Champions Promulgated Contract Forms
2025/2026 Practice Quiz Test
Exclusions to the sale must be entered in Paragraph _______ of the
One to Four Family Residential Contract.
(a) 2A
(b) 2B
(c) 2C
(d) 2D - Correct Answer ✔️✔️(d) 2D
Which of the following is one of the benefits of a loan assumption?
(a) Saving money on fees that would be associated with a new loan
(b) Assuming a loan at a rate below current market rate
,(c) Assumption fees are lower than the typical charges on a new loan
(d) All of these are benefits of loan assumption - Correct Answer
✔️✔️(d) All of these are benefits of loan assumption
Which of the following is NOT included in Paragraph 2. Property?
(a) Land
(b) Built-in items
(c) Door keys
(d) Personal property - Correct Answer ✔️✔️(d) Personal
property
Which of the following statements is FALSE?
(a) There is no TREC-promulgated form for the sale of personal
property
,(b) The Non-Realty Items Addendum may be used when personal
property is to be included in a sale.
(c) The TREC Non-Realty Items Addendum is optional
(d) TAR and many brokerages have created their own Non-Realty
Items Addendum - Correct Answer ✔️✔️(a) There is no
TREC-promulgated form for the sale of personal property
Which statement concerning loan assumptions is TRUE?
(a) All existing FHA and VA Loans are assumable with no change in
interest rate.
(b) When an FHA or VA Loan is assumed, the interest rate reverts to
prime.
(c) USDA Loans are the only government loans that are assumable.
, (d) The only financing that provides for loan assumption is seller
financing. - Correct Answer ✔️✔️(a) All existing FHA and
VA Loans are assumable with no change in interest rate.
Paragraph 7H of the One-to-Four Family Contract concerns:
(a) Residential Service Contracts
(b) The sale of personal property
(c) Repairs
(d) Lead-based paint hazards - Correct Answer ✔️✔️(a)
Residential Service Contracts
The Seller's Disclosure Notice should be completed by
_______________.
(a) The agent
2025/2026 Practice Quiz Test
Exclusions to the sale must be entered in Paragraph _______ of the
One to Four Family Residential Contract.
(a) 2A
(b) 2B
(c) 2C
(d) 2D - Correct Answer ✔️✔️(d) 2D
Which of the following is one of the benefits of a loan assumption?
(a) Saving money on fees that would be associated with a new loan
(b) Assuming a loan at a rate below current market rate
,(c) Assumption fees are lower than the typical charges on a new loan
(d) All of these are benefits of loan assumption - Correct Answer
✔️✔️(d) All of these are benefits of loan assumption
Which of the following is NOT included in Paragraph 2. Property?
(a) Land
(b) Built-in items
(c) Door keys
(d) Personal property - Correct Answer ✔️✔️(d) Personal
property
Which of the following statements is FALSE?
(a) There is no TREC-promulgated form for the sale of personal
property
,(b) The Non-Realty Items Addendum may be used when personal
property is to be included in a sale.
(c) The TREC Non-Realty Items Addendum is optional
(d) TAR and many brokerages have created their own Non-Realty
Items Addendum - Correct Answer ✔️✔️(a) There is no
TREC-promulgated form for the sale of personal property
Which statement concerning loan assumptions is TRUE?
(a) All existing FHA and VA Loans are assumable with no change in
interest rate.
(b) When an FHA or VA Loan is assumed, the interest rate reverts to
prime.
(c) USDA Loans are the only government loans that are assumable.
, (d) The only financing that provides for loan assumption is seller
financing. - Correct Answer ✔️✔️(a) All existing FHA and
VA Loans are assumable with no change in interest rate.
Paragraph 7H of the One-to-Four Family Contract concerns:
(a) Residential Service Contracts
(b) The sale of personal property
(c) Repairs
(d) Lead-based paint hazards - Correct Answer ✔️✔️(a)
Residential Service Contracts
The Seller's Disclosure Notice should be completed by
_______________.
(a) The agent
