LAW OF CONTRACTS - CHAMPIONS TEST 2023
WITH COMPLETE SOLUTION
1. Wrongful gor gcriminal gdeception gintended gto gresult gin gfinancial gor
gpersonal ggain gis gcalled::
ANS>> gfraud
2. The g Buyer g and g Seller g Temporary g Residential g Lease g forms g may
g be g used g for g a glease gperiod gnot gto gexceed::
gANS>> g90 gdays
3. extend g above g the g surface g without g limitation.: g
ANS>> g g air grights
4. An gexample(s) gof gan gappurtenance gwould gbe::
gANS>> g geasements
5. There g is g no g upper g limit g on g the g value g of g a g Texas g homestead.: g
ANS>> g g true
6. A(n) g is gone gthat gcombines gsome gof gthe gelements
gof ga gsale gwith ga glease.:
gANS>> g glease gpurchase gagreement
7. Which g of g the g following g requires g a g contract g for g the
g conveyance g of g real g estate gto gbe gin gwriting gto gbe genforceable?: g
ANS>> g gstatute gof gfrauds
8. If ga gbroker greceives gmore gthan gone goffer gon ga gproperty:: g
ANS>> g gAll gmust gbe gpresented gto gthe gseller gunless gthe gseller ghas ginstructed gthe
gbroker gotherwise
9. The gmost gcommon gform gof gfinancing gused gby gbuyers gis:: g
ANS>> g gthird gparty gfinancing
1 g/
g13
,LAW OF CONTRACTS - CHAMPIONS TEST 2023
WITH COMPLETE SOLUTION
10. A(n) g is ga gprovision gin ga gcontract gthat grequires
gthat ga gcertain gact gor gevent ghappens gin gorder gfor gthe gcontract gto gbe
gbinding gon gthe gparty.:
gANS>> gcontingency
11. The gLead-Based gPaint gDisclosure gis::
gANS>> g gA gfederal grequirement gfor gresidential gproperty gbuilt gprior gto g1978
12. In g Texas, g real g estate g contracts g are g subject g to g satisfactory
g inspections.:
gANS>> g g false
13. The gterm g is gsynonymous gwith gcontingent.:
gANS>> g gsubject gto
14. Real gestate gagents gplay ga grole gthat gincludes garranging gfor
gthe gpre-qualifica- gtion g/ gpre-approval gof gbuyers.:
gANS>> g gtrue
15. Rule gP-53 gof gthe gTexas gDepartment gof gInsurance gstates gthat
gTitle gCompanies:-
:
gANS>> g gCannot gprovide gfood gand gbeverages gfor ga gpicnic gfor ga gsingle gfirm, gCannot gprovide gan
gannual gparty gfor ga gsingle gfirm, gCannot gprovide gcontinuing geducation gclasses gunless gthey gcharge gthe
gmarket grate gfor gthose gclasses
16. Bill gis gthe gbuyer gpurchasing ga gproperty
gfrom gSally. gAll gcontingencies ghave gbeen gmet gand gthe gparties
gare gready gto gclose. gOne gday gprior gto gclosing, gSally gannounces
gthat gshe ghas gchanged gher gmind gand gis ggoing gto gkeep gthe
gproperty. gBill g is g determined g to g complete g the g purchase g and
2 g/
g13
WITH COMPLETE SOLUTION
1. Wrongful gor gcriminal gdeception gintended gto gresult gin gfinancial gor
gpersonal ggain gis gcalled::
ANS>> gfraud
2. The g Buyer g and g Seller g Temporary g Residential g Lease g forms g may
g be g used g for g a glease gperiod gnot gto gexceed::
gANS>> g90 gdays
3. extend g above g the g surface g without g limitation.: g
ANS>> g g air grights
4. An gexample(s) gof gan gappurtenance gwould gbe::
gANS>> g geasements
5. There g is g no g upper g limit g on g the g value g of g a g Texas g homestead.: g
ANS>> g g true
6. A(n) g is gone gthat gcombines gsome gof gthe gelements
gof ga gsale gwith ga glease.:
gANS>> g glease gpurchase gagreement
7. Which g of g the g following g requires g a g contract g for g the
g conveyance g of g real g estate gto gbe gin gwriting gto gbe genforceable?: g
ANS>> g gstatute gof gfrauds
8. If ga gbroker greceives gmore gthan gone goffer gon ga gproperty:: g
ANS>> g gAll gmust gbe gpresented gto gthe gseller gunless gthe gseller ghas ginstructed gthe
gbroker gotherwise
9. The gmost gcommon gform gof gfinancing gused gby gbuyers gis:: g
ANS>> g gthird gparty gfinancing
1 g/
g13
,LAW OF CONTRACTS - CHAMPIONS TEST 2023
WITH COMPLETE SOLUTION
10. A(n) g is ga gprovision gin ga gcontract gthat grequires
gthat ga gcertain gact gor gevent ghappens gin gorder gfor gthe gcontract gto gbe
gbinding gon gthe gparty.:
gANS>> gcontingency
11. The gLead-Based gPaint gDisclosure gis::
gANS>> g gA gfederal grequirement gfor gresidential gproperty gbuilt gprior gto g1978
12. In g Texas, g real g estate g contracts g are g subject g to g satisfactory
g inspections.:
gANS>> g g false
13. The gterm g is gsynonymous gwith gcontingent.:
gANS>> g gsubject gto
14. Real gestate gagents gplay ga grole gthat gincludes garranging gfor
gthe gpre-qualifica- gtion g/ gpre-approval gof gbuyers.:
gANS>> g gtrue
15. Rule gP-53 gof gthe gTexas gDepartment gof gInsurance gstates gthat
gTitle gCompanies:-
:
gANS>> g gCannot gprovide gfood gand gbeverages gfor ga gpicnic gfor ga gsingle gfirm, gCannot gprovide gan
gannual gparty gfor ga gsingle gfirm, gCannot gprovide gcontinuing geducation gclasses gunless gthey gcharge gthe
gmarket grate gfor gthose gclasses
16. Bill gis gthe gbuyer gpurchasing ga gproperty
gfrom gSally. gAll gcontingencies ghave gbeen gmet gand gthe gparties
gare gready gto gclose. gOne gday gprior gto gclosing, gSally gannounces
gthat gshe ghas gchanged gher gmind gand gis ggoing gto gkeep gthe
gproperty. gBill g is g determined g to g complete g the g purchase g and
2 g/
g13
