Law of Contracts - CHAMPIONS TEST UPDATED 2023 EXAM

Law of Contracts - CHAMPIONS TEST UPDATED 2023 EXAM 1. Wrongful or criminal deception intended to result in financial or personal gain is called:: fraud 2. The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed:: 90 days 3. __________ extend above the surface without limitation.: air rights 4. An example(s) of an appurtenance would be:: easements 5. There is no upper limit on the value of a Texas homestead.: true 6. A(n) __________ is one that combines some of the elements of a sale with a lease.: lease purchase agreement 7. Which of the following requires a contract for the conveyance of real estate to be in writing to be enforceable?: statute of frauds 8. If a broker receives more than one offer on a property:: All must be presented to the seller unless the seller has instructed the broker otherwise 9. The most common form of financing used by buyers is:: third party financing 10. 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.: - contingency 11. The Lead-Based Paint Disclosure is:: A federal requirement for residential property built prior to 1978 12. In Texas, real estate contracts are subject to satisfactory inspections.: - false 13. The term __________ is synonymous with contingent.: subject to 14. Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of buyers.: true 15. Rule P-53 of the Texas Department of Insurance states that Title Companies:: 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 16. 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 mind and is going to keep the property. Bill is determined to complete the purchase and acquire the property. The only default remedy in the contract that could result in Bill acquiring the property is___________________________.: specific performance