RealEstateU- Texas Promulgated Contract Forms CHAMPIONS STUDY 2024 Questions with 100% Correct Answers Verified Latest Update The elements of a valid contract are, competent parties, consideration, legal subject
matter, in writing, and .
(a) Default
(b) Mutual consent
(c) Property condition
(d...
realestate u Texas Promulgated Contracts-CHAMPIONS STUDY.pdf file:///C:/Users/HP/Desktop/dddd/realestate%20u%20Texas%20Prom
Texas Promulgated Contracts-CHAMPIONS STUDY
Questions & Answers
1. The elements of a valid contract are, competent parties, consideration, legal subject
matter, in writing, and .
(a) Default
(b) Mutual consent
(c) Property condition
(d) Recording
ANS B
2. A(n) contract is 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
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performed.
(a) Executory
(b) Executed
(c) Bilateral
(d) Void
ANS A
3. In the business of real estate, is defined as something given in
exchange for a promise.
(a) Consideration
(b) Mutual assent
(c) A bribe
(d) Legal subject matter
ANS A
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4. The TREC-promulgated contract forms
(a) Are for optional use by real estate licensees
(b) Are drafted by the Broker-Lawyer Committee
(c) Are promulgated by the legislature
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(d) Are used in both commercial and residential transactions
ANS B
5. In a lease with a "right of first refusal" 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
ANS D
6. TREC has promulgated forms for
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