CHAMPIONS REAL ESTATE MASTER STUDY
SHEET 2026 VERIFIED QUESTIONS WITH
ANSWERS
◉Types of Damages. Answer: -Refund of Earnest Money
-Monetary Damages
-Specific Performance
◉2 TREC Lease Forms. Answer: 1. Buyer's Temporary Residential
Lease - for use when the buyer occupies the property for no more
than 90 days prior to closing.
2. Seller's Temporary Residential Lease - for use when the seller
occupies the property for no more than 90 days after closing.
◉Right of First Refusal. Answer: giving the tenant the right to
purchase the leased property by matching or bettering any offer
before the property will be sold to someone else
◉Default Remedies. Answer: Liquidated Damages - the seller can
choose to accept the buyer's earnest money, releasing all parties
from any further obligation
,2. Monetary Damages - the injured party may "seek such other relief
as may be provided by law"
3. Specific Performance - the injured party files a court action
seeking an order of the court directing the defaulting party to
perform according to the terms of the contract.
◉Texas Veteran's Land Board. Answer: the primary benefit to the
veteran is that the rate on the Veteran's Land Board loan is often up
to one percent below prevailing market rates.
◉Indestructability or Durability. Answer: the land cannot be
destroyed
◉Immobility. Answer: the land cannot be moved
◉Nonhomogeneity. Answer: no two parcels of land are the same.
◉Scarcity. Answer: supply and demand
◉Modification. Answer: value is affected by man-made changes to
the land
◉Fixity. Answer: land and additions to the land, such as buildings,
take long periods to pay for themselves
, ◉Situs. Answer: location of the property or land from an economic
viewpoint
◉What constitutes an offer?. Answer: an offer on a residential
property is presented in writing on the required forms. including
any needed addenda. ALL OFFERS MUST BE PRESENTED!
◉Patent. Answer: transfer ownership from the government to an
individual and looks much like a deed
◉Abstract of Title. Answer: A complete history of all recorded
events affecting title to the property
◉Attorney's Opinion of Title. Answer: opinion regarding the state of
the title and its ability to be transferred
◉Chain of Title. Answer: the record of a property's ownership
◉Lease Purchase Agreement. Answer: Lease with an option to buy -
a tenant has occupancy now and the right to purchase at a specified
future date and price
SHEET 2026 VERIFIED QUESTIONS WITH
ANSWERS
◉Types of Damages. Answer: -Refund of Earnest Money
-Monetary Damages
-Specific Performance
◉2 TREC Lease Forms. Answer: 1. Buyer's Temporary Residential
Lease - for use when the buyer occupies the property for no more
than 90 days prior to closing.
2. Seller's Temporary Residential Lease - for use when the seller
occupies the property for no more than 90 days after closing.
◉Right of First Refusal. Answer: giving the tenant the right to
purchase the leased property by matching or bettering any offer
before the property will be sold to someone else
◉Default Remedies. Answer: Liquidated Damages - the seller can
choose to accept the buyer's earnest money, releasing all parties
from any further obligation
,2. Monetary Damages - the injured party may "seek such other relief
as may be provided by law"
3. Specific Performance - the injured party files a court action
seeking an order of the court directing the defaulting party to
perform according to the terms of the contract.
◉Texas Veteran's Land Board. Answer: the primary benefit to the
veteran is that the rate on the Veteran's Land Board loan is often up
to one percent below prevailing market rates.
◉Indestructability or Durability. Answer: the land cannot be
destroyed
◉Immobility. Answer: the land cannot be moved
◉Nonhomogeneity. Answer: no two parcels of land are the same.
◉Scarcity. Answer: supply and demand
◉Modification. Answer: value is affected by man-made changes to
the land
◉Fixity. Answer: land and additions to the land, such as buildings,
take long periods to pay for themselves
, ◉Situs. Answer: location of the property or land from an economic
viewpoint
◉What constitutes an offer?. Answer: an offer on a residential
property is presented in writing on the required forms. including
any needed addenda. ALL OFFERS MUST BE PRESENTED!
◉Patent. Answer: transfer ownership from the government to an
individual and looks much like a deed
◉Abstract of Title. Answer: A complete history of all recorded
events affecting title to the property
◉Attorney's Opinion of Title. Answer: opinion regarding the state of
the title and its ability to be transferred
◉Chain of Title. Answer: the record of a property's ownership
◉Lease Purchase Agreement. Answer: Lease with an option to buy -
a tenant has occupancy now and the right to purchase at a specified
future date and price
