TEXAS PROMULGATED CONTRACTS
CHAMPIONS EXAM EXAM SCRIPT 2026
FULL SOLUTIONS AND CORRECT ANSWERS
GRADED A+
⩥ Paragraph 2.(C). Answer: describes accessories which are commonly
conveyed
⩥ Paragraph 2.(D). Answer: exclusions to the sale. If item is to be
excluded, give name and location
⩥ Paragraph 3.(A). Answer: down payment is always the difference
between the sales price and sum of all financing
⩥ Paragraph 3.(B). Answer: sum of all financing from all sources
⩥ Paragraph 3.(C). Answer: Sales price is the sum of 3.A and 3.B
⩥ Paragraph 4. Answer: familial relationship must be disclosed
⩥ property includes. Answer: land, accessories and improvements
, ⩥ certificate of reasonable value. Answer: required to get VA guaranteed
financing
⩥ endorsement. Answer: change made to a standard insurance policy
⩥ title policy. Answer: insurance policy against losses resulting in
defects in title
⩥ owner's title policy can be paid by..... Answer: either buyer or seller
(usually seller)
⩥ Texas Department of Insurance. Answer: has promulgated EIGHT
exceptions to title insurance policies
⩥ default. Answer: failure to meet a contractual obligation
⩥ escrow. Answer: funds held by a third party until performance of a
contract
⩥ option period. Answer: the time allowed for buyer-specified
inspections
⩥ prorations. Answer: expenses divided between parties at closing
CHAMPIONS EXAM EXAM SCRIPT 2026
FULL SOLUTIONS AND CORRECT ANSWERS
GRADED A+
⩥ Paragraph 2.(C). Answer: describes accessories which are commonly
conveyed
⩥ Paragraph 2.(D). Answer: exclusions to the sale. If item is to be
excluded, give name and location
⩥ Paragraph 3.(A). Answer: down payment is always the difference
between the sales price and sum of all financing
⩥ Paragraph 3.(B). Answer: sum of all financing from all sources
⩥ Paragraph 3.(C). Answer: Sales price is the sum of 3.A and 3.B
⩥ Paragraph 4. Answer: familial relationship must be disclosed
⩥ property includes. Answer: land, accessories and improvements
, ⩥ certificate of reasonable value. Answer: required to get VA guaranteed
financing
⩥ endorsement. Answer: change made to a standard insurance policy
⩥ title policy. Answer: insurance policy against losses resulting in
defects in title
⩥ owner's title policy can be paid by..... Answer: either buyer or seller
(usually seller)
⩥ Texas Department of Insurance. Answer: has promulgated EIGHT
exceptions to title insurance policies
⩥ default. Answer: failure to meet a contractual obligation
⩥ escrow. Answer: funds held by a third party until performance of a
contract
⩥ option period. Answer: the time allowed for buyer-specified
inspections
⩥ prorations. Answer: expenses divided between parties at closing
