**Champions-Law of Contracts Course Exam** November 2022/2023

**Champions-Law of Contracts Course Exam** November 2022/2023 1. 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 2. The four ECONOMIC characteristics of land are:: 1) Scarcity 2) Modification 3) Situs 4) Fixity GIVES LAND ITS VALUE 3. The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed:: 90 days 4. A contract that is said to lack mutuality because only one party is obligated to perform is a________ contract.: Unilateral Contract 5. At closing, the contract is:: fully executed 6. According to the Deceptive Trade Practices Act (DTPA), brokerage falls under the category of ________.: Services 7. The five essential elements of a valid and enforceable contract are:: COLIC 1. Component parties 2. Offer and acceptance 3. Legal purpose 4. In writing 5. Consideration 8. ________ law is a body of law based on "common sense" and local custom.: Common Law 9. Which kind of rights extend above the surface of property without limitation?: Air rights 10. A(n) ________ occurs when a new contract is substituted for an existing one.: Novation 11. A(n) ________ is a business venture that is owned by one individual.: Sole proprietorship 12. A(n) __________ is an agreement between two or more parties to do something or to refrain from doing something.: Contract 13. 3 physical characteristics of land: 1. non-homogeneity 2. immobility 3. indestructibility 1 / 8 **Champions-Law of Contracts Course Exam** November 2022/2023 14. 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?: Sarah has the right to terminate the contract and receive a refund of earnest money prior to closing (Page 24) 15. 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.: Cooperative 16. 4 rights government has in all real property: PETE: 1. police power 2. eminent domain 3. taxation 4. escheat 17. ________ is the right of the government to regulate and control the way land is used.: Police Power 18. If property violates zoning, the owners must request a __________, which is permission to violate the rules.: Variance 19. A claim, lien, charge,