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Texas Promulgated Contract Forms Quiz with complete solutions
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Texas Promulgated Contract Forms Quiz with complete solutions
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Texas Promulgated Contract Forms Quizwith complete solutions
Consideration - Correct Answers -Anything given or promised by a party to induce
another to enter into a contract is referred to as...?
Competent parties
Consideration
Mutual agreement - Correct Answers -A valid and enforceable contract must include
which of the following elements...?
Must be in-writing - Correct Answers -John is about to enter into a contract with Amy, to
purchase Amy's house. The real estate sales contract between John and Amy...?
Executed contract - Correct Answers -A contract that has been fully performed is known
as a/an...?
Amendment - Correct Answers -A change in a legal document made by adding, altering,
or omitting a certain part or term is referred to as a/an...?
Fill-out a promulgated contract form the way it was intended - Correct Answers -A real
estate agent is NOT in violation of the unauthorized practice of law if they do which of
the following...?
The Broker/Lawyer Committee - Correct Answers -Which of the following originally
drafts the promulgated contract forms...?
Accept the offer
Make a counter-offer
Reject the offer - Correct Answers -Once a seller receives an offer, the seller can do
which of the following...?
The seller accepts an offer and the parties enter into a binding contract - Correct
Answers -Curtis is a real estate agent who represents a seller in a transaction. Curtis
must present all offers to the seller until which of the following occurs...?
Accept the offer
, Make a counter-offer
Reject the offer - Correct Answers -A seller can respond to an offer in which of the
following ways...?
Unauthorized practice of law - Correct Answers -David is a real estate agent who was
recently hired to sell Andrew's home. As a curtesy, David offers to help Andrew draft a
sales contract. David may be in violation of which of the following...?
Providing opinions as to the condition of title - Correct Answers -Which of the following
actions by an agent may be considered as unauthorized practice of law...?
Must be in-writing
Signed by all parties
There must be a mutual agreement between the parties - Correct Answers -A binding
contract between a buyer and seller must include which of the following...?
The seller's deed - Correct Answers -John is a real estate agent who is preparing a
contract for his client, the seller. Where should John look to find the name of the
seller...?
Earnest money - Correct Answers -Paragraph 5 of the One to Four Family Residential
Contract - Resale primarily deals with...?
Lead-based paint addendum - Correct Answers -Houses built prior to 1978 need to
include which of the following addenda....?
Austin Holdings, LLC - Correct Answers -Austin Holdings is a limited liability company,
which is purchasing a residential property for the company. How should Austin Holdings'
name appear on the purchase contract...?
Non-realty items - Correct Answers -Personal property items are considered...?
The equity in the house - Correct Answers -A reverse mortgage is paid back using
which of the following...?
The buyer moves into the property prior to closing - Correct Answers -A temporary
lease is used when which of the following occurs...?
Termination option - Correct Answers -After signing a purchase contract, the seller
typically receives money from the buyer for which of the following...?
Buyer - Correct Answers -The title policy is a contract between the title company and
the...?
Easements - Correct Answers -Which of the following is an example of a restrictive
covenant...?
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