LAW OF CONTRACTS - CHAMPIONS SCHOOL OF REAL ESTATE PACKAGE DEAL QUESTIONS AND ANSWERS WITH VERIFIED SOLUTIONS UPDATED 2024/25
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Wrongful or criminal deception intended to result in financial or personal gain is called: - ANSWER fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - ANSWER 90 days __________ extend above the surface without limitation. - ANSWER air r...
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Add to cartWrongful or criminal deception intended to result in financial or personal gain is called: - ANSWER fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - ANSWER 90 days __________ extend above the surface without limitation. - ANSWER air r...
This generally refers to a governmental entity's legal authority to force a private landowner to sell his or her real property for public use. A) Condemnation B) Taxation C) Police power D) Eminent domain - ANSWER D) Eminent domain Precedents are determined by: A) Statutory Law ...
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Add to cartThis generally refers to a governmental entity's legal authority to force a private landowner to sell his or her real property for public use. A) Condemnation B) Taxation C) Police power D) Eminent domain - ANSWER D) Eminent domain Precedents are determined by: A) Statutory Law ...
In ______the Texas Real Estate Commission was established to administer and enforce the TRELA. a. 1939 b. 1929 c. 1949 d. 1993 - ANSWER c. 1949 TREC has only _______ promulgated lease forms. a. 1 b. 2 c. 3 d. 4 - ANSWER b. 2 In the TAR® Seller's Disclosure the seller should ___...
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Add to cartIn ______the Texas Real Estate Commission was established to administer and enforce the TRELA. a. 1939 b. 1929 c. 1949 d. 1993 - ANSWER c. 1949 TREC has only _______ promulgated lease forms. a. 1 b. 2 c. 3 d. 4 - ANSWER b. 2 In the TAR® Seller's Disclosure the seller should ___...
The principal is also known as - ANSWER client fiduciary relationship - ANSWER a relationship founded on trust and confidence Agency Relationship - ANSWER Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal - ANSWER is the one who hire...
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Add to cartThe principal is also known as - ANSWER client fiduciary relationship - ANSWER a relationship founded on trust and confidence Agency Relationship - ANSWER Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal - ANSWER is the one who hire...
The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - ANSWER B A(n) __________________ contract is defined as a contract that is binding on th...
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Add to cartThe elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - ANSWER B A(n) __________________ contract is defined as a contract that is binding on th...
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 The four ECONOMIC characteristics of land are: - ANSWER 1) Scarcity 2) Modification...
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Add to cartIn 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 The four ECONOMIC characteristics of land are: - ANSWER 1) Scarcity 2) Modification...
Default of Contract - ANSWER When a party to a contract fails to perform under the contract, also known as breach of contract. Buyer Default(Remedies) - ANSWER In the event of default by the buyer, the seller may have several options which include: -Liquidated Damages -Monetary Damages -Specif...
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Add to cartDefault of Contract - ANSWER When a party to a contract fails to perform under the contract, also known as breach of contract. Buyer Default(Remedies) - ANSWER In the event of default by the buyer, the seller may have several options which include: -Liquidated Damages -Monetary Damages -Specif...
Real Estate Center - ANSWER Created by the Legislature in the 1970s to collect and compile data about real estate in Texas Broker-Lawyer Committee - ANSWER Established by TREC to write mandatory residential contract forms for license holders Texas Real Estate Commission (TREC) - ANSWER Created...
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Add to cartReal Estate Center - ANSWER Created by the Legislature in the 1970s to collect and compile data about real estate in Texas Broker-Lawyer Committee - ANSWER Established by TREC to write mandatory residential contract forms for license holders Texas Real Estate Commission (TREC) - ANSWER Created...
In———- the Texas real estate commission was established to administer an enforce the TRELA. - ANSWER 1949 TREC has only _______ promulgated lease forms. - ANSWER 2 in the TAR sellers disclosure, the seller should? - ANSWER a)Prepare the disclosure when the listing is taken b) be the onl...
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Add to cartIn———- the Texas real estate commission was established to administer an enforce the TRELA. - ANSWER 1949 TREC has only _______ promulgated lease forms. - ANSWER 2 in the TAR sellers disclosure, the seller should? - ANSWER a)Prepare the disclosure when the listing is taken b) be the onl...
Common Law - ANSWER Developed in England, based on Common Sense Statutory Law - ANSWER body of laws and regulations enacted by federal and state legislatures Land - ANSWER defined as the surface of the earth, extending downward to the center of the earth and upward above the surface to infinit...
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Add to cartCommon Law - ANSWER Developed in England, based on Common Sense Statutory Law - ANSWER body of laws and regulations enacted by federal and state legislatures Land - ANSWER defined as the surface of the earth, extending downward to the center of the earth and upward above the surface to infinit...
