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Texas Promulgated Contracts-CHAMPIONS Exam .
Texas Promulgated Contracts-CHAMPIONS Exam .
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Texas Promulgated Contracts-Champions Study| | |
Guide With Complete Solution 2024&2025
| | | | |
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 |- |Correct |Answer-B
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 |performed.
|
(a) |Executory
|
(b) |Executed
|
(c) |Bilateral
|
(d) |Void |- |Correct |Answer-A
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 |- |Correct |Answer-A
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
|
(d) |Are |used |in |both |commercial |and |residential |transactions |- |Correct |Answer-B
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 |- |Correct |Answer-D
TREC |has |promulgated |forms |for:
|
(a) |lease |purchase |transactions
,|
(b) |cooperatives
|
(c) |right |of |first |refusal
|
(d) |residential |transactions |- |Correct |Answer-D
An |offer |can |be |communicated |by |___________________.
|
(a) |Phone
|
(b) |Hand |delivery
|
(c) |E-mail
|
(d) |All |of |the |above |- |Correct |Answer-D
The |Third |Party |Financing |Addendum |For |Credit |Approval |is |used |when:
|
(a) |The |buyer |is |obtaining |FHA |financing
|
(b) |Paragraph |4.A(2)(a) |is |checked |in |the |contract
|
(c) |The |buyer |is |obtaining |VA |financing
|
(d) |The |buyer |is |obtaining |any |kind |of |financing |- |Correct |Answer-D
In |the |Third |Party |Financing |Addendum |for |Credit |Approval:
|
(a) |The |buyer |has |no |incentive |to |obtain |financial |approval
|
(b) |The |buyer |has |a |definite |time |to |notify |seller |of |the |inability |to |obtain |financing |approval
|
(c) |The |buyer's |earnest |money |will |not |be |returned |if |the |buyer |does |not |obtain |financing
|
(d) |The |option |period |is |explained |- |Correct |Answer-B
The |Third |Party |Financing |Addendum |for |Credit |Approval |cannot |be |used |for:
|
(a) |VA |guaranteed |loans
|
(b) |FHA |insured |loans
|
(c) |Seller |Financing
|
(d) |Texas |Veterans |Loans |- |Correct |Answer-C
According |to |the |Seller |Financing |Addendum, |the |interest |rate |is:
|
(a) |Set |at |6%
|
(b) |Negotiated |between |the |parties
|
(c) |Set |by |TREC
|
(d) |Determined |at |closing |- |Correct |Answer-B
___________________ |occurs |when |a |buyer |assumes |and |agrees |to |pay |the |seller's |existing
|mortgage.
|
(a) |Loan |assumption
|
(b) |Seller |liability
|
(c) |Seller |lien
|
, (d) |Credit |approval |- |Correct |Answer-A
Land, |improvements |and |accessories |are |collectively |referred |to |as:
|
(a) |The |estate
|
(b) |The |property
|
(c) |The |listing
|
(d) |The |homestead |- |Correct |Answer-B
According |to |the |TREC |contract, |accessories |include:
|
(a) |Refrigerators
|
(b) |Stoves
|
(c) |Washing |machines
|
(d) |Gas |dryers |- |Correct |Answer-B
Exclusions |to |the |sale |must |be |removed
|
(a) |Prior |to |delivery |of |possession
|
(b) |At |the |convenience |of |the |seller
|
(c) |When |the |offer |becomes |a |binding |contract
|
(d) |Two |days |prior |to |closing |- |Correct |Answer-A
The |loan |amount |in |Paragraph |3.B. |of |the |sales |contract |includes:
|
(a) |The |amount |of |the |mortgage |insurance
|
(b) |The |loan |plus |origination |fees
|
(c) |Only |the |amount |borrowed |by |the |buyer
|
(d) |The |loan |amount |minus |the |earnest |money |- |Correct |Answer-C
The |sales |price |in |3.C. |is |always:
|
(a) |The |loan |amount |plus |the |cash |portion
|
(b) |3.A. |+ |3.B.
|
(c) |The |amount |borrowed |plus |the |down |payment
|
(d) |All |of |the |above |- |Correct |Answer-D
The |earnest |money |is:
|
(a) |Always |5% |of |the |purchase |price
|
(b) |Set |by |TREC
|
(c) |Negotiated |between |the |parties
|
(d) |Paid |at |closing |- |Correct |Answer-C
The |T-47 |Residential |Real |Property |Affidavit |is |not |completed |until |________________, |in |most
|cases.
|
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