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Law of Contracts - CHAMPIONS Test Questions and Complete Solutions Graded A+.
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Law of Contracts - CHAMPIONS Test Questions and Complete Solutions Graded A+.
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Law of Contracts - CHAMPIONS TestQuestions and Complete Solutions
Graded A+
The TREC residential contract forms are: - Answer: Drafted by the Broker Lawyer Committee
Wrongful or criminal deception intended to result in financial or personal gain is called: - Answer: fraud
Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. - Answer: goods
If a seller will continue to occupy the property for one month after the closing, the buyer and seller
should: - 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: -
Answer: 90 days
A seller's disclosure notice is not required - 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: - Answer: Law of Agency
__________ is the body of laws and regulations enacted by federal and state legislative bodies. -
Answer: Statutory Law
__________ extend above the surface without limitation. - 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) __________. - Answer: Improvement
A(n) __________ is an entity created for the benefit of another. - Answer: Trust
,An option contract is: - Answer: Unilateral contract
__________ is not a requirement of a valid contract. - 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. - Answer: void
The five essential elements of a valid and enforceable contract are, Consideration, Offer and
Acceptance, Legal purpose, In writing and __________. - Answer: competent parties
A(n) __________ is an agreement between two or more parties to do something or to refrain from
doing something. - Answer: contract
When an individual owns real property, he or she is said to have a (n) __________ in that property. -
Answer: freehold estate
If property violates zoning, the owners must request a __________, which is permission to violate the
rules. - Answer: variance
An example(s) of an appurtenance would be: - Answer: easements
There is no upper limit on the value of a Texas homestead. - Answer: true
A(n) __________ is an area of land separating one land use from another. - Answer: buffer zone
The French term __________ means a life estate that is based on the life of another. - Answer: pur autre
vie
In a residential lease with a "right of first refusal" provision: - 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. - Answer: listing
agreement
A(n) __________ is one that combines some of the elements of a sale with a lease. - Answer: lease
purchase agreement
Prior to closing, severe damage to or destruction of a property under contract: - 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
__________. - 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. - 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. - Answer: contract for deed
Which of the following requires a contract for the conveyance of real estate to be in writing to be
enforceable? - Answer: statute of frauds
If a broker receives more than one offer on a property: - Answer: All must be presented to the seller
unless the seller has instructed the broker otherwise
a counteroffer is: - Answer: 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: - Answer: liquidated damages
The most common form of financing used by buyers is: - Answer: third party financing
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