Chapter 1 - Which of the following is a requirement for a Texas real estate sales agent license? A. College Degree B. 30 hours of Real Estate Principles only C. Show competency by passing the licensing exam D. Must be Texan by birth - ANSWER C An active sales agent license may only be issued ...
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Add to cartChapter 1 - Which of the following is a requirement for a Texas real estate sales agent license? A. College Degree B. 30 hours of Real Estate Principles only C. Show competency by passing the licensing exam D. Must be Texan by birth - ANSWER C An active sales agent license may only be issued ...
Mortgage - ANSWER pledge of real estate as security for repayment of a debt. Promissory Note - ANSWER Borrower's unconditional promise to repay also known as a real estate lien note includes the amount borrowed, payment amount, due date, and rate of interest. The note is not generally ...
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Add to cartMortgage - ANSWER pledge of real estate as security for repayment of a debt. Promissory Note - ANSWER Borrower's unconditional promise to repay also known as a real estate lien note includes the amount borrowed, payment amount, due date, and rate of interest. The note is not generally ...
in the even of default by the buyer: the seller can choose to accept the buyers earnest money as ________ _________, releasing all parties from any further obligation under the contract. these are damages that are established in the contract - ANSWER liquidated damages in the even of default b...
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Add to cartin the even of default by the buyer: the seller can choose to accept the buyers earnest money as ________ _________, releasing all parties from any further obligation under the contract. these are damages that are established in the contract - ANSWER liquidated damages in the even of default b...
How many hours of CE concerning real estate contracts must a license holder take to renew his/her license? - ANSWER 3 The amendment to the Consumer Protection Notice adds a statement to alert consumers that ______ are licensed by TREC and must maintain E&O insurance. - ANSWER Real Estate Inspecto...
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Add to cartHow many hours of CE concerning real estate contracts must a license holder take to renew his/her license? - ANSWER 3 The amendment to the Consumer Protection Notice adds a statement to alert consumers that ______ are licensed by TREC and must maintain E&O insurance. - ANSWER Real Estate Inspecto...
Which of the following is a requirement for a Texas real estate sales agent license? a. College degree b. 30 hours of Real Estate Principles Only c. Showing competency by passing the licensing exam d. Must be Texan by birth - ANSWER C. Showing competency by passing the licensing exam An acti...
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Add to cartWhich of the following is a requirement for a Texas real estate sales agent license? a. College degree b. 30 hours of Real Estate Principles Only c. Showing competency by passing the licensing exam d. Must be Texan by birth - ANSWER C. Showing competency by passing the licensing exam An acti...
An advantage to buyers in a lease-purchase option is which of the following? - ANSWER It can be easier for a difficult to qualify buyer to purchase a home with a lower down payments. Eminent domain in Texas MAY NOT be used for which of these purposes? - ANSWER Private party uses. Graduated and...
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Add to cartAn advantage to buyers in a lease-purchase option is which of the following? - ANSWER It can be easier for a difficult to qualify buyer to purchase a home with a lower down payments. Eminent domain in Texas MAY NOT be used for which of these purposes? - ANSWER Private party uses. Graduated and...
mutual consent - ANSWER a "meeting of the minds" unilateral contract - ANSWER a contract in which only one party is obligated to perform unenforceable contract - ANSWER a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceab...
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Add to cartmutual consent - ANSWER a "meeting of the minds" unilateral contract - ANSWER a contract in which only one party is obligated to perform unenforceable contract - ANSWER a contract that cannot be enforced due to some flaw or other issue in the contract elements of a valid and enforceab...
The two most common disclosure forms include - ANSWER Texas Real Estate Commission, and Texas Association of REALTORS® A conventional loan is best described as any loan - ANSWER that is not a government loan. A "meeting of the minds" - ANSWER Mutual consent A contract in which only ...
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Add to cartThe two most common disclosure forms include - ANSWER Texas Real Estate Commission, and Texas Association of REALTORS® A conventional loan is best described as any loan - ANSWER that is not a government loan. A "meeting of the minds" - ANSWER Mutual consent A contract in which only ...
appraisal - ANSWER value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) - ANSWER The percentage of value or sales price that a lender is willing to finance. limited appraisal report - ANSWER exterior only/drive by inspection. deeme...
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Add to cartappraisal - ANSWER value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) - ANSWER The percentage of value or sales price that a lender is willing to finance. limited appraisal report - ANSWER exterior only/drive by inspection. deeme...
When Myra told Kristina that the roofing contractor only uses "top-of-the-line material" and that the roof should last a very long time, she was most likely guilty of: - ANSWER b. Misrepresentation What conditions are present in this situation that give Kristina the right to file a lawsuita...
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Add to cartWhen Myra told Kristina that the roofing contractor only uses "top-of-the-line material" and that the roof should last a very long time, she was most likely guilty of: - ANSWER b. Misrepresentation What conditions are present in this situation that give Kristina the right to file a lawsuita...
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