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Champions Promulgated Forms Exam Questions and Complete Solutions Graded A+
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Champions Promulgated Forms Exam Questions and Complete Solutions Graded A+
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Champions Promulgated Forms ExamQuestions and Complete Solutions
Graded A+
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: invalid from the beginning and has no effect on the parties. contract to perform
illegal act is a void contract
voidable contract - Answer: cannot be enforced against one or more of the parties. most contracts
entered into with minors are voidable at the option of the minor.
valid and enforceable contract - Answer: competent parties, mutual consent (offer and acceptance),
legal purpose, in writing (when required by law), consideration
executory contract - Answer: defined as a contract that is binding on the parties, with one or more of
the parties having contractual duties that have not yet been performed (from effective date to closing,
the contract is executory)
"time is of the essence" - Answer: time for performance is literally interpreted, and must be performed
by the day stipulated
amendments - Answer: ___________ to the original contract may be needed. common amendments:
changes to closing date, sales price, down payment and or amount financed, repairs that the seller
agrees to perform, removal or waiver of contingencies
, addenda - Answer: _______ to a contract is an attachment that adds or further describes the rights and
duties of a party. (ex. Financing _______ to obtain acceptable financing) if _____addendum contradicts
the main body of a contract, the provision in the ________ prevails
assignment - Answer: _____ of a contract transfers all the rights related to the contract to another party
known as the assignee. assignee assumes primary liability for performance under the contracts, and the
assignor, unless released, remains secondarily liable
novation - Answer: new contract is substituted for an existing one
statute of limitations - Answer: limitation of time in which an individual may file suit in court for
damages because a party breached a contract. 2 years for oral agreement, 4 years for written
reasons for termination of a contract - Answer: mutual agreement, partial performance, substantial
performance, impossibility, operation of law, breach of contract
Enter into a contract with a person who has been judged to be incompetent that contract is considered:
- Answer: void
Enter into a contract with a person who is a minor, that contract is considered: - Answer: voidable
Texas Real Estate License Act created in - Answer: 1939
Texas Real Estate Commission created in: - Answer: 1949
TREC compromised of (and appointed and approved by): - Answer: 9 members. 6 members are brokers,
3 are individuals not regulated by commission and who have no financial interest in real estate
(appointed by the governor and approved by the state senate)
Primary duty of Commission - Answer: protect the interests of the general public and enforcement of
the license act
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