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CHAMPIONS PROMULGATED CONTRACT FORMS
2025| BRAND NEW ACTUAL EXAM WITH 100%
VERIFIED QUESTIONS AND CORRECT SOLUTIONS|
GUARANTEED VALUE PACK| ACE YOUR GRADES.
The five essential elements that must exist for a real estate sales contract to be
considered valid and enforceable are: legal purpose, competent parties, mutual
assent, consideration and ____________.
(a) Signature of witnesses
(b) In writing
(c) Acknowledgment by a notary
(d) Recording in county clerk's office - (answer)(b) In writing
If a contract has been entered into with a person who has been judged to be
incompetent, that contract is considered ____________ because that person
never had the capacity to enter into it.
(a) Executed
(b) Valid
(c) Voidable
(d) Void - (answer)(d) Void
Tammy is interested in Jolene's property, but wants to research the zoning laws
before purchasing. She has and agreement in which she paid a fee of $10,000 to
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keep the property available for a preset price for 30 days, during which time
Jolene cannot sell the property to another. Tammy, however, can change her
mind if she likes. What kind of agreement is this?
(a) Bilateral
(b) Oral
(c) Option
(d) Void - (answer)(c) Option
All oral negotiations are _________.
(a) Voluntary
(b) Involuntary
(c) Executory
(d) Binding - (answer)(a) Voluntary
The _________ assumes primary liability for performance under the contract.
(a) Assignee
(b) Assignor
(c) Broker-Lawyer Committee
(d) Title company - (answer)(a) Assignee
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Mutual consent is completed by the process of __________.
(a) Consideration
(b) Offer and acceptance
(c) Default
(d) Fraud - (answer)(b) Offer and acceptance
Which of the following is the buyer's primary obligation toward the performance
of a real estate contract?
(a) Convey satisfactory title
(b) Negotiate a lower price
(c) Be ready to pay the agreed-upon price
(d) All of these are the buyer's obligations toward the performance of a real
estate contract - (answer)(c) Be ready to pay the agreed-upon price
Which of the following contracts is NOT assignable?
(a) Most purchase contracts
(b) Leases
(c) Contracts for personal services
CHAMPIONS PROMULGATED CONTRACT FORMS
2025| BRAND NEW ACTUAL EXAM WITH 100%
VERIFIED QUESTIONS AND CORRECT SOLUTIONS|
GUARANTEED VALUE PACK| ACE YOUR GRADES.
The five essential elements that must exist for a real estate sales contract to be
considered valid and enforceable are: legal purpose, competent parties, mutual
assent, consideration and ____________.
(a) Signature of witnesses
(b) In writing
(c) Acknowledgment by a notary
(d) Recording in county clerk's office - (answer)(b) In writing
If a contract has been entered into with a person who has been judged to be
incompetent, that contract is considered ____________ because that person
never had the capacity to enter into it.
(a) Executed
(b) Valid
(c) Voidable
(d) Void - (answer)(d) Void
Tammy is interested in Jolene's property, but wants to research the zoning laws
before purchasing. She has and agreement in which she paid a fee of $10,000 to
,2|Page
keep the property available for a preset price for 30 days, during which time
Jolene cannot sell the property to another. Tammy, however, can change her
mind if she likes. What kind of agreement is this?
(a) Bilateral
(b) Oral
(c) Option
(d) Void - (answer)(c) Option
All oral negotiations are _________.
(a) Voluntary
(b) Involuntary
(c) Executory
(d) Binding - (answer)(a) Voluntary
The _________ assumes primary liability for performance under the contract.
(a) Assignee
(b) Assignor
(c) Broker-Lawyer Committee
(d) Title company - (answer)(a) Assignee
, 3|Page
Mutual consent is completed by the process of __________.
(a) Consideration
(b) Offer and acceptance
(c) Default
(d) Fraud - (answer)(b) Offer and acceptance
Which of the following is the buyer's primary obligation toward the performance
of a real estate contract?
(a) Convey satisfactory title
(b) Negotiate a lower price
(c) Be ready to pay the agreed-upon price
(d) All of these are the buyer's obligations toward the performance of a real
estate contract - (answer)(c) Be ready to pay the agreed-upon price
Which of the following contracts is NOT assignable?
(a) Most purchase contracts
(b) Leases
(c) Contracts for personal services
