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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 TESTQuestions with Correct Answers
The TREC residential contract forms are: Correct Answer-Drafted by
the Broker Lawyer Committee
Wrongful or criminal deception intended to result in financial or
personal gain is called: Correct Answer-fraud
Under the Deceptive Trade Practices Act, __________ are defined as
tangible chattels. Correct Answer-goods
If a seller will continue to occupy the property for one month after the
closing, the buyer and seller should: Correct Answer-Enter into a Seller's
Temporary Residential Lease
The Buyer and Seller Temporary Residential Lease forms may be used
for a lease period not to exceed: Correct Answer-90 days
A seller's disclosure notice is not required Correct Answer-at a
foreclosure sale
The type of law that deals with the relationship between the parties to a
transaction, sales agents and brokers is: Correct Answer-Law of Agency
,__________ is the body of laws and regulations enacted by federal and
state legislative bodies. Correct Answer-Statutory Law
__________ extend above the surface without limitation. Correct
Answer-Air Rights
Any man-made addition to land that is permanent, and is considered to
become part of the land is known as a(n) __________. Correct Answer-
Improvement
A(n) __________ is an entity created for the benefit of another. Correct
Answer-Trust
An option contract is: Correct Answer-Unilateral contract
__________ is not a requirement of a valid contract. Correct Answer-
Earnest Money
If a person has been judged to be incompetent, a contract is __________
because the person never had the capacity to enter into a contract in the
first place. Correct Answer-void
The five essential elements of a valid and enforceable contract are,
Consideration, Offer and Acceptance, Legal purpose, In writing and
__________. Correct Answer-competent parties
,A(n) __________ is an agreement between two or more parties to do
something or to refrain from doing something. Correct Answer-contract
When an individual owns real property, he or she is said to have a (n)
__________ in that property. Correct Answer-freehold estate
If property violates zoning, the owners must request a __________,
which is permission to violate the rules. Correct Answer-variance
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 an area of land separating one land use from
another. Correct Answer-buffer zone
The French term __________ means a life estate that is based on the life
of another. Correct Answer-pur autre vie
In a residential lease with a "right of first refusal" provision: Correct
Answer-The tenant has the right to match or better any offer the landlord
receives to prevent the property from being sold to someone else
A __________ is an employment agreement between the seller and the
broker. Correct Answer-listing agreement
, A(n) __________ is one that combines some of the elements of a sale
with a lease. Correct Answer-lease purchase agreement
Prior to closing, severe damage to or destruction of a property under
contract: Correct Answer-Can result in termination of the contract
The four major types of listing agreements are, exclusive agency, net
listing, exclusive right to sell and __________. Correct Answer-open
listing
In a __________ lease, the tenant's rent is based, in whole or in part, on
the receipts of his or her business. Correct Answer-percentage lease
A(n) __________ is a type of seller financing wherein the owner retains
title to the property while the purchaser takes possession of the premises
and pays on the principal. Correct Answer-contract for deed
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
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