Champions - Law of Contracts 2025/2026
Exam Questions and Correct Answers |
New Update
In a residential lease with a "right of first refusal" provision: - 🧠 ANSWER
✔✔The tenant has the right to match or better any offer the landlord
receives to prevent the property from being sold to someone else
The four ECONOMIC characteristics of land are: - 🧠 ANSWER ✔✔1)
Scarcity
2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
,The Buyer and Seller Temporary Residential Lease forms may be used for
a lease period not to exceed: - 🧠 ANSWER ✔✔90 days
A contract that is said to lack mutuality because only one party is obligated
to perform is a________ contract. - 🧠 ANSWER ✔✔Unilateral Contract
According to the Deceptive Trade Practices Act (DTPA), brokerage falls
under the category of ________. - 🧠 ANSWER ✔✔Services
The five essential elements of a valid and enforceable contract are: - 🧠
ANSWER ✔✔COLIC
1. Component parties
2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
________ law is a body of law based on "common sense" and local
custom. - 🧠 ANSWER ✔✔Common Law
A(n) ________ is a business venture that is owned by one individual. - 🧠
ANSWER ✔✔Sole proprietorship
, A(n) __________ is an agreement between two or more parties to do
something or to refrain from doing something. - 🧠 ANSWER ✔✔Contract
The fact that the value is affected by manmade changes to the land. - 🧠
ANSWER ✔✔Modifications
Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of
Jake's personal residence. In the contract, Jake promised to deliver a
seller's disclosure of property condition within 5 days of the effective date of
the contract. Jake never delivered the disclosure as promised. Which of the
following statements is true? - 🧠 ANSWER ✔✔Sarah has the right to
terminate the contract and receive a refund of earnest money prior to
closing
Owners within a __________________ do not actually own a specific unit.
The entire cooperative complex is
owned by a corporation. Those who wish to live in the cooperative buy
shares in the corporation, and
receive a proprietary lease on the unit. When listing and selling
cooperatives, a real estate license is often
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
Exam Questions and Correct Answers |
New Update
In a residential lease with a "right of first refusal" provision: - 🧠 ANSWER
✔✔The tenant has the right to match or better any offer the landlord
receives to prevent the property from being sold to someone else
The four ECONOMIC characteristics of land are: - 🧠 ANSWER ✔✔1)
Scarcity
2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
,The Buyer and Seller Temporary Residential Lease forms may be used for
a lease period not to exceed: - 🧠 ANSWER ✔✔90 days
A contract that is said to lack mutuality because only one party is obligated
to perform is a________ contract. - 🧠 ANSWER ✔✔Unilateral Contract
According to the Deceptive Trade Practices Act (DTPA), brokerage falls
under the category of ________. - 🧠 ANSWER ✔✔Services
The five essential elements of a valid and enforceable contract are: - 🧠
ANSWER ✔✔COLIC
1. Component parties
2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
________ law is a body of law based on "common sense" and local
custom. - 🧠 ANSWER ✔✔Common Law
A(n) ________ is a business venture that is owned by one individual. - 🧠
ANSWER ✔✔Sole proprietorship
, A(n) __________ is an agreement between two or more parties to do
something or to refrain from doing something. - 🧠 ANSWER ✔✔Contract
The fact that the value is affected by manmade changes to the land. - 🧠
ANSWER ✔✔Modifications
Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of
Jake's personal residence. In the contract, Jake promised to deliver a
seller's disclosure of property condition within 5 days of the effective date of
the contract. Jake never delivered the disclosure as promised. Which of the
following statements is true? - 🧠 ANSWER ✔✔Sarah has the right to
terminate the contract and receive a refund of earnest money prior to
closing
Owners within a __________________ do not actually own a specific unit.
The entire cooperative complex is
owned by a corporation. Those who wish to live in the cooperative buy
shares in the corporation, and
receive a proprietary lease on the unit. When listing and selling
cooperatives, a real estate license is often
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
