Exam (elaborations)

Law of Contracts - CHAMPIONS TEST|Latest Update Graded A+

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Champions School of Real Estate

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Champions School Of Real Estate

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Uploaded on June 13, 2024
Number of pages 22
Written in 2023/2024
Type Exam (elaborations)
Contains Questions & answers

law of contracts champions testlatest update gr

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Law of Contracts - CHAMPIONS TEST|Latest
Update Graded A+
The TREC residential contract forms are:
Drafted by the Broker Lawyer Committee

Wrongful or criminal deception intended to result in financial or personal gain is called:
fraud

Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels.
goods

If a seller will continue to occupy the property for one month after the closing, the buyer and seller
should:
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:
90 days

A seller's disclosure notice is not required
at a foreclosure sale

The type of law that deals with the relationship between the parties to a transaction, sales agents and
brokers is:
Law of Agency

__________ is the body of laws and regulations enacted by federal and state legislative bodies.
Statutory Law

__________ extend above the surface without limitation.
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) __________.
Improvement

A(n) __________ is an entity created for the benefit of another.
Trust

An option contract is:
Unilateral contract

__________ is not a requirement of a valid contract.
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.
void

The five essential elements of a valid and enforceable contract are, Consideration, Offer and
Acceptance, Legal purpose, In writing and __________.
competent parties

A(n) __________ is an agreement between two or more parties to do something or to refrain from
doing something.
contract

When an individual owns real property, he or she is said to have a (n) __________ in that property.
freehold estate

If property violates zoning, the owners must request a __________, which is permission to violate the
rules.
variance

An example(s) of an appurtenance would be:
easements

There is no upper limit on the value of a Texas homestead.
true

A(n) __________ is an area of land separating one land use from another.
buffer zone

The French term __________ means a life estate that is based on the life of another.
pur autre vie

In a residential lease with a "right of first refusal" provision:
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.
listing agreement

A(n) __________ is one that combines some of the elements of a sale with a lease.
lease purchase agreement

Prior to closing, severe damage to or destruction of a property under contract:
Can result in termination of the contract

, The four major types of listing agreements are, exclusive agency, net listing, exclusive right to sell and
__________.
open listing

In a __________ lease, the tenant's rent is based, in whole or in part, on the receipts of his or her
business.
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.
contract for deed

Which of the following requires a contract for the conveyance of real estate to be in writing to be
enforceable?
statute of frauds

If a broker receives more than one offer on a property:
All must be presented to the seller unless the seller has instructed the broker otherwise

a counteroffer is:
a rejection, a new offer, able to be withdrawn prior to acceptance

A seller choosing to receive a buyer's earnest money after the buyer defaults on a contract is an
example of:
liquidated damages

The most common form of financing used by buyers is:
third party financing

The Special Provisions paragraph of the contract allows license holders to insert:
Factual business details, Statements not addressed in the contract, Information for which there is no
TREC-promulgated addendum, lease or mandatory form

An offer by a prospective purchaser can be terminated prior to acceptance due to:
expiration of a specified time period, bankruptcy of either party, a change in the law that renders the
contract illegal

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.
contingency

The Lead-Based Paint Disclosure is:
A federal requirement for residential property built prior to 1978

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Exam (elaborations)

Law of Contracts - CHAMPIONS TEST|Latest Update Graded A+

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