Texas Real Estate State Practice Exam 2025 - Free Real Estate License Practice Questions and Study Guide

In a real estate contract, consideration refers to something of value that is exchanged between the parties involved. This is crucial as it forms the basis of the agreement. The price paid for the property is a primary and clear example of consideration because it represents the monetary value that one party (the buyer) is offering in exchange for ownership of the property from the other party (the seller).

Unlike the other choices, the price is a tangible and quantifiable element that both parties agree upon, making it an essential component of the contract's validity. The agent's commission, while important in the overall transaction, does not directly relate to the agreement between the buyer and seller regarding the property's sale. The buyer’s emotional attachment may influence their willingness to pay a certain price, but it does not constitute a legally recognized form of consideration in the contractual context. The mortgage amount is also related to financing rather than the actual exchange of value under the property sale contract itself. Hence, the price paid for the property stands out as the correct component of consideration.