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Texas Contract Law Exam Questions and Answers
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Texas Contract Law Exam Questions and Answers
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Texas Contract Law Exam Questionsand Answers
Mandatoy TREC forms - Correct Answers -1. One to four Family Residential Contract
2. Farm and Ranch Contract
3. Loan Assumption Addendum
Seller is required to provdie a disclosure of a property condition to the buyer for the
following: - Correct Answers -1. Licensee's 10 year old single-family home
2. A $50,000 home on land valued at $500,000
Seller is NOT required to provdie a disclosure of a property condition to the buyer for
the following: - Correct Answers -1. Sale by court order
2. New single-family residence
3. Sale to or from government agencies
4. From one co-owner to another
Under DTPA, to get triple damages, a plaintiff must prove - Correct Answers -that the
defendant knew the misleading statement was false
If a defendant used a misleading statement without knowing it was false, then triple
damages may not be awarded.
Which of the following is TRUE about the seller's disclosure notice? - Correct Answers -
The notice must be completed to the best of the seller's belief and knowledge. As is
stated in Section 5.008 of the Texas Property Code, "The notice shall be completed to
the best of seller's belief and knowledge as of the date the notice is completed and
signed by the seller."
Which of the following real estate-related entities has rule-making authority in the state
of Texas? - Correct Answers -The commission.
The commission has rule-making authority, and the rules of the commission have the
full force and effect of law.
Which of the following is a TREC-promulgated contract? - Correct Answers -Residential
Condominium Contract.
, The Residential Condominium Contract is one of six TREC-promulgated contracts.
Which of the following committees is responsible for drafting and revising contract
forms? - Correct Answers -Broker-Lawyer Committee.
The Broker-Lawyer Committee drafts and revises contract forms for use by real estate
licensees. The purpose is to expedite real estate transactions and reduce controversies
while protecting the interests of the parties involved.
Which of the following statements is FALSE regarding use of reproduced forms
approved or promulgated by TREC? - Correct Answers -The form may be reproduced
on any size paper at least as large as the size used by TREC.
22 TAC Section 537.11(o) of the TREC rules addresses the ways in which licensees
may use reproductions of the TREC forms. Forms must be reproduced on the same
size paper used by TREC.
Who appoints the TREC commissioners? - Correct Answers -Governor.
The commissioners are appointed by the governor with the advice and consent of the
senate.
What does the Broker-Lawyer Committee do? - Correct Answers -Drafts contracts.
The Broker-Lawyer Committee develops forms and recommends their adoption, but it is
the TREC that promulgates the forms for mandatory use.
A seller's disclosure notice is NOT required in the sale of real property - Correct
Answers -Pursuant to a court order.
The notice is not required for transactions pursuant to a court order or foreclosure sale.
How many promulgated contracts does TREC issue? - Correct Answers -The answer is
six.
TREC promulgates the following six contracts: Unimproved Property Contract; One-to-
Four-Family Residential Contract (Resale); New Home Contract (Incomplete
Construction); New Home Contract (Complete Construction); Farm & Ranch Contract;
and Residential Condominium Contract.
A licensee who completes a contract for the sale of real property is not engaged in the
unauthorized practice of law if the licensee uses a form that is - Correct Answers -All of
these.
Notwithstanding any other law, a license or certificate holder who completes a contract
form for the sale, exchange, option, or lease of an interest in real property incidental to
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