termination of a contract by operation of law...?
1949
The Texas Real Estate Commission was created in what year...?
Texas Real Estate License Act
The Texas Real Estate Commission was created to administer what...?
Texas Real Estate Commission
Who is responsible for issuing real estate licenses in Texas...?
All of the Above
, The Texas Real Estate Commission is responsible for regulating which of the
following...?
- Residential service companies
- Real estate inspectors
- Real estate brokers
- All of the above
Texas Real Estate License Act
What describes how a contract becomes a promulgated form...?
The Most Current Version
Real estate professionals must use ........... of any promulgated forms?
All of the Above
According to TREC, a real estate licensee may not do which of the following...?
- Practice law
- Give legal advice
- Discourage a client from hiring a lawyer
- All of the above
F (False)
(T/F) A real estate salesperson is allowed to provide legal advice to clients if it is in the
best interest of the client...?
Unauthorized Practice of Law
A real estate agent who gives legal advice to a client is in violation of the...?
Revealing Material Facts about the Property
What would not fall under the unauthorized practice of law...?
All of the Above
When filling out a pre-printed form, a real estate agent cannot do which of the
following...?
- Add sections to the form
- Strike-out sections of the form
- Sign on behalf of the principal
- All of the above
T (True)
(T/F) A real estate agent cannot pay for a lawyer to act on behalf of his/her client...?
Binding
A real estate agent should advise their client that any contract they sign is...?
Revoked
According to TRELA, a salesperson's license may be suspended or ............. for the
unauthorized practice of law?
Special Provisions
Which part of a sales contract most leaves an agent liable for the unauthorized practice
of law...?
TREC
Who approves the contract forms drafted by the Broker/Lawyer Committee...?
13
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