Exam (elaborations)
Texas Promulgated Contract Forms Quiz with complete solutions
- Course
- Institution
Texas Promulgated Contract Forms Quiz with complete solutions
[Show more]
Content preview
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...?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Gordones22. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76669 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now