CHAMPIONS SCHOOL OF REAL ESTATE || MOST RECENT
EXAM 2026-2027 ACTUAL COMPLETE REAL EXAM
QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) ALREADY GRADED A+ | GUARANTEED
SUCCESS!! | NEWEST EXAM | JUST RELEASED!!
Deed of Trust - ANSWER -A deed to real property, which serves
the same purpose as a mortgage, involving three parties
instead of two. The third party holds naked title for the benefit
of the lender. Beneficiary (Lender), Trustor (Borrower), Trustee
(Third Party)
Promissory Note - ANSWER -a written contract with a promise
to pay a supplier
a specific sum of money at a
definite time
Lease Option - ANSWER -allows the tenant to buy the property
at a preset price
and terms for a given period
of time
Contract for Deed - ANSWER -A means by which the seller
passes possession but retains title to the property until the
total or a substantial portion of the purchase price is paid.
Installment contract. The two parties here are the vendor
(owner) and the vendee (buyer).
,Executed Contract - ANSWER -A contract that has been
completely performed
by both
parties.
Executory Contract - ANSWER -A contract that has not
yet been fully
performed.
FHA (Federal Housing Administration) Insurance Premiums -
ANSWER -the
borrower pays two premiums. an upfront premium at closing,
and an annual
premium
DTPA (Deceptive Trade Practices Act) - ANSWER -A Texas law
that was passed in 1973 that allows an aggrieved consumer to
sue a seller of goods for damages. Its Part of the Texas
Business and Commerce Code. It lists over 30 practices that
are considered.
Elements of a Valid Contract - ANSWER -competent parties,
legal purpose,
offer and acceptance, consideration, in writing (when
required by law)
, Common Law - ANSWER -based upon "common sense" and
local custom
Statutory Law - ANSWER -body of laws and regulations enacted
by federal and
state
legislatures.
Addendum - ANSWER -an attachment that adds or further
describes the rights
and duties of the
parties.
Amendment - ANSWER --changes to the closing date, sales
price, repairs that
the seller agrees to perform, or removal or waiver of
contingencies
Waiver - ANSWER -An intentional, knowing relinquishment of a
legal right.
SAFE Act - ANSWER -Secure and Fair Enforcement for Mortgage
Licensing Act
- designed to enhance consumer protection and
reduce fraud
Sole Proprietorship - ANSWER -A business owned by one
person
EXAM 2026-2027 ACTUAL COMPLETE REAL EXAM
QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) ALREADY GRADED A+ | GUARANTEED
SUCCESS!! | NEWEST EXAM | JUST RELEASED!!
Deed of Trust - ANSWER -A deed to real property, which serves
the same purpose as a mortgage, involving three parties
instead of two. The third party holds naked title for the benefit
of the lender. Beneficiary (Lender), Trustor (Borrower), Trustee
(Third Party)
Promissory Note - ANSWER -a written contract with a promise
to pay a supplier
a specific sum of money at a
definite time
Lease Option - ANSWER -allows the tenant to buy the property
at a preset price
and terms for a given period
of time
Contract for Deed - ANSWER -A means by which the seller
passes possession but retains title to the property until the
total or a substantial portion of the purchase price is paid.
Installment contract. The two parties here are the vendor
(owner) and the vendee (buyer).
,Executed Contract - ANSWER -A contract that has been
completely performed
by both
parties.
Executory Contract - ANSWER -A contract that has not
yet been fully
performed.
FHA (Federal Housing Administration) Insurance Premiums -
ANSWER -the
borrower pays two premiums. an upfront premium at closing,
and an annual
premium
DTPA (Deceptive Trade Practices Act) - ANSWER -A Texas law
that was passed in 1973 that allows an aggrieved consumer to
sue a seller of goods for damages. Its Part of the Texas
Business and Commerce Code. It lists over 30 practices that
are considered.
Elements of a Valid Contract - ANSWER -competent parties,
legal purpose,
offer and acceptance, consideration, in writing (when
required by law)
, Common Law - ANSWER -based upon "common sense" and
local custom
Statutory Law - ANSWER -body of laws and regulations enacted
by federal and
state
legislatures.
Addendum - ANSWER -an attachment that adds or further
describes the rights
and duties of the
parties.
Amendment - ANSWER --changes to the closing date, sales
price, repairs that
the seller agrees to perform, or removal or waiver of
contingencies
Waiver - ANSWER -An intentional, knowing relinquishment of a
legal right.
SAFE Act - ANSWER -Secure and Fair Enforcement for Mortgage
Licensing Act
- designed to enhance consumer protection and
reduce fraud
Sole Proprietorship - ANSWER -A business owned by one
person
