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Law of Contracts - CHAMPIONS TEST Questions with Correct Answers
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Law of Contracts - CHAMPIONS TEST Questions with Correct Answers
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Law of Contracts - CHAMPIONS TEST Questionswith Correct Answers
Wrongful or criminal deception intended to result in financial or
personal gain is called: Correct Answer-fraud
The Buyer and Seller Temporary Residential Lease forms may be used
for a lease period not to exceed: Correct Answer-90 days
__________ extend above the surface without limitation. Correct
Answer-air rights
An example(s) of an appurtenance would be: Correct Answer-easements
There is no upper limit on the value of a Texas homestead. Correct
Answer-true
A(n) __________ is one that combines some of the elements of a sale
with a lease. Correct Answer-lease purchase agreement
Which of the following requires a contract for the conveyance of real
estate to be in writing to be enforceable? Correct Answer-statute of
frauds
If a broker receives more than one offer on a property: Correct Answer-
All must be presented to the seller unless the seller has instructed the
broker otherwise
, The most common form of financing used by buyers is: Correct Answer-
third party financing
A(n) __________ is a provision in a contract that requires that a certain
act or event happens in order for the contract to be binding on the party.
Correct Answer-contingency
The Lead-Based Paint Disclosure is: Correct Answer-A federal
requirement for residential property built prior to 1978
In Texas, real estate contracts are subject to satisfactory inspections.
Correct Answer-false
The term __________ is synonymous with contingent. Correct Answer-
subject to
Real estate agents play a role that includes arranging for the pre-
qualification / pre-approval of buyers. Correct Answer-true
Rule P-53 of the Texas Department of Insurance states that Title
Companies: Correct Answer-Cannot provide food and beverages for a
picnic for a single firm, Cannot provide an annual party for a single firm,
Cannot provide continuing education classes unless they charge the
market rate for those classes
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