Law of Contracts - CHAMPIONS TEST-Exam Questions With
Appropriate Solutions.
Wrongful or criminal deception intended to result in financial or personal gain
is called: - accurate answers-fraud
The Buyer and Seller Temporary Residential Lease forms may be used for a
lease period not to exceed: - accurate answers-90 days
__________ extend above the surface without limitation. - accurate answers-air
rights
An example(s) of an appurtenance would be: - accurate answers-easements
There is no upper limit on the value of a Texas homestead. - accurate answers-
true
A(n) __________ is one that combines some of the elements of a sale with a lease.
- accurate answers-lease purchase agreement
Which of the following requires a contract for the conveyance of real estate to
be in writing to be enforceable? - accurate answers-statute of frauds
If a broker receives more than one offer on a property: - accurate answers-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: - accurate answers-
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. - accurate
answers-contingency
The Lead-Based Paint Disclosure is: - accurate answers-A federal requirement
for residential property built prior to 1978
In Texas, real estate contracts are subject to satisfactory inspections. -
accurate answers-false
, The term __________ is synonymous with contingent. - accurate answers-subject
to
Real estate agents play a role that includes arranging for the pre-
qualification / pre-approval of buyers. - accurate answers-true
Rule P-53 of the Texas Department of Insurance states that Title Companies: -
accurate answers-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 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___________________________. - accurate answers-specific performance
Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a
contract. The seller told Elmer that he wanted to stay in the property for at
least a week after closing. Elmer said that would be no problem and entered
the following text to Paragraph 11: "Seller and Buyer agree that Seller will
remain in the Property for 7 days after closing and funding." In this case,
Elmer has: - accurate answers-Engaged in the unlawful practice of law
The four economic characteristics of land are: scarcity, fixity, situs and ________.
- accurate answers-modification
Joe is an agent at Tried and True Realty. He gets a $150,000 offer on a
property that is listed for $199,500. In a recent phone conversation, the seller
told Joe he would accept no less than $185,000 for the property. Knowing the
seller's "bottom line," what should Joe do with the offer? - accurate answers-
Joe should present the offer to the seller
An abstract of title is: - accurate answers-a complete written history of title
an option is: - accurate answers-a unilateral contract
Appropriate Solutions.
Wrongful or criminal deception intended to result in financial or personal gain
is called: - accurate answers-fraud
The Buyer and Seller Temporary Residential Lease forms may be used for a
lease period not to exceed: - accurate answers-90 days
__________ extend above the surface without limitation. - accurate answers-air
rights
An example(s) of an appurtenance would be: - accurate answers-easements
There is no upper limit on the value of a Texas homestead. - accurate answers-
true
A(n) __________ is one that combines some of the elements of a sale with a lease.
- accurate answers-lease purchase agreement
Which of the following requires a contract for the conveyance of real estate to
be in writing to be enforceable? - accurate answers-statute of frauds
If a broker receives more than one offer on a property: - accurate answers-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: - accurate answers-
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. - accurate
answers-contingency
The Lead-Based Paint Disclosure is: - accurate answers-A federal requirement
for residential property built prior to 1978
In Texas, real estate contracts are subject to satisfactory inspections. -
accurate answers-false
, The term __________ is synonymous with contingent. - accurate answers-subject
to
Real estate agents play a role that includes arranging for the pre-
qualification / pre-approval of buyers. - accurate answers-true
Rule P-53 of the Texas Department of Insurance states that Title Companies: -
accurate answers-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 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___________________________. - accurate answers-specific performance
Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a
contract. The seller told Elmer that he wanted to stay in the property for at
least a week after closing. Elmer said that would be no problem and entered
the following text to Paragraph 11: "Seller and Buyer agree that Seller will
remain in the Property for 7 days after closing and funding." In this case,
Elmer has: - accurate answers-Engaged in the unlawful practice of law
The four economic characteristics of land are: scarcity, fixity, situs and ________.
- accurate answers-modification
Joe is an agent at Tried and True Realty. He gets a $150,000 offer on a
property that is listed for $199,500. In a recent phone conversation, the seller
told Joe he would accept no less than $185,000 for the property. Knowing the
seller's "bottom line," what should Joe do with the offer? - accurate answers-
Joe should present the offer to the seller
An abstract of title is: - accurate answers-a complete written history of title
an option is: - accurate answers-a unilateral contract
