LAW OF CONTRACTS - CHAMPIONS
TEST ACTUAL EXAM QUESTIONS
AND VERIFIED DETAILED
ANSWERS 100% PASS LATEST!!
The TREC residential contract forms are:
Drafted by the Broker Lawyer Committee
Wrongful or criminal deception intended to result in financial or personal gain is
called:
fraud
Under the Deceptive Trade Practices Act, __________ are defined as tangible
chattels.
goods
If a seller will continue to occupy the property for one month after the closing, the
buyer and seller should:
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:
,90 days
A seller's disclosure notice is not required
at a foreclosure sale
The type of law that deals with the relationship between the parties to a transaction,
sales agents and brokers is:
Law of Agency
__________ is the body of laws and regulations enacted by federal and state
legislative bodies.
Statutory Law
__________ extend above the surface without limitation.
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) __________.
Improvement
A(n) __________ is an entity created for the benefit of another.
Trust
, An option contract is:
Unilateral contract
__________ is not a requirement of a valid contract.
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.
void
The five essential elements of a valid and enforceable contract are, Consideration,
Offer and Acceptance, Legal purpose, In writing and __________.
competent parties
A(n) __________ is an agreement between two or more parties to do something or
to refrain from doing something.
contract
When an individual owns real property, he or she is said to have a (n) __________
in that property.
freehold estate
TEST ACTUAL EXAM QUESTIONS
AND VERIFIED DETAILED
ANSWERS 100% PASS LATEST!!
The TREC residential contract forms are:
Drafted by the Broker Lawyer Committee
Wrongful or criminal deception intended to result in financial or personal gain is
called:
fraud
Under the Deceptive Trade Practices Act, __________ are defined as tangible
chattels.
goods
If a seller will continue to occupy the property for one month after the closing, the
buyer and seller should:
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:
,90 days
A seller's disclosure notice is not required
at a foreclosure sale
The type of law that deals with the relationship between the parties to a transaction,
sales agents and brokers is:
Law of Agency
__________ is the body of laws and regulations enacted by federal and state
legislative bodies.
Statutory Law
__________ extend above the surface without limitation.
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) __________.
Improvement
A(n) __________ is an entity created for the benefit of another.
Trust
, An option contract is:
Unilateral contract
__________ is not a requirement of a valid contract.
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.
void
The five essential elements of a valid and enforceable contract are, Consideration,
Offer and Acceptance, Legal purpose, In writing and __________.
competent parties
A(n) __________ is an agreement between two or more parties to do something or
to refrain from doing something.
contract
When an individual owns real property, he or she is said to have a (n) __________
in that property.
freehold estate
