Law of Contracts - CHAMPIONS TEST
2025/2026 Exam Questions with 100%
Correct Answers | Latest Update
The TREC residential contract forms are: - 🧠 ANSWER ✔✔Drafted by the
Broker Lawyer Committee
Wrongful or criminal deception intended to result in financial or personal
gain is called: - 🧠 ANSWER ✔✔fraud
Under the Deceptive Trade Practices Act, __________ are defined as
tangible chattels. - 🧠 ANSWER ✔✔goods
If a seller will continue to occupy the property for one month after the
closing, the buyer and seller should: - 🧠 ANSWER ✔✔Enter into a Seller's
Temporary Residential Lease
,The Buyer and Seller Temporary Residential Lease forms may be used for
a lease period not to exceed: - 🧠 ANSWER ✔✔90 days
a seller's disclosure notice is not required - 🧠 ANSWER ✔✔at a foreclosure
sale
The type of law that deals with the relationship between the parties to a
transaction, sales agents and brokers is: - 🧠 ANSWER ✔✔agency law
__________ is the body of laws and regulations enacted by federal and
state legislative bodies. - 🧠 ANSWER ✔✔statutory law
__________ extend above the surface without limitation. - 🧠 ANSWER
✔✔air rights
Any man-made addition to land that is permanent, and is considered to
become part of the land is known as a(n) __________. - 🧠 ANSWER
✔✔improvement
A(n) __________ is an entity created for the benefit of another. - 🧠
ANSWER ✔✔trust
an option contract is: - 🧠 ANSWER ✔✔unilateral contract
, __________ is not a requirement of a valid contract. - 🧠 ANSWER
✔✔earnest money
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. - 🧠 ANSWER ✔✔void
The five essential elements of a valid and enforceable contract are,
Consideration, Offer and Acceptance, Legal purpose, In writing and
__________. - 🧠 ANSWER ✔✔competent parties
A(n) __________ is an agreement between two or more parties to do
something or to refrain from doing something. - 🧠 ANSWER ✔✔contract
When an individual owns real property, he or she is said to have a (n)
__________ in that property. - 🧠 ANSWER ✔✔freehold estate
If property violates zoning, the owners must request a __________, which
is permission to violate the rules. - 🧠 ANSWER ✔✔variance
An example(s) of an appurtenance would be: - 🧠 ANSWER ✔✔easements
There is no upper limit on the value of a Texas homestead. - 🧠 ANSWER
✔✔true
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
2025/2026 Exam Questions with 100%
Correct Answers | Latest Update
The TREC residential contract forms are: - 🧠 ANSWER ✔✔Drafted by the
Broker Lawyer Committee
Wrongful or criminal deception intended to result in financial or personal
gain is called: - 🧠 ANSWER ✔✔fraud
Under the Deceptive Trade Practices Act, __________ are defined as
tangible chattels. - 🧠 ANSWER ✔✔goods
If a seller will continue to occupy the property for one month after the
closing, the buyer and seller should: - 🧠 ANSWER ✔✔Enter into a Seller's
Temporary Residential Lease
,The Buyer and Seller Temporary Residential Lease forms may be used for
a lease period not to exceed: - 🧠 ANSWER ✔✔90 days
a seller's disclosure notice is not required - 🧠 ANSWER ✔✔at a foreclosure
sale
The type of law that deals with the relationship between the parties to a
transaction, sales agents and brokers is: - 🧠 ANSWER ✔✔agency law
__________ is the body of laws and regulations enacted by federal and
state legislative bodies. - 🧠 ANSWER ✔✔statutory law
__________ extend above the surface without limitation. - 🧠 ANSWER
✔✔air rights
Any man-made addition to land that is permanent, and is considered to
become part of the land is known as a(n) __________. - 🧠 ANSWER
✔✔improvement
A(n) __________ is an entity created for the benefit of another. - 🧠
ANSWER ✔✔trust
an option contract is: - 🧠 ANSWER ✔✔unilateral contract
, __________ is not a requirement of a valid contract. - 🧠 ANSWER
✔✔earnest money
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. - 🧠 ANSWER ✔✔void
The five essential elements of a valid and enforceable contract are,
Consideration, Offer and Acceptance, Legal purpose, In writing and
__________. - 🧠 ANSWER ✔✔competent parties
A(n) __________ is an agreement between two or more parties to do
something or to refrain from doing something. - 🧠 ANSWER ✔✔contract
When an individual owns real property, he or she is said to have a (n)
__________ in that property. - 🧠 ANSWER ✔✔freehold estate
If property violates zoning, the owners must request a __________, which
is permission to violate the rules. - 🧠 ANSWER ✔✔variance
An example(s) of an appurtenance would be: - 🧠 ANSWER ✔✔easements
There is no upper limit on the value of a Texas homestead. - 🧠 ANSWER
✔✔true
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
