Champions School of Real Estate-Principles of Real Estate I Questions
and Answers with Verified Solutions | Latest 2026 Update
Q: Buyer in default of contract can receive
Answer:
Liquidated damages
Monetary Damages
specific performance
Q: parties from any further obligation under the contract
Answer:
Q: Monetary Damages
Answer:
may seek such other relief as may be provided by law. awarded by the
court
,Champions School of Real Estate-Principles of Real Estate I Questions
and Answers with Verified Solutions | Latest 2026 Update
Q: Specific Performance
Answer:
injured party files a court action seeking an order of the court directing
the defaulting party to perform according to the term of the contract
Q: Assignment
Answer:
transfers all of the rights related to the contract to another party known as an
assignee
Q: Novation
Answer:
occurs when a new contract is substituted for an existing one
Q: estate
Answer:
interest or nature of interest a person has in real property
,Champions School of Real Estate-Principles of Real Estate I Questions
and Answers with Verified Solutions | Latest 2026 Update
Q: 4 categories of estate
Answer:
Freehold
Leasehold
Statutory
Equitable
Q: Allodial system
Answer:
Privately Owned by individuals
Q: Police power
Answer:
the right of the government to regulate and control the way the land is used
, Champions School of Real Estate-Principles of Real Estate I Questions
and Answers with Verified Solutions | Latest 2026 Update
Q: Zoning
Answer:
most common example of police power
Q: Variance
Answer:
permission to violate the rules
Q: setback
Answer:
determined by zoning or deed restrictions, required space between the lot line and
building line
Q: buffer zone
Answer:
area of land separating one land use from another
and Answers with Verified Solutions | Latest 2026 Update
Q: Buyer in default of contract can receive
Answer:
Liquidated damages
Monetary Damages
specific performance
Q: parties from any further obligation under the contract
Answer:
Q: Monetary Damages
Answer:
may seek such other relief as may be provided by law. awarded by the
court
,Champions School of Real Estate-Principles of Real Estate I Questions
and Answers with Verified Solutions | Latest 2026 Update
Q: Specific Performance
Answer:
injured party files a court action seeking an order of the court directing
the defaulting party to perform according to the term of the contract
Q: Assignment
Answer:
transfers all of the rights related to the contract to another party known as an
assignee
Q: Novation
Answer:
occurs when a new contract is substituted for an existing one
Q: estate
Answer:
interest or nature of interest a person has in real property
,Champions School of Real Estate-Principles of Real Estate I Questions
and Answers with Verified Solutions | Latest 2026 Update
Q: 4 categories of estate
Answer:
Freehold
Leasehold
Statutory
Equitable
Q: Allodial system
Answer:
Privately Owned by individuals
Q: Police power
Answer:
the right of the government to regulate and control the way the land is used
, Champions School of Real Estate-Principles of Real Estate I Questions
and Answers with Verified Solutions | Latest 2026 Update
Q: Zoning
Answer:
most common example of police power
Q: Variance
Answer:
permission to violate the rules
Q: setback
Answer:
determined by zoning or deed restrictions, required space between the lot line and
building line
Q: buffer zone
Answer:
area of land separating one land use from another
