Exam (elaborations)
Champions Real Estate Law of Contacts Exam Questions and Complete Solutions Graded A+
- Course
- Institution
Champions Real Estate Law of Contacts Exam Questions and Complete Solutions Graded A+
[Show more]
Content preview
Champions Real Estate Law of ContactsExam Questions and Complete
Solutions Graded A+
Substitution of a new contract for an existing contract is: - Answer: Novation
Which of the following describes judicial foreclosure? - Answer: The property is sold by court order after
the mortgagee has given sufficient public notice
Which item does a lender generally require at the closing? - Answer: Title insurance commitment
How many and what parties are involved in a deed of trust? - Answer: Three—the trustee, the trustor,
and the beneficiary
The sales contract says the buyer will purchase only if the buyer's current home closes within the next
30 days. This is called a - Answer: contingency
A lease will be valid if it is between a landlord and which of the following individuals? - Answer: A 44-
year-old woman who uses a wheelchair to get around
What is the makeup of the Texas Broker-Lawyer Committee? - Answer: Six brokers, six lawyers, and one
public member
Unlike a sales contract, a listing agreement is - Answer: an employment contract.
All of the following are TREC-promulgated addenda EXCEPT - Answer: Information About Brokerage
Services.
If, after the sales contract is signed, the seller decides not to sell, the - Answer: buyer may institute a suit
for specific performance of the contract and/or for money damages.
, Common areas of concern in sales contract include all of the following EXCEPT - Answer: disposition of
real and personal property.
Which method for providing legal descriptions uses north-south and east-west lines to describe the
location of the property? - Answer: Rectangular government survey system
Making a counteroffer - Answer: terminates the original offer.
During the option period, a buyer may terminate the contract for - Answer: any reason.
Promulgated forms are - Answer: created by the Broker-Lawyer Committee and then published by TREC
for mandatory use by license holders.
Which of the following liens are voluntary? - Answer: Mortgage liens
TREC forms may be reproduced in any of the following ways EXCEPT - Answer: copied into word
processing software.
The buyer and the seller have agreed that the seller will remove a huge birdbath in the backyard before
the buyer takes possession of the property. This agreement should be - Answer: addressed in the sales
contract.
The marital status of the parties to the transaction must be listed in this contract because Texas is a -
Answer: community property state.
A voidable contract - Answer: may be disaffirmed by one party
Which of the following is NOT an example of an action that might lead to involuntary alienation? -
Answer: leasehold estates are estates of possession.
Compensation for financial loss of the non-defaulting party is called - Answer: liquidated damages.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller YourExamplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now