2025 LAW OF CONTRACTS CHAMPIONS EXAM,
QUESTIONS AND CORRECT ANSWERS | ALREADY
GRADED A+ | PROFESSOR VERIFIED
Wrongful or criminal deception intended to result in financial or personal gain is
called: - ans -fraud
The Buyer and Seller Temporary Residential Lease forms may be used for a lease
period not to exceed: - ans -90 days
__________ extend above the surface without limitation. - ans -air rights
An example(s) of an appurtenance would be: - ans -easements
There is no upper limit on the value of a Texas homestead. - ans -true
__________ is one that combines some of the elements of a sale with a lease. -
ans -lease purchase agreement
Which of the following requires a contract for the conveyance of real estate to be
in writing to be enforceable? - ans -statute of frauds
If a broker receives more than one offer on a property: - ans -All must be
presented to the seller unless the seller has instructed the broker otherwise
The most common form of financing used by buyers is: - ans -third party financing
__________ is a provision in a contract that requires that a certain act or event
happens in order for the contract to be binding on the party. - ans -contingency
The Lead-Based Paint Disclosure is: - ans -A federal requirement for residential
property built prior to 1978
In Texas, real estate contracts are subject to satisfactory inspections. - ans -false
The term __________ is synonymous with contingent. - ans -subject to
, The ________ ensures that all consumers are given an equal chance to obtain
credit - ans -Equal Credit Opportunity Act
The formal judicial proceeding to prove the validity of a will and to distribute the
assets of a decedent's estate is called: - ans -probate
A ________ is a deed with no guarantees or warranties. - ans -quitclaim deed
A ________ is the borrower's unconditional promise to repay the lender. - ans -
Promissory note
A "Section 502 Loan" is insured by the ________. - ans -USDA
________ is evidence an individual has of his or her right to possess land. - ans -
Probate
A ________ mortgage covers more than one piece of property. - ans -blanket
Real property conveyed by will is called a ________. - ans -devise
An offer may be withdrawn at any time prior to its acceptance by the offeree - ans
-true
The four categories of leasehold estates are: estate for years, tenancy at
sufferance, tenancy at will and ________. - ans -Periodic tenancy
Buyers' and sellers' marital status is not required in the contract. - ans -true
Which of the following is a physical characteristic of land? - ans -indestructability
Which disclosure is provided to comply with federal requirements for properties
built before 1978? - ans -Lead-Based Paint Disclosure
If the loan factor is $4.49 and the loan amount is $357,500, taxes are $7300/year
and the insurance is $3103 per year, what is the monthly PITI payment? - ans -
$2,472.09
QUESTIONS AND CORRECT ANSWERS | ALREADY
GRADED A+ | PROFESSOR VERIFIED
Wrongful or criminal deception intended to result in financial or personal gain is
called: - ans -fraud
The Buyer and Seller Temporary Residential Lease forms may be used for a lease
period not to exceed: - ans -90 days
__________ extend above the surface without limitation. - ans -air rights
An example(s) of an appurtenance would be: - ans -easements
There is no upper limit on the value of a Texas homestead. - ans -true
__________ is one that combines some of the elements of a sale with a lease. -
ans -lease purchase agreement
Which of the following requires a contract for the conveyance of real estate to be
in writing to be enforceable? - ans -statute of frauds
If a broker receives more than one offer on a property: - ans -All must be
presented to the seller unless the seller has instructed the broker otherwise
The most common form of financing used by buyers is: - ans -third party financing
__________ is a provision in a contract that requires that a certain act or event
happens in order for the contract to be binding on the party. - ans -contingency
The Lead-Based Paint Disclosure is: - ans -A federal requirement for residential
property built prior to 1978
In Texas, real estate contracts are subject to satisfactory inspections. - ans -false
The term __________ is synonymous with contingent. - ans -subject to
, The ________ ensures that all consumers are given an equal chance to obtain
credit - ans -Equal Credit Opportunity Act
The formal judicial proceeding to prove the validity of a will and to distribute the
assets of a decedent's estate is called: - ans -probate
A ________ is a deed with no guarantees or warranties. - ans -quitclaim deed
A ________ is the borrower's unconditional promise to repay the lender. - ans -
Promissory note
A "Section 502 Loan" is insured by the ________. - ans -USDA
________ is evidence an individual has of his or her right to possess land. - ans -
Probate
A ________ mortgage covers more than one piece of property. - ans -blanket
Real property conveyed by will is called a ________. - ans -devise
An offer may be withdrawn at any time prior to its acceptance by the offeree - ans
-true
The four categories of leasehold estates are: estate for years, tenancy at
sufferance, tenancy at will and ________. - ans -Periodic tenancy
Buyers' and sellers' marital status is not required in the contract. - ans -true
Which of the following is a physical characteristic of land? - ans -indestructability
Which disclosure is provided to comply with federal requirements for properties
built before 1978? - ans -Lead-Based Paint Disclosure
If the loan factor is $4.49 and the loan amount is $357,500, taxes are $7300/year
and the insurance is $3103 per year, what is the monthly PITI payment? - ans -
$2,472.09
