Law of Contracts - CHAMPIONS TEST
ACTUAL UPDATED Questions and
CORRECT Answers
The TREC residential contract forms are: - CORRECT ANSWER -Drafted by the Broker
Lawyer Committee
Wrongful or criminal deception intended to result in financial or personal gain is called: -
CORRECT ANSWER -fraud
Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. -
CORRECT ANSWER -goods
If a seller will continue to occupy the property for one month after the closing, the buyer and
seller should: - CORRECT ANSWER -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: - CORRECT ANSWER -90 days
a seller's disclosure notice is not required - CORRECT ANSWER -at a foreclosure sale
The type of law that deals with the relationship between the parties to a transaction, sales agents
and brokers is: - CORRECT ANSWER -agency law
__________ is the body of laws and regulations enacted by federal and state legislative bodies. -
CORRECT ANSWER -statutory law
__________ extend above the surface without limitation. - CORRECT ANSWER -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) __________. - CORRECT ANSWER -improvement
A(n) __________ is an entity created for the benefit of another. - CORRECT ANSWER -
trust
an option contract is: - CORRECT ANSWER -unilateral contract
__________ is not a requirement of a valid contract. - CORRECT ANSWER -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. - CORRECT ANSWER -
void
The five essential elements of a valid and enforceable contract are, Consideration, Offer and
Acceptance, Legal purpose, In writing and __________. - CORRECT ANSWER -
competent parties
A(n) __________ is an agreement between two or more parties to do something or to refrain
from doing something. - CORRECT ANSWER -contract
When an individual owns real property, he or she is said to have a (n) __________ in that
property. - CORRECT ANSWER -freehold estate
If property violates zoning, the owners must request a __________, which is permission to
violate the rules. - CORRECT ANSWER -variance
An example(s) of an appurtenance would be: - CORRECT ANSWER -easements
There is no upper limit on the value of a Texas homestead. - CORRECT ANSWER -true
ACTUAL UPDATED Questions and
CORRECT Answers
The TREC residential contract forms are: - CORRECT ANSWER -Drafted by the Broker
Lawyer Committee
Wrongful or criminal deception intended to result in financial or personal gain is called: -
CORRECT ANSWER -fraud
Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. -
CORRECT ANSWER -goods
If a seller will continue to occupy the property for one month after the closing, the buyer and
seller should: - CORRECT ANSWER -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: - CORRECT ANSWER -90 days
a seller's disclosure notice is not required - CORRECT ANSWER -at a foreclosure sale
The type of law that deals with the relationship between the parties to a transaction, sales agents
and brokers is: - CORRECT ANSWER -agency law
__________ is the body of laws and regulations enacted by federal and state legislative bodies. -
CORRECT ANSWER -statutory law
__________ extend above the surface without limitation. - CORRECT ANSWER -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) __________. - CORRECT ANSWER -improvement
A(n) __________ is an entity created for the benefit of another. - CORRECT ANSWER -
trust
an option contract is: - CORRECT ANSWER -unilateral contract
__________ is not a requirement of a valid contract. - CORRECT ANSWER -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. - CORRECT ANSWER -
void
The five essential elements of a valid and enforceable contract are, Consideration, Offer and
Acceptance, Legal purpose, In writing and __________. - CORRECT ANSWER -
competent parties
A(n) __________ is an agreement between two or more parties to do something or to refrain
from doing something. - CORRECT ANSWER -contract
When an individual owns real property, he or she is said to have a (n) __________ in that
property. - CORRECT ANSWER -freehold estate
If property violates zoning, the owners must request a __________, which is permission to
violate the rules. - CORRECT ANSWER -variance
An example(s) of an appurtenance would be: - CORRECT ANSWER -easements
There is no upper limit on the value of a Texas homestead. - CORRECT ANSWER -true
