Texas Real Estate Contracts Test Questions and 100% Correct Answers
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Course
Texas Real estate
Institution
Texas Real Estate
1-1
A real estate contract is important because it: - Answer identifies the parties and the
property provides a written record of the transaction sets forth the rights and
obligations of the parties
1-2
A licensee does not have to use a promulgated contract form if a transaction involves a
co...
Texas Real Estate Contracts Test Questions and
100% Correct Answers
1-1
A real estate contract is important because it: - Answer identifies the parties and the
property provides a written record of the transaction sets forth the rights and
obligations of the parties
1-2
A licensee does not have to use a promulgated contract form if a transaction involves a
contracts form prepared by whom? - Answer the property owner or an attorney for a
contract required by the property owner
1 Exam
By filling out a real estate contract correctly, you can: - Answer -PROTECT YOURSELF
-PROTECT YOUR CLIENT
-PROVIDE LEGAL COUNSEL
1 Exam
The Texas Real Estate License Act was enacted to: - Answer regulate licensing and
provide ground rules for licensees filling out and reviewing contracts
1 Exam
Which promulgated contract form is currently used for a One to Four Family Residential
Contract (Resale)? - Answer 20-11
1 Exam
,A competent real estate licensee: - Answer -KEEPS INFORMED ABOUT ISSUES AND
DEVELOPMENTS IN THE REAL ESTATE INDUSTRY
-EXERCISES GOOD JUDGEMENT AND SKILL IN PERFORMING HIS OR HER WORK
-FOLLOWS ANTI-DISCRIMINATION RULES AND REGULATIONS
1 Exam
What does TREC form OP-H address? - Answer The Seller's Disclosure of Property
Condition
1 Exam
It is important to know TRELA Section 16 and Article 13 of the National Association of
Realtors Code of Ethics because these rules: - Answer prohibit a licensee from providing
legal counsel to his or her client
1 Exam
TREC Rules 537.11 lists the forms currently promulgated for use by real estate licensees.
It also offers: - Answer instructions for completing the forms
1 Exam
TRELA Section 16 prohibits a realtor from providing legal counsel to his or her client or: -
Answer creating his or her own forms
2-1
A(n) _____ is an agreement created by separate parties to perform or not perform
certain acts. - Answer contract
2-2
, Which statute declares that a valid contract must be in writing and signed by the parties
to be enforceable? - Answer Statute of Frauds
2-3
What is a reason for discharge of a contract? - Answer -RECESSION
-ASSIGNMENT
-BREACH
2-4
If the original terms in an acceptance offer change in any way, the offer becomes a
_____, and the first offer terminates. - Answer counter offer
2 Exam
One person may give another the authority to act on his or her behalf. The legal
document that creates this relationship is called a: - Answer power of attorney
2 Exam
Which contract is created when the second party is not obligated to act, but if he or she
does, the first party must keep their promise? - Answer a unilateral contract
2 Exam
What happens to an original offer if a counteroffer is made? - Answer the person
making the original offer is no longer bound by it
2 Exam
Discharge of Contract refers to the completion, cancellation, or termination of a
contract. Contracts are discharged by: - Answer -PERFORMANCE OR RELEASE
-RESCISSION OR ASSIGNMENT
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