1
2025 LAW OF CONTRACTS CHAMPIONS EXAM,
QUESTIONS AND CORRECT ANSWERS | ALREADY
GRADED A+ | PROFESSOR VERIFIED
The TREC residential contract forms are: - (answers)Drafted by the Broker Lawyer
Committee
Wrongful or criminal deception intended to result in financial or personal gain is
called: - (answers)fraud
Under the Deceptive Trade Practices Act, __________ are defined as tangible
chattels. - (answers)goods
If a seller will continue to occupy the property for one month after the closing,
the buyer and seller should: - (answers)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: - (answers)90 days
A seller's disclosure notice is not required - (answers)at a foreclosure sale
The type of law that deals with the relationship between the parties to a
transaction, sales agents and brokers is: - (answers)Law of Agency
, 2
__________ is the body of laws and regulations enacted by federal and state
legislative bodies. - (answers)Statutory Law
__________ extend above the surface without limitation. - (answers)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) __________. - (answers)Improvement
A(n) __________ is an entity created for the benefit of another. - (answers)Trust
An option contract is: - (answers)Unilateral contract
__________ is not a requirement of a valid contract. - (answers)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. -
(answers)void
The five essential elements of a valid and enforceable contract are, Consideration,
Offer and Acceptance, Legal purpose, In writing and __________. -
(answers)competent parties
A(n) __________ is an agreement between two or more parties to do something
or to refrain from doing something. - (answers)contract
, 3
When an individual owns real property, he or she is said to have a (n) __________
in that property. - (answers)freehold estate
If property violates zoning, the owners must request a __________, which is
permission to violate the rules. - (answers)variance
An example(s) of an appurtenance would be: - (answers)easements
There is no upper limit on the value of a Texas homestead. - (answers)true
A(n) __________ is an area of land separating one land use from another. -
(answers)buffer zone
The French term __________ means a life estate that is based on the life of
another. - (answers)pur autre vie
In a residential lease with a "right of first refusal" provision: - (answers)The tenant
has the right to match or better any offer the landlord receives to prevent the
property from being sold to someone else
A __________ is an employment agreement between the seller and the broker. -
(answers)listing agreement
, 4
A(n) __________ is one that combines some of the elements of a sale with a
lease. - (answers)lease purchase agreement
Prior to closing, severe damage to or destruction of a property under contract: -
(answers)Can result in termination of the contract
The four major types of listing agreements are, exclusive agency, net listing,
exclusive right to sell and __________. - (answers)open listing
In a __________ lease, the tenant's rent is based, in whole or in part, on the
receipts of his or her business. - (answers)percentage lease
A(n) __________ is a type of seller financing wherein the owner retains title to
the property while the purchaser takes possession of the premises and pays on
the principal. - (answers)contract for deed
Which of the following requires a contract for the conveyance of real estate to be
in writing to be enforceable? - (answers)statute of frauds
If a broker receives more than one offer on a property: - (answers)All must be
presented to the seller unless the seller has instructed the broker otherwise
a counteroffer is: - (answers)a rejection, a new offer, able to be withdrawn prior
to acceptance
2025 LAW OF CONTRACTS CHAMPIONS EXAM,
QUESTIONS AND CORRECT ANSWERS | ALREADY
GRADED A+ | PROFESSOR VERIFIED
The TREC residential contract forms are: - (answers)Drafted by the Broker Lawyer
Committee
Wrongful or criminal deception intended to result in financial or personal gain is
called: - (answers)fraud
Under the Deceptive Trade Practices Act, __________ are defined as tangible
chattels. - (answers)goods
If a seller will continue to occupy the property for one month after the closing,
the buyer and seller should: - (answers)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: - (answers)90 days
A seller's disclosure notice is not required - (answers)at a foreclosure sale
The type of law that deals with the relationship between the parties to a
transaction, sales agents and brokers is: - (answers)Law of Agency
, 2
__________ is the body of laws and regulations enacted by federal and state
legislative bodies. - (answers)Statutory Law
__________ extend above the surface without limitation. - (answers)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) __________. - (answers)Improvement
A(n) __________ is an entity created for the benefit of another. - (answers)Trust
An option contract is: - (answers)Unilateral contract
__________ is not a requirement of a valid contract. - (answers)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. -
(answers)void
The five essential elements of a valid and enforceable contract are, Consideration,
Offer and Acceptance, Legal purpose, In writing and __________. -
(answers)competent parties
A(n) __________ is an agreement between two or more parties to do something
or to refrain from doing something. - (answers)contract
, 3
When an individual owns real property, he or she is said to have a (n) __________
in that property. - (answers)freehold estate
If property violates zoning, the owners must request a __________, which is
permission to violate the rules. - (answers)variance
An example(s) of an appurtenance would be: - (answers)easements
There is no upper limit on the value of a Texas homestead. - (answers)true
A(n) __________ is an area of land separating one land use from another. -
(answers)buffer zone
The French term __________ means a life estate that is based on the life of
another. - (answers)pur autre vie
In a residential lease with a "right of first refusal" provision: - (answers)The tenant
has the right to match or better any offer the landlord receives to prevent the
property from being sold to someone else
A __________ is an employment agreement between the seller and the broker. -
(answers)listing agreement
, 4
A(n) __________ is one that combines some of the elements of a sale with a
lease. - (answers)lease purchase agreement
Prior to closing, severe damage to or destruction of a property under contract: -
(answers)Can result in termination of the contract
The four major types of listing agreements are, exclusive agency, net listing,
exclusive right to sell and __________. - (answers)open listing
In a __________ lease, the tenant's rent is based, in whole or in part, on the
receipts of his or her business. - (answers)percentage lease
A(n) __________ is a type of seller financing wherein the owner retains title to
the property while the purchaser takes possession of the premises and pays on
the principal. - (answers)contract for deed
Which of the following requires a contract for the conveyance of real estate to be
in writing to be enforceable? - (answers)statute of frauds
If a broker receives more than one offer on a property: - (answers)All must be
presented to the seller unless the seller has instructed the broker otherwise
a counteroffer is: - (answers)a rejection, a new offer, able to be withdrawn prior
to acceptance
