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Texas Promulgated Contracts-CHAMPIONS STUDY _ (SHOPIFY FUNDAMENTALS) QUESTIONS WITH 100-
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Texas Promulgated Contracts-CHAMPIONS STUDY _ (SHOPIFY FUNDAMENTALS) QUESTIONS WITH 100-
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8/30/24, 7:23 PM Texas Promulgated Contracts-CHAMPIONS STUDY Flashcards | QuizletTexas Promulgated Contracts-CHAMPIONS STUDY
Jeremiah
Terms in this set (108)
The elements of a valid contract are, B
competent parties, consideration, legal
subject matter, in writing, and ________ _.
(a) Default
(b) Mutual consent
(c) Property condition
(d) Recording
A(n) ___________ contract is defined as a A
contract that is binding on the parties, with
one or more of the parties having
contractual duties that have not yet been
performed.
(a) Executory
(b) Executed
(c) Bilateral
(d) Void
In the business of real estate, _________ is A
defined as something given in exchange for
a promise.
(a) Consideration
(b) Mutual assent
(c) A bribe
Texas Promulgated Contracts-CHAMPIONS STUDY
(d) Legal subject matter
1/24
,8/30/24, 7:23 PM
The TREC-promulgated contract forms: B
(a) Are for optional use by real estate
licensees
(b) Are drafted by the Broker-Lawyer
Committee
(c) Are promulgated by the legislature
(d) Are used in both commercial and
residential transactions
In a lease with a "right of first refusal" D
provision:
(a) The price is set when the lease
agreement is negotiated
(b) The tenant has promised to buy the
property
(c) The TREC promulgated form must be
used
(d) The tenant has the right to match or
better any offer the landlord receives to
prevent the property from being sold to
someone else
TREC has promulgated forms for: D
(a) lease purchase transactions
(b) cooperatives
(c) right of first refusal
(d) residential transactions
An offer can be communicated by D
___________________.
(a) Phone
(b) Hand delivery
(c) E-mail
(d) All of the above
2/24
, 8/30/24, 7:23 PM
The Third Party Financing Addendum For D
Credit Approval is used when:
(a) The buyer is obtaining FHA financing
(b) Paragraph 4.A(2)(a) is checked in the
contract
(c) The buyer is obtaining VA financing
(d) The buyer is obtaining any kind of
financing
In the Third Party Financing Addendum for B
Credit Approval:
(a) The buyer has no incentive to obtain
financial approval
(b) The buyer has a definite time to notify
seller of the inability to obtain financing
approval
(c) The buyer's earnest money will not be
returned if the buyer does not obtain
financing
(d) The option period is explained
The Third Party Financing Addendum for C
Credit Approval cannot be used for:
(a) VA guaranteed loans
(b) FHA insured loans
(c) Seller Financing
(d) Texas Veterans Loans
According to the Seller Financing B
Addendum, the interest rate is:
(a) Set at 6%
(b) Negotiated between the parties
(c) Set by TREC
(d) Determined at closing
3/24
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