LAW OF CONTRACTS (2026 Edition) Questions
and Answers (Verified Answers) | Solved Exam
Pack | 100% Pass
• The Buyer and Seller Temporary Residential Lease forms may be used
for a lease period not to exceed: -✓✓90 days
• __________ extend above the surface without limitation. -✓✓air rights
• An example(s) of an appurtenance would be: -✓✓easements
• There is no upper limit on the value of a Texas homestead. -✓✓true
• A(n) __________ is one that combines some of the elements of a sale
with a lease. -✓✓lease purchase agreement
• Which of the following requires a contract for the conveyance of real
estate to be in writing to be enforceable? -✓✓statute of frauds
• If a broker receives more than one offer on a property: -✓✓All must be
presented to the seller unless the seller has instructed the broker
otherwise
• The most common form of financing used by buyers is: -✓✓third party
financing
• A(n) __________ is a provision in a contract that requires that a certain
act or event happens in order for the contract to be binding on the party.
-✓✓contingency
• The Lead-Based Paint Disclosure is: -✓✓A federal requirement for
residential property built prior to 1978
, • In Texas, real estate contracts are subject to satisfactory inspections. -
✓✓false
• The term __________ is synonymous with contingent. -✓✓subject to
• Real estate agents play a role that includes arranging for the pre-
qualification / pre-approval of buyers. -✓✓true
• Rule P-53 of the Texas Department of Insurance states that Title
Companies: -✓✓Cannot provide food and beverages for a picnic for a
single firm, Cannot provide an annual party for a single firm, Cannot
provide continuing education classes unless they charge the market rate
for those classes
• Bill is the buyer purchasing a property from Sally. All contingencies
have been met and the parties are ready to close. One day prior to
closing, Sally announces that she has changed her mind and is going to
keep the property. Bill is determined to complete the purchase and
acquire the property. The only default remedy in the contract that could
result in Bill acquiring the property is___________________________.
-✓✓specific performance
• Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a
contract. The seller told Elmer that he wanted to stay in the property for
at least a week after closing. Elmer said that would be no problem and
entered the following text to Paragraph 11: "Seller and Buyer agree that
Seller will remain in the Property for 7 days after closing and funding."
In this case, Elmer has: -✓✓Engaged in the unlawful practice of law
• The four economic characteristics of land are: scarcity, fixity, situs and
________. -✓✓modification
and Answers (Verified Answers) | Solved Exam
Pack | 100% Pass
• The Buyer and Seller Temporary Residential Lease forms may be used
for a lease period not to exceed: -✓✓90 days
• __________ extend above the surface without limitation. -✓✓air rights
• An example(s) of an appurtenance would be: -✓✓easements
• There is no upper limit on the value of a Texas homestead. -✓✓true
• A(n) __________ is one that combines some of the elements of a sale
with a lease. -✓✓lease purchase agreement
• Which of the following requires a contract for the conveyance of real
estate to be in writing to be enforceable? -✓✓statute of frauds
• If a broker receives more than one offer on a property: -✓✓All must be
presented to the seller unless the seller has instructed the broker
otherwise
• The most common form of financing used by buyers is: -✓✓third party
financing
• A(n) __________ is a provision in a contract that requires that a certain
act or event happens in order for the contract to be binding on the party.
-✓✓contingency
• The Lead-Based Paint Disclosure is: -✓✓A federal requirement for
residential property built prior to 1978
, • In Texas, real estate contracts are subject to satisfactory inspections. -
✓✓false
• The term __________ is synonymous with contingent. -✓✓subject to
• Real estate agents play a role that includes arranging for the pre-
qualification / pre-approval of buyers. -✓✓true
• Rule P-53 of the Texas Department of Insurance states that Title
Companies: -✓✓Cannot provide food and beverages for a picnic for a
single firm, Cannot provide an annual party for a single firm, Cannot
provide continuing education classes unless they charge the market rate
for those classes
• Bill is the buyer purchasing a property from Sally. All contingencies
have been met and the parties are ready to close. One day prior to
closing, Sally announces that she has changed her mind and is going to
keep the property. Bill is determined to complete the purchase and
acquire the property. The only default remedy in the contract that could
result in Bill acquiring the property is___________________________.
-✓✓specific performance
• Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a
contract. The seller told Elmer that he wanted to stay in the property for
at least a week after closing. Elmer said that would be no problem and
entered the following text to Paragraph 11: "Seller and Buyer agree that
Seller will remain in the Property for 7 days after closing and funding."
In this case, Elmer has: -✓✓Engaged in the unlawful practice of law
• The four economic characteristics of land are: scarcity, fixity, situs and
________. -✓✓modification
