Law of Contracts Champions 2025/2026
Exam Questions with 100% Correct
Answers | Latest Update
lot and block - 🧠 ANSWER ✔✔a way to describe land in a subdivision using
a recorded map (plat) and lot numbers
title - 🧠 ANSWER ✔✔legal ownership of property
alienation - 🧠 ANSWER ✔✔the act of transferring property ownership to
someone else
voluntary alienation - 🧠 ANSWER ✔✔when the owner willingly transfers
property ( like through a sale or a gift )
adverse possession - 🧠 ANSWER ✔✔when someone takes ownership of
land by living on it without permission for a long time ( usually years ) under
specific conditions
,interstate - 🧠 ANSWER ✔✔dying without a will
chain of title - 🧠 ANSWER ✔✔history of all the past owners of a property
abstract of title - 🧠 ANSWER ✔✔a summary of the property's ownership
history and any legal issues
abstractor/ examiner - 🧠 ANSWER ✔✔a person who researches and
summarizes a property's title history
title examination - 🧠 ANSWER ✔✔the process of reviewing the property's
ownership records to make sure the title is clear ( no legal problems)
title insurance policy - 🧠 ANSWER ✔✔insurance that protects the buyer or
lender if problems with the title come up after purchase
home inspection - 🧠 ANSWER ✔✔a professional check of a home's
condition before buying it
closing disclosure - 🧠 ANSWER ✔✔a document that shows all the final
costs and terms of the home loan and purchase
proration - 🧠 ANSWER ✔✔splitting certain costs ( like taxes or utilities)
fairly between buyer and seller at closing
,title commitment - 🧠 ANSWER ✔✔document from a title company
promising to issue title insurance if certain conditions are meet
subrogation clause - 🧠 ANSWER ✔✔a part of insurance policy that lets the
insurance company take legal action to recover money from someone else
who caused the loss
closing - 🧠 ANSWER ✔✔the final step in a real estate deal when the
property officially changes owners, and money and documents are
exchanged
controlled business arrangement - 🧠 ANSWER ✔✔when companies
involved in real estate deal ( like a real estate agency and a title company)
are owned by the same parent company and refer business to each other --
- this must be disclosed to the buyer
kickback - 🧠 ANSWER ✔✔an illegal payment or reward for referring
business ( for example, a real estate agent getting a secret money fro
recommending a certain lender or inspector )
will - 🧠 ANSWER ✔✔a legal document who gets your stuff after you die
codicil - 🧠 ANSWER ✔✔a legal change or addition to a will
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, devise - 🧠 ANSWER ✔✔property ( usually real estate ) given to someone in
a will
deed - 🧠 ANSWER ✔✔a legal document that transfers ownership of a
property from one person to another
covenant - 🧠 ANSWER ✔✔a promise written into a deed or other legal
agreement, often about how the property can or can't be used
restriction - 🧠 ANSWER ✔✔a rule or limit placed on how a property can be
used, often found in a deed or neighborhood agreement
reservation - 🧠 ANSWER ✔✔when a seller keeps a right to something ( like
water rights or an easement ) after selling the property
general warranty deed - 🧠 ANSWER ✔✔a deed that guarantees the buyer
full protection against any problems with the title, even from before the
seller owned the property
special warranty deed - 🧠 ANSWER ✔✔a deed that only guarantees the
title is clear during the time the seller owned the property --- not before
bargain and sale deed - 🧠 ANSWER ✔✔a deed that transfers ownership
without guarantees about the title, but implies the seller has the right to sell
Exam Questions with 100% Correct
Answers | Latest Update
lot and block - 🧠 ANSWER ✔✔a way to describe land in a subdivision using
a recorded map (plat) and lot numbers
title - 🧠 ANSWER ✔✔legal ownership of property
alienation - 🧠 ANSWER ✔✔the act of transferring property ownership to
someone else
voluntary alienation - 🧠 ANSWER ✔✔when the owner willingly transfers
property ( like through a sale or a gift )
adverse possession - 🧠 ANSWER ✔✔when someone takes ownership of
land by living on it without permission for a long time ( usually years ) under
specific conditions
,interstate - 🧠 ANSWER ✔✔dying without a will
chain of title - 🧠 ANSWER ✔✔history of all the past owners of a property
abstract of title - 🧠 ANSWER ✔✔a summary of the property's ownership
history and any legal issues
abstractor/ examiner - 🧠 ANSWER ✔✔a person who researches and
summarizes a property's title history
title examination - 🧠 ANSWER ✔✔the process of reviewing the property's
ownership records to make sure the title is clear ( no legal problems)
title insurance policy - 🧠 ANSWER ✔✔insurance that protects the buyer or
lender if problems with the title come up after purchase
home inspection - 🧠 ANSWER ✔✔a professional check of a home's
condition before buying it
closing disclosure - 🧠 ANSWER ✔✔a document that shows all the final
costs and terms of the home loan and purchase
proration - 🧠 ANSWER ✔✔splitting certain costs ( like taxes or utilities)
fairly between buyer and seller at closing
,title commitment - 🧠 ANSWER ✔✔document from a title company
promising to issue title insurance if certain conditions are meet
subrogation clause - 🧠 ANSWER ✔✔a part of insurance policy that lets the
insurance company take legal action to recover money from someone else
who caused the loss
closing - 🧠 ANSWER ✔✔the final step in a real estate deal when the
property officially changes owners, and money and documents are
exchanged
controlled business arrangement - 🧠 ANSWER ✔✔when companies
involved in real estate deal ( like a real estate agency and a title company)
are owned by the same parent company and refer business to each other --
- this must be disclosed to the buyer
kickback - 🧠 ANSWER ✔✔an illegal payment or reward for referring
business ( for example, a real estate agent getting a secret money fro
recommending a certain lender or inspector )
will - 🧠 ANSWER ✔✔a legal document who gets your stuff after you die
codicil - 🧠 ANSWER ✔✔a legal change or addition to a will
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, devise - 🧠 ANSWER ✔✔property ( usually real estate ) given to someone in
a will
deed - 🧠 ANSWER ✔✔a legal document that transfers ownership of a
property from one person to another
covenant - 🧠 ANSWER ✔✔a promise written into a deed or other legal
agreement, often about how the property can or can't be used
restriction - 🧠 ANSWER ✔✔a rule or limit placed on how a property can be
used, often found in a deed or neighborhood agreement
reservation - 🧠 ANSWER ✔✔when a seller keeps a right to something ( like
water rights or an easement ) after selling the property
general warranty deed - 🧠 ANSWER ✔✔a deed that guarantees the buyer
full protection against any problems with the title, even from before the
seller owned the property
special warranty deed - 🧠 ANSWER ✔✔a deed that only guarantees the
title is clear during the time the seller owned the property --- not before
bargain and sale deed - 🧠 ANSWER ✔✔a deed that transfers ownership
without guarantees about the title, but implies the seller has the right to sell
