MGRADES EXAMS
Champion School of Real Estate ACTUAL
UPDATED Exam Questions and CORRECT
Answers
Default - CORRECT ANSWER - when a party to a contract fails to perform under the
contract (also referred to as breach of contract)
Types of Damages - CORRECT ANSWER - -Refund of Earnest Money
-Monetary Damages
-Specific Performance
2 TREC Lease Forms - CORRECT 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 - CORRECT 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 - CORRECT ANSWER - Liquidated Damages - the seller can choose to
accept the buyer's earnest money, releasing all parties from any further obligation
2. Monetary Damages - the 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 - CORRECT 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.
, MGRADES EXAMS
Indestructability or Durability - CORRECT ANSWER - the land cannot be destroyed
Immobility - CORRECT ANSWER - the land cannot be moved
Nonhomogeneity - CORRECT ANSWER - no two parcels of land are the same.
Scarcity - CORRECT ANSWER - supply and demand
Modification - CORRECT ANSWER - value is affected by man-made changes to the land
Fixity - CORRECT ANSWER - land and additions to the land, such as buildings, take
long periods to pay for themselves
Situs - CORRECT ANSWER - location of the property or land from an economic
viewpoint
What constitutes an offer? - CORRECT ANSWER - an offer on a residential property is
presented in writing on the required forms. including any needed addenda. ALL OFFERS MUST
BE PRESENTED!
Patent - CORRECT ANSWER - transfer ownership from the government to an individual
and looks much like a deed
Abstract of Title - CORRECT ANSWER - A complete history of all recorded events
affecting title to the property
Attorney's Opinion of Title - CORRECT ANSWER - opinion regarding the state of the
title and its ability to be transferred
Champion School of Real Estate ACTUAL
UPDATED Exam Questions and CORRECT
Answers
Default - CORRECT ANSWER - when a party to a contract fails to perform under the
contract (also referred to as breach of contract)
Types of Damages - CORRECT ANSWER - -Refund of Earnest Money
-Monetary Damages
-Specific Performance
2 TREC Lease Forms - CORRECT 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 - CORRECT 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 - CORRECT ANSWER - Liquidated Damages - the seller can choose to
accept the buyer's earnest money, releasing all parties from any further obligation
2. Monetary Damages - the 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 - CORRECT 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.
, MGRADES EXAMS
Indestructability or Durability - CORRECT ANSWER - the land cannot be destroyed
Immobility - CORRECT ANSWER - the land cannot be moved
Nonhomogeneity - CORRECT ANSWER - no two parcels of land are the same.
Scarcity - CORRECT ANSWER - supply and demand
Modification - CORRECT ANSWER - value is affected by man-made changes to the land
Fixity - CORRECT ANSWER - land and additions to the land, such as buildings, take
long periods to pay for themselves
Situs - CORRECT ANSWER - location of the property or land from an economic
viewpoint
What constitutes an offer? - CORRECT ANSWER - an offer on a residential property is
presented in writing on the required forms. including any needed addenda. ALL OFFERS MUST
BE PRESENTED!
Patent - CORRECT ANSWER - transfer ownership from the government to an individual
and looks much like a deed
Abstract of Title - CORRECT ANSWER - A complete history of all recorded events
affecting title to the property
Attorney's Opinion of Title - CORRECT ANSWER - opinion regarding the state of the
title and its ability to be transferred
