Law of Contracts - CHAMPIONS TEST
1. The TREC residential contract forms are
- Drafted by the Broker Lawyer Committee
2. Wrongful or criminal deception intended to result in financial or personalgain is called
- fraud
3. Under the Deceptive Trade Practices Act, are defined as tan-
gible chattels.
- goods
4. If a seller will continue to occupy the property for one month after the clos-ing, the buyer
and seller should
- Enter into a Seller's Temporary Residential Lease
,5. The Buyer and Seller Temporary Residential Lease forms may be used fora lease period
not to exceed
- 90 days
6. A seller's disclosure notice is not required
- at a foreclosure sale
7. The type of law that deals with the relationship between the parties to atransaction,
sales agents and brokers is
- Law of Agency
8. is the body of laws and regulations enacted by federal and state
legislative bodies
- Statutory Law
9. extend above the surface without limitation.
- Air Rights
10. Any man-made addition to land that is permanent, and is considered tobecome part
of the land is known as a(n) .
, - Improvement
11. A(n) is an entity created for the benefit of another
- Trust
12. An option contract is
- Unilateral contract
13. is not a requirement of a valid contract.
- Earnest Money
14. If a person has been judged to be incompetent, a contract is
because the person never had the capacity to enter into a contract in the first place.
- void
15. The five essential elements of a valid and enforceable contract are, Con- sideration,
Offer and Acceptance, Legal purpose, In writing and .-
- competent parties
16. A(n) is an agreement between two or more parties to dosomething
or to refrain from doing something.
, - contract
17. When an individual owns real property, he or she is said to have a (n)
in that property. ANS freehold estate
1. The TREC residential contract forms are
- Drafted by the Broker Lawyer Committee
2. Wrongful or criminal deception intended to result in financial or personalgain is called
- fraud
3. Under the Deceptive Trade Practices Act, are defined as tan-
gible chattels.
- goods
4. If a seller will continue to occupy the property for one month after the clos-ing, the buyer
and seller should
- Enter into a Seller's Temporary Residential Lease
,5. The Buyer and Seller Temporary Residential Lease forms may be used fora lease period
not to exceed
- 90 days
6. A seller's disclosure notice is not required
- at a foreclosure sale
7. The type of law that deals with the relationship between the parties to atransaction,
sales agents and brokers is
- Law of Agency
8. is the body of laws and regulations enacted by federal and state
legislative bodies
- Statutory Law
9. extend above the surface without limitation.
- Air Rights
10. Any man-made addition to land that is permanent, and is considered tobecome part
of the land is known as a(n) .
, - Improvement
11. A(n) is an entity created for the benefit of another
- Trust
12. An option contract is
- Unilateral contract
13. is not a requirement of a valid contract.
- Earnest Money
14. If a person has been judged to be incompetent, a contract is
because the person never had the capacity to enter into a contract in the first place.
- void
15. The five essential elements of a valid and enforceable contract are, Con- sideration,
Offer and Acceptance, Legal purpose, In writing and .-
- competent parties
16. A(n) is an agreement between two or more parties to dosomething
or to refrain from doing something.
, - contract
17. When an individual owns real property, he or she is said to have a (n)
in that property. ANS freehold estate
