Law of Contracts - Champions Test: Questions & Answers: Guaranteed A+ Score Guide

The TREC residential contract forms are: (Ans- Drafted by the Broker Lawyer Committee Wrongful or criminal deception intended to result in financial or personal gain is called: (Ans- fraud Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. (Ans- goods 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 The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: (Ans- 90 days A seller's disclosure notice is not required (Ans- at a foreclosure sale The type of law that deals with the relationship between the parties to a transaction, sales agents and brokers is: (Ans- Law of Agency __________ is the body of laws and regulations enacted by federal and state legislative bodies. (Ans- Statutory Law __________ extend above the surface without limitation. (Ans- 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) __________. (Ans- Improvement