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Texas Promulgated Contracts questions with 100% Correct Answers | Updated 2023 | Guaranteed A+
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Texas Promulgated Contracts questions with 100% Correct Answers | Updated 2023 | Guaranteed A+
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Texas Promulgated Contracts questionswith 100% Correct Answers | Updated 2023
| Guaranteed A+
option money - ✔✔a payment that the prospective buyer makes to the seller in exchange for the
exclusive option to terminate the sales contract within a specified period of time (known as the "option
period") without penalty; also known as the option fee
option period - ✔✔the window of time during which a buyer can opt out of a contract without
penalty; a right that is purchased by the buyer
performance - ✔✔the fulfillment of an obligation, duty, or contract
predatory lending - ✔✔imposing unfair and abusive loan terms on borrowers
promulgated contracts - ✔✔contracts prepared and authorized by the Texas Real Estate
Commission that must be used by real estate license holders; there are a few exceptions to this rule
quitclaim deed - ✔✔a type of deed that conveys any interest, title, or right to a parcel of land
the grantor has at the time the deed is executed
Residential Real Property Affidavit (form T-47) - ✔✔a way for the seller to assure the buyer that
they haven't changed the boundaries of the property
residential service contract - ✔✔policy that insures household items such as the air conditioner,
heater, and large kitchen appliances
, restrictive covenant - ✔✔a type of provision in a deed limiting the use of the property and
prohibiting certain uses
rollback taxes - ✔✔taxes that can be assessed if the zoning of the property changes when it is sold
statute of limitations - ✔✔a legal concept that establishes time limits for bringing certain kinds of
legal actions
subagency - ✔✔a form of agency that arises when an agent enlists the use of other agents to
accomplish a client's goal
survey - ✔✔the process and physical product of finding and measuring the boundaries of a piece of
real estate, including the location of improvements, encroachments, and easements
title policy - ✔✔a policy that protects homeowners (and likewise, lenders) from certain financial
losses due to title issues, such as defects, encumbrances, and liens
unenforceable contract - ✔✔a contract lacking the essential elements necessary to be legally
binding and obligate performance of a valid contract
unilateral contract - ✔✔a contract wherein one party makes a promise and is obligated to perform if
a second party chooses to accept the offer and perform in exchange for that which was promised
valid contract - ✔✔a contract possessing the essential elements necessary to be legally binding
and obligate performance
void contract - ✔✔a contract lacking legal or binding force; often used with phrase "null and void"
voidable contract - ✔✔a contract wherein the wronged party has the option to perform, enforce,
or void the contract
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