LAW OF CONTRACTS - CHAMPIONS TEST 2023
WITH COMPLETE SOLUTION
1. The TREC residential contract forms are::
ANS>> Drafted by the Broker Lawyer Committee
2. Wrongful or criminal deception intended to result in financial or
personal gain is called::
ANS>> fraud
3. Under the Deceptive
Trade Practices Act, are defined as
tangible chattels.:
ANS>> goods
4. If a seller will continue to occupy the property for one month after
the closing, the buyer and seller should::
ANS>> Enter into a Seller's Temporary Residential Lease
5. The Buyer and Seller Temporary Residential Lease forms may be
used for a lease period not to exceed::
ANS>> 90 days
6. A seller's disclosure notice is not required:
ANS>> at a foreclosure sale
7. The type of law that deals with the relationship between the
parties to a transaction, sales agents and brokers is::
ANS>> Law of Agency
8. is the body of laws and regulations enacted by federal
and state legislative bodies.:
ANS>> Statutory Law
9. extend above the surface without limitation.:
,LAW OF CONTRACTS - CHAMPIONS TEST 2023
WITH COMPLETE SOLUTION
ANS>> Air Rights
10. Any man-made
addition to land that is permanent, and is considered to become
part of the land is known as a(n) .:
ANS>> Improvement
11. A(n) is an entity created for the benefit of another.
ANS>> Trust
12. An option contract is::
ANS>> Unilateral contract
13. is not a requirement of a valid contract.:
ANS>> 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.:
ANS>> void
15. The five
essential elements of a valid and enforceable contract are, Consider-
ation, Offer and Acceptance, Legal purpose, In writing and .:
ANS>> competent parties
16. A(n) is an agreement between two or more
parties to do some- thing or to refrain from doing something.:
ANS>> contract
17. When an individual owns real property, he or she is said to have
,LAW OF CONTRACTS - CHAMPIONS TEST 2023
WITH COMPLETE SOLUTION
a (n)
in that property.:
ANS>> freehold estate
18. If
property violates zoning, the owners must request a , which
is permission to violate the rules.:
ANS>> variance
,LAW OF CONTRACTS - CHAMPIONS TEST 2023
WITH COMPLETE SOLUTION
19. An example(s) of an appurtenance would be::
ANS>> easements
20. There is no upper limit on the value of a Texas homestead.:
ANS>> true
21. A(n) is an area of land separating one land use
from another.:
ANS>> butter zone
22. The French term means a life estate
that is based on the life of another.:
ANS>> pur autre vie
23. In a residential lease with a "right of first refusal" provision::
ANS>> The tenant has the right to match or better any otter the landlord receives to
prevent the property from being sold to someone else
24. A is an employment agreement between the seller and
the broker.-
:
ANS>> listing agreement
25. A(n) is one that combines some of the elements
of a sale with a lease.:
ANS>> lease purchase agreement
26. Prior to closing, severe damage to or destruction of a
property under con- tract::
ANS>> Can result in termination of the contract
27. The four major types of listing
agreements are, exclusive agency, net listing, exclusive right to sell
WITH COMPLETE SOLUTION
1. The TREC residential contract forms are::
ANS>> Drafted by the Broker Lawyer Committee
2. Wrongful or criminal deception intended to result in financial or
personal gain is called::
ANS>> fraud
3. Under the Deceptive
Trade Practices Act, are defined as
tangible chattels.:
ANS>> goods
4. If a seller will continue to occupy the property for one month after
the closing, the buyer and seller should::
ANS>> Enter into a Seller's Temporary Residential Lease
5. The Buyer and Seller Temporary Residential Lease forms may be
used for a lease period not to exceed::
ANS>> 90 days
6. A seller's disclosure notice is not required:
ANS>> at a foreclosure sale
7. The type of law that deals with the relationship between the
parties to a transaction, sales agents and brokers is::
ANS>> Law of Agency
8. is the body of laws and regulations enacted by federal
and state legislative bodies.:
ANS>> Statutory Law
9. extend above the surface without limitation.:
,LAW OF CONTRACTS - CHAMPIONS TEST 2023
WITH COMPLETE SOLUTION
ANS>> Air Rights
10. Any man-made
addition to land that is permanent, and is considered to become
part of the land is known as a(n) .:
ANS>> Improvement
11. A(n) is an entity created for the benefit of another.
ANS>> Trust
12. An option contract is::
ANS>> Unilateral contract
13. is not a requirement of a valid contract.:
ANS>> 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.:
ANS>> void
15. The five
essential elements of a valid and enforceable contract are, Consider-
ation, Offer and Acceptance, Legal purpose, In writing and .:
ANS>> competent parties
16. A(n) is an agreement between two or more
parties to do some- thing or to refrain from doing something.:
ANS>> contract
17. When an individual owns real property, he or she is said to have
,LAW OF CONTRACTS - CHAMPIONS TEST 2023
WITH COMPLETE SOLUTION
a (n)
in that property.:
ANS>> freehold estate
18. If
property violates zoning, the owners must request a , which
is permission to violate the rules.:
ANS>> variance
,LAW OF CONTRACTS - CHAMPIONS TEST 2023
WITH COMPLETE SOLUTION
19. An example(s) of an appurtenance would be::
ANS>> easements
20. There is no upper limit on the value of a Texas homestead.:
ANS>> true
21. A(n) is an area of land separating one land use
from another.:
ANS>> butter zone
22. The French term means a life estate
that is based on the life of another.:
ANS>> pur autre vie
23. In a residential lease with a "right of first refusal" provision::
ANS>> The tenant has the right to match or better any otter the landlord receives to
prevent the property from being sold to someone else
24. A is an employment agreement between the seller and
the broker.-
:
ANS>> listing agreement
25. A(n) is one that combines some of the elements
of a sale with a lease.:
ANS>> lease purchase agreement
26. Prior to closing, severe damage to or destruction of a
property under con- tract::
ANS>> Can result in termination of the contract
27. The four major types of listing
agreements are, exclusive agency, net listing, exclusive right to sell
