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
1 of 65 9/27/2024, 4:51
,realestate u Texas Promulgated Contracts-CHAMPIONS STUDY.pdf file:///C:/Users/HP/Desktop/dddd/realestate%20u%20Texas%20Prom
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
2 of 65 9/27/2024, 4:51
,realestate u Texas Promulgated Contracts-CHAMPIONS STUDY.pdf file:///C:/Users/HP/Desktop/dddd/realestate%20u%20Texas%20Prom
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
3 of 65 9/27/2024, 4:51
,realestate u Texas Promulgated Contracts-CHAMPIONS STUDY.pdf file:///C:/Users/HP/Desktop/dddd/realestate%20u%20Texas%20Prom
(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
4 of 65 9/27/2024, 4:51
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 EFT, 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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BESTGOODIES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R241,56. You're not tied to anything after your purchase.
