RMLO CHAMPIONS SCHOOL OF REAL ESTATE
FINAL EXAM PAPER 2026 COMPLETE
QUESTIONS AND SOLUTIONS
◉ Types of Damages. Answer: -Refund of Earnest Money
-Monetary Damages
-Specific Performance
◉ 2 TREC Lease Forms. Answer: 1. Buyer's Temporary Residential
Lease - for use when the buyer occupies the property for no more than
90 days prior to closing.
2. Seller's Temporary Residential Lease - for use when the seller
occupies the property for no more than 90 days after closing.
◉ Right of First Refusal. Answer: giving the tenant the right to purchase
the leased property by matching or bettering any offer before the
property will be sold to someone else
◉ Default Remedies. Answer: Liquidated Damages - the seller can
choose to accept the buyer's earnest money, releasing all parties from
any further obligation
,2. Monetary Damages - the injured party may "seek such other relief as
may be provided by law"
3. Specific Performance - the injured party files a court action seeking an
order of the court directing the defaulting party to perform according to
the terms of the contract.
◉ Texas Veteran's Land Board. Answer: the primary benefit to the
veteran is that the rate on the Veteran's Land Board loan is often up to
one percent below prevailing market rates.
◉ Indestructability or Durability. Answer: the land cannot be destroyed
◉ Immobility. Answer: the land cannot be moved
◉ Nonhomogeneity. Answer: no two parcels of land are the same.
◉ Scarcity. Answer: supply and demand
◉ Modification. Answer: value is affected by man-made changes to the
land
◉ Fixity. Answer: land and additions to the land, such as buildings, take
long periods to pay for themselves
, ◉ Situs. Answer: location of the property or land from an economic
viewpoint
◉ What constitutes an offer?. Answer: an offer on a residential property
is presented in writing on the required forms. including any needed
addenda. ALL OFFERS MUST BE PRESENTED!
◉ Patent. Answer: transfer ownership from the government to an
individual and looks much like a deed
◉ Abstract of Title. Answer: A complete history of all recorded events
affecting title to the property
◉ Attorney's Opinion of Title. Answer: opinion regarding the state of the
title and its ability to be transferred
◉ Chain of Title. Answer: the record of a property's ownership
◉ Lease Purchase Agreement. Answer: Lease with an option to buy - a
tenant has occupancy now and the right to purchase at a specified future
date and price
◉ Contract. Answer: a binding agreement between two or more persons
that is enforceable by law
FINAL EXAM PAPER 2026 COMPLETE
QUESTIONS AND SOLUTIONS
◉ Types of Damages. Answer: -Refund of Earnest Money
-Monetary Damages
-Specific Performance
◉ 2 TREC Lease Forms. Answer: 1. Buyer's Temporary Residential
Lease - for use when the buyer occupies the property for no more than
90 days prior to closing.
2. Seller's Temporary Residential Lease - for use when the seller
occupies the property for no more than 90 days after closing.
◉ Right of First Refusal. Answer: giving the tenant the right to purchase
the leased property by matching or bettering any offer before the
property will be sold to someone else
◉ Default Remedies. Answer: Liquidated Damages - the seller can
choose to accept the buyer's earnest money, releasing all parties from
any further obligation
,2. Monetary Damages - the injured party may "seek such other relief as
may be provided by law"
3. Specific Performance - the injured party files a court action seeking an
order of the court directing the defaulting party to perform according to
the terms of the contract.
◉ Texas Veteran's Land Board. Answer: the primary benefit to the
veteran is that the rate on the Veteran's Land Board loan is often up to
one percent below prevailing market rates.
◉ Indestructability or Durability. Answer: the land cannot be destroyed
◉ Immobility. Answer: the land cannot be moved
◉ Nonhomogeneity. Answer: no two parcels of land are the same.
◉ Scarcity. Answer: supply and demand
◉ Modification. Answer: value is affected by man-made changes to the
land
◉ Fixity. Answer: land and additions to the land, such as buildings, take
long periods to pay for themselves
, ◉ Situs. Answer: location of the property or land from an economic
viewpoint
◉ What constitutes an offer?. Answer: an offer on a residential property
is presented in writing on the required forms. including any needed
addenda. ALL OFFERS MUST BE PRESENTED!
◉ Patent. Answer: transfer ownership from the government to an
individual and looks much like a deed
◉ Abstract of Title. Answer: A complete history of all recorded events
affecting title to the property
◉ Attorney's Opinion of Title. Answer: opinion regarding the state of the
title and its ability to be transferred
◉ Chain of Title. Answer: the record of a property's ownership
◉ Lease Purchase Agreement. Answer: Lease with an option to buy - a
tenant has occupancy now and the right to purchase at a specified future
date and price
◉ Contract. Answer: a binding agreement between two or more persons
that is enforceable by law
