In a residential lease with a "right of first refusal" provision:
o :# The tenant has the right to match or better any offer the landlord receives to
prevent the property from being sold to someone else
The four ECONOMIC characteristics of land are:
o :# 1) Scarcity
2) Modification
3) Situs
...
Champions - Law of Contracts Questions and Answers
In a residential lease with a "right of first refusal" provision:
o :# The tenant has the right to match or better any offer the landlord receives to
prevent the property from being sold to someone else
The four ECONOMIC characteristics of land are:
o :# 1) Scarcity
2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
The Buyer and Seller Temporary Residential Lease forms may be used for a lease period
not to exceed:
o :# 90 days
A contract that is said to lack mutuality because only one party is obligated to perform is
a________ contract.
o :# Unilateral Contract
, 2024/2025 2|Page
According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the
category of ________.
o :# Services
The five essential elements of a valid and enforceable contract are:
o :# COLIC
1. Component parties
2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
________ law is a body of law based on "common sense" and local custom.
o :# Common Law
A(n) ________ is a business venture that is owned by one individual.
o :# Sole proprietorship
A(n) __________ is an agreement between two or more parties to do something or to
refrain from doing something.
o :# Contract
, 2024/2025 3|Page
The fact that the value is affected by manmade changes to the land.
o :# Modifications
Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of Jake's personal
residence. In the contract, Jake promised to deliver a seller's disclosure of property
condition within 5 days of the effective date of the contract. Jake never delivered the
disclosure as promised. Which of the following statements is true?
o :# Sarah has the right to terminate the contract and receive a refund of earnest
money prior to closing
Owners within a __________________ do not actually own a specific unit. The entire
cooperative complex is
owned by a corporation. Those who wish to live in the cooperative buy shares in the
corporation, and
receive a proprietary lease on the unit. When listing and selling cooperatives, a real
estate license is often
not required because the sale of a cooperative is the sale of stock rather than real
property.
o :# Cooperative
________ is the right of the government to regulate and control the way land is used.
o :# Police Power
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