Texas Principles of Real Estate 1: Chapter 9 Quiz

Void Contract

If a contract is not for a legal purpose, it is considered a/an...?

Voidable Contract

If one of the parties in a real estate transaction are not considered competent, the contract between the parties is considered a/an...?

Unenforceable

Oral listing agreements between a seller and a broker are...?

Specific performance

The sale of a property as an alternative to damages is an example of...?

Commingling

To mingle or mix, for example, a client's funds in the broker's personal or general account is known as...?

Lease under 1 year

Which of the following contracts is NOT required to be in writing...? - Lease under 1 year - Sales contract for a single family home - Lease for more than 1 year - Sale contract for a multi-family property

Bilateral Contract

A listing contract is an example of what type of contract...?

Executory Contract

Until a purchase contract is closed upon, it is considered what type of contract...?

Discharged

When a contract is fully performed, the contract is considered...?

All of the above

Which of the following real estate contracts must be in writing...? - Sales contract - Lease contract for greater than 1 year - Purchase contract for a multi-family property - All of the above