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Texas Law of Contracts Quiz Questions and Answers 100% Correct
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Texas Law of Contracts Quiz Questions and Answers 100% Correct
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Texas Law of Contracts Quiz Questionsand Answers 100% Correct
12 Months - ANSWER-A home warranty is typically valid for up to how many months
after a buyer purchases a property....?
3 months
6 months
12 months
24 months
A Title Abstractor - ANSWER-Who conducts a title search...?
A title abstractor
A real estate broker
A lender
A property owner
Abstract of Title - ANSWER-Which of the following is obtained as a result of a title
search...?
Record of title
Abstract of title
Survey of title
Summary of title
Adverse Possession - ANSWER-This form of involuntary alienation involves the taking
of property through the open, notorious, continuous, and hostile occupancy of the
property...?
Adverse possession
Foreclosure
Condemnation
Eminent domain
All of the Above - ANSWER-A ready, willing, and able buyer means the buyer...?
Is ready to sign the sales contract
Has the financial means to close on the property
Is ready to move towards closing on the property
All of the above
All of the Above - ANSWER-A valid contract must include which of the following...?
,Offer and acceptance
Consideration
Legal purpose
All of the above
All of the Above - ANSWER-Amy is negotiating the purchase of a new house. What
contingencies may Amy add to the sales contract...?
Appraisal contingency
Mortgage contingency
Title contingency
All of the above
All of the Above - ANSWER-How can an agent avoid the unauthorized practice of
law...?
Refuse to provide legal advice
Have their client's attorney perform any edits to the contract form
Refer their client to an attorney for legal advice
All of the above
All of the Above - ANSWER-Mark recently obtained a mortgage and signed a
promissory note with the lender. Which of the following is most likely included in Mark's
promissory note...?
The amount of the debt
The interest rate of the loan
The time and method of payment of the debt
All of the above
All of the Above - ANSWER-What should a buyer do in preparation for closing...?
Conduct the final walk-through
Obtain a cashier's check
Compare the good faith estimate to the HUD-1 form
All of the above
All of the Above - ANSWER-Which of the following is a common mistake found in
contracts...?
The parties do not initial each page of the contract
The parties are not listed by their legal names
The legal description of the property is not included
All of the above
, All of the Above - ANSWER-Which of the following is an example of an involuntary
lien...?
Mechanic's lien
Tax lien
Judgment lien
All of the Above
All of the Above - ANSWER-Which of the following is considered a bilateral contract...?
Net listing agreement
Sales contract
Exclusive right to sell agreement
All of the above
All of the Above - ANSWER-Which of the following is required in a valid deed...?
Habendum clause
Consideration
A granting clause
All of the above
All of the Above - ANSWER-Which of the following may impact an owner's interest in a
property...?
Easements
Liens
Encumbrance
All of the above
All of the Above - ANSWER-Which of the following must be included in a valid sales
contract...?
Legal description of the property
The signatures of buyer and seller
The price and terms of the transactions
All of the above
All of the Above - ANSWER-Which of the following operates in the primary mortgage
market...?
Credit unions
Commercial banks
Savings and loans
All of the above
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