Law of Contracts - CHAMPIONS TEST

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 rights 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 one that combines some of the elements of a sale with a lease. - Answer- lease purchase agreement 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 The most common form of financing used by buyers is: - Answer- third party financing A(n) __________ is a provision in a contract that requires that a certain act or event happens in order for the contract to be binding on the party. - Answer- contingency The Lead-Based Paint Disclosure is: - Answer- A federal requirement for residential property built prior to 1978 In Texas, real estate contracts are subject to satisfactory inspections. - Answer- false The term __________ is synonymous with contingent. - Answer- subject to Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers. - Answer- true Rule P-53 of the Texas Department of Insurance states that Title Companies: - Answer- Cannot provide food and beverages for a picnic for a single firm, Cannot provide an annual party for a single firm, Cannot provide continuing education classes unless they charge the market rate for those classes Bill is the buyer purchasing a property from Sally. All contingencies have been met and the parties are ready to close. One day prior to closing, Sally announces that she has changed her