Champions School of Real Estate With Complete
Solution Graded A+
Default - Answer when a party to a contract fails to perform under the contract (also
referred to as breach of contract)
Types of Damages - Answer -Refund of Earnest Money
-Monetary Damages
-Specific Performance
2 TREC Lease Forms - Answer 1. Buyer's Temporary Residential Lease - for use when
the buyer occupies the property for no more than 90 days prior to closing.
2. Seller's Temporary Residential Lease - for use when the seller occupies the property
for no more than 90 days after closing.
Right of First Refusal - Answer giving the tenant the right to purchase the leased
property by matching or bettering any offer before the property will be sold to someone
else
Default Remedies - Statutory Answers Liquidated Damages - the seller may accept the
buyer's earnest money, discharging all parties from further liability
2. Monetary Damages - injured party may "seek such other relief as may be provided by
law"
3. Specific Performance - the injured party files a court action seeking an order of the
court directing the defaulting party to perform according to the terms of the contract.
Texas Veteran's Land Board - Answer the primary benefit to the veteran is that the rate
on the Veteran's Land Board loan is often up to one percent below prevailing market
rates.
, Indestructability or Durability - Answer the land cannot be destroyed
Immobility - Answer the land cannot be moved
Nonhomogeneity - Answer no two parcels of land are the same.
Scarcity - Answer supply and demand
Modification - Answer value is affected by man-made changes to the land
Fixity - Answer land and additions to the land, such as buildings, take long periods to
pay for themselves
Location of the property or land from an economic perspective
What constitutes an offer? An offer on a residential property is rendered in writing on
the appropriate forms. including any necessary addenda. ALL OFFERS MUST BE
RECEIVED!
Patent transfer ownership from the government to an individual and looks much like a
deed
Abstract of Title - an exact history of all recorded events affecting title to the property
Attorney's Opinion of Title - an opinion as to the status of the title and its insurability
Chain of Title - the record of a property's ownership
Solution Graded A+
Default - Answer when a party to a contract fails to perform under the contract (also
referred to as breach of contract)
Types of Damages - Answer -Refund of Earnest Money
-Monetary Damages
-Specific Performance
2 TREC Lease Forms - Answer 1. Buyer's Temporary Residential Lease - for use when
the buyer occupies the property for no more than 90 days prior to closing.
2. Seller's Temporary Residential Lease - for use when the seller occupies the property
for no more than 90 days after closing.
Right of First Refusal - Answer giving the tenant the right to purchase the leased
property by matching or bettering any offer before the property will be sold to someone
else
Default Remedies - Statutory Answers Liquidated Damages - the seller may accept the
buyer's earnest money, discharging all parties from further liability
2. Monetary Damages - injured party may "seek such other relief as may be provided by
law"
3. Specific Performance - the injured party files a court action seeking an order of the
court directing the defaulting party to perform according to the terms of the contract.
Texas Veteran's Land Board - Answer the primary benefit to the veteran is that the rate
on the Veteran's Land Board loan is often up to one percent below prevailing market
rates.
, Indestructability or Durability - Answer the land cannot be destroyed
Immobility - Answer the land cannot be moved
Nonhomogeneity - Answer no two parcels of land are the same.
Scarcity - Answer supply and demand
Modification - Answer value is affected by man-made changes to the land
Fixity - Answer land and additions to the land, such as buildings, take long periods to
pay for themselves
Location of the property or land from an economic perspective
What constitutes an offer? An offer on a residential property is rendered in writing on
the appropriate forms. including any necessary addenda. ALL OFFERS MUST BE
RECEIVED!
Patent transfer ownership from the government to an individual and looks much like a
deed
Abstract of Title - an exact history of all recorded events affecting title to the property
Attorney's Opinion of Title - an opinion as to the status of the title and its insurability
Chain of Title - the record of a property's ownership
