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CHAPTER 8 FINANCING REAL ESTATE - LAW OF CONTRACTS – CHAMPIONS QUESTIONS AND ANSWERS WITH SOLUTIONS 2025
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 recorded. Selling Financing - ANSWER least common form of mortgage financing owner finances it, v risky Foreclosure - ANSWER Legal procedure whereby the secured property may be sold to satisf...
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- • 4 pages •
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 recorded. Selling Financing - ANSWER least common form of mortgage financing owner finances it, v risky Foreclosure - ANSWER Legal procedure whereby the secured property may be sold to satisf...
LAW OF CONTRACTS QUIZ'S 1-11 CHAMPION QUESTIONS AND ANSWERS WITH SOLUTIONS 2025
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 under ______. A. Court order B. The sponsorship of a licensed broker C. The supervision of a fellow sales agent D. The Deceptive Trade Practices Act - ANSWER B A license holder must not prepare...
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- • 8 pages •
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 under ______. A. Court order B. The sponsorship of a licensed broker C. The supervision of a fellow sales agent D. The Deceptive Trade Practices Act - ANSWER B A license holder must not prepare...
CHAPTER 2 BASICS OF REAL ESTATE LAW - LAW OF CONTRACTS – CHAMPIONS QUESTIONS AND ANSWERS WITH SOLUTIONS 2025
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 infinity. This definition also includes natural things such as trees, crops, and water. Real Estate - ANSWER all that is encompassed in land, with the addition of all man-made additions to the land (impro...
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- • 4 pages •
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 infinity. This definition also includes natural things such as trees, crops, and water. Real Estate - ANSWER all that is encompassed in land, with the addition of all man-made additions to the land (impro...
CHAMPIONS LAW OF CONTRACTS EXAM 2 QUESTIONS AND ANSWERS WITH SOLUTIONS 2025
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 only one completing this form or any part of it. Both a&b Which of the following can result in a license revocation or suspension by TREC? a) failure to use TRECS, promulgated forms b) failure to...
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- • 2 pages •
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 only one completing this form or any part of it. Both a&b Which of the following can result in a license revocation or suspension by TREC? a) failure to use TRECS, promulgated forms b) failure to...
CHAMPIONS - LAW OF CONTRACTS VOCABULARY QUESTIONS AND ANSWERS WITH SOLUTIONS 2025
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 by the Legislature in 1949 to carry out the provisions of TRELA Real Estate Recovery Trust Account - ANSWER Administered by TREC to protect aggrieved individuals who suffer a monetary loss due to ...
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- • 13 pages •
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 by the Legislature in 1949 to carry out the provisions of TRELA Real Estate Recovery Trust Account - ANSWER Administered by TREC to protect aggrieved individuals who suffer a monetary loss due to ...
CHAMPIONS SCHOOL OF REAL ESTATE-LAW OF CONTRACTS EXAM 1 QUESTIONS AND ANSWERS WITH SOLUTIONS 2025
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 -Specific Performance Liquidated Damages - ANSWER The seller can choose to accept the buyer's earnest money as liquidated damages, releasing all parties from any further obligation under the contract. ...
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- • 21 pages •
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 -Specific Performance Liquidated Damages - ANSWER The seller can choose to accept the buyer's earnest money as liquidated damages, releasing all parties from any further obligation under the contract. ...
CHAMPIONS-LAW OF CONTRACTS COURSE EXAM NOVEMBER QUESTIONS AND ANSWERS WITH SOLUTIONS 2025
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 3) Situs 4) Fixity GIVES LAND ITS VALUE The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - ANSWER 90 days A contract that is said to lac...
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- • 9 pages •
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 3) Situs 4) Fixity GIVES LAND ITS VALUE The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - ANSWER 90 days A contract that is said to lac...
TEXAS PROMULGATED CONTRACTS-CHAMPIONS STUDY QUESTIONS AND ANSWERS WITH SOLUTIONS 2025
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 the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (d) Void - ANSWER A In the business o...
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- • 38 pages •
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 the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (d) Void - ANSWER A In the business o...
LAW OF AGENCY - CHAMPIONS SCHOOL OF REAL ESTATE QUESTIONS AND ANSWERS WITH SOLUTIONS 2025
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 hires and gives authority to the agent Texas Real Estate License Act TRELA - ANSWER Was passed 1939. The purpose is to protect the public against unscrupulous brokers and sales agents. Texas Real Es...
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- • 10 pages •
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 hires and gives authority to the agent Texas Real Estate License Act TRELA - ANSWER Was passed 1939. The purpose is to protect the public against unscrupulous brokers and sales agents. Texas Real Es...
LAW OF CONTRACTS PRACTICE EXAM CHAMPIONS 2025 QUESTIONS AND ANSWERS WITH SOLUTIONS
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 _______. a. prepare the disclosure when the listing is taken b. be the only one completing this form or any part of it c. none of the above d. both a and b - ANSWER d. both a and b Which of the ...
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- • 23 pages •
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 _______. a. prepare the disclosure when the listing is taken b. be the only one completing this form or any part of it c. none of the above d. both a and b - ANSWER d. both a and b Which of the ...
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ELECTRICAL LEVEL 3 MODULE 1 LOAD CALCULATIONS AND BRANCH FEEDER CIRCUITS QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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