Law of Contracts Champions UPDATED
Questions and CORRECT Answers
Liquidated Damages - CORRECT ANSWER -Buyer defaults, seller receives the earnest
money.
Tenant has the right to match or better offer in order to beat someone else's. - CORRECT
ANSWER -Residential lease with right of first refusal
Specific Performance - CORRECT ANSWER -Bill's purchasing from Sally, all
contingencies are met, ready to close, Sally decides to keep property, Bill wants it, buyer will sue
for
Unlawful practice of law - CORRECT ANSWER -Elmer Flick, an agent preparing a
contract, seller wants to stay 1 week after closing, alters paragraph 11 special provisions
Used with FHA, VA, or Conventional Loans - CORRECT ANSWER -Texas Veterans
Land Boards Housing Assistance Program loans must be
Scarcity, Fixity, Situs, and Modification - CORRECT ANSWER -The four economic
characteristics of land are
Present offer to seller no matter what - CORRECT ANSWER -Agent Joe recieves an offer
for 150k on a property listed at 199.5k, if the seller will accept no less than 185k, what should
the agent tell the seller?
Complete written history of title - CORRECT ANSWER -What is an abstract of title?
90 days - CORRECT ANSWER -The buyer/seller temporary lease agreement can be
witheld up to a period of
, Unilateral contract - CORRECT ANSWER -An option is a
Special provisions paragraph 11 allows agents to add - CORRECT ANSWER -Facts,
business details
Property taxes - CORRECT ANSWER -At closing ongoing expenses are proated between
the buyer and seller, this usually includes
Police Power - CORRECT ANSWER -Gives the government the right to control the way
land is used
Seller's counteroffer is a rejection to the buyer's - CORRECT ANSWER -Buyer made a
full price offer with the inclusion of a washer/dryer, seller refuses to add appliances
Bill of Sale - CORRECT ANSWER -If a buyer loves the furniture in a house, what should
the seller give tk the buyer?
Mortgage Servicer - CORRECT ANSWER -Joan is charged with administrating the trust
account of a budget mortgage loan, what is she?
Kickbacks - CORRECT ANSWER -RE$PA prohibits ______ which is considered an
abusive practice
Estate in severalty - CORRECT ANSWER -Only one signature required to sell John's
townhouse
Unenforceable by statute of frauds - CORRECT ANSWER -Maria is selling her house
(sale by owner), a buyer offers full price, they shake hands as their agreement, what is this
considered?
Questions and CORRECT Answers
Liquidated Damages - CORRECT ANSWER -Buyer defaults, seller receives the earnest
money.
Tenant has the right to match or better offer in order to beat someone else's. - CORRECT
ANSWER -Residential lease with right of first refusal
Specific Performance - CORRECT ANSWER -Bill's purchasing from Sally, all
contingencies are met, ready to close, Sally decides to keep property, Bill wants it, buyer will sue
for
Unlawful practice of law - CORRECT ANSWER -Elmer Flick, an agent preparing a
contract, seller wants to stay 1 week after closing, alters paragraph 11 special provisions
Used with FHA, VA, or Conventional Loans - CORRECT ANSWER -Texas Veterans
Land Boards Housing Assistance Program loans must be
Scarcity, Fixity, Situs, and Modification - CORRECT ANSWER -The four economic
characteristics of land are
Present offer to seller no matter what - CORRECT ANSWER -Agent Joe recieves an offer
for 150k on a property listed at 199.5k, if the seller will accept no less than 185k, what should
the agent tell the seller?
Complete written history of title - CORRECT ANSWER -What is an abstract of title?
90 days - CORRECT ANSWER -The buyer/seller temporary lease agreement can be
witheld up to a period of
, Unilateral contract - CORRECT ANSWER -An option is a
Special provisions paragraph 11 allows agents to add - CORRECT ANSWER -Facts,
business details
Property taxes - CORRECT ANSWER -At closing ongoing expenses are proated between
the buyer and seller, this usually includes
Police Power - CORRECT ANSWER -Gives the government the right to control the way
land is used
Seller's counteroffer is a rejection to the buyer's - CORRECT ANSWER -Buyer made a
full price offer with the inclusion of a washer/dryer, seller refuses to add appliances
Bill of Sale - CORRECT ANSWER -If a buyer loves the furniture in a house, what should
the seller give tk the buyer?
Mortgage Servicer - CORRECT ANSWER -Joan is charged with administrating the trust
account of a budget mortgage loan, what is she?
Kickbacks - CORRECT ANSWER -RE$PA prohibits ______ which is considered an
abusive practice
Estate in severalty - CORRECT ANSWER -Only one signature required to sell John's
townhouse
Unenforceable by statute of frauds - CORRECT ANSWER -Maria is selling her house
(sale by owner), a buyer offers full price, they shake hands as their agreement, what is this
considered?
