CHAMPIONS REAL ESTATE TRAINING
STUDY SHEET 2026 UPDATED QUESTIONS
AND ANSWERS
◉Closing. Answer: a meeting of the seller, the buyer, and the lender
of funds, or representatives of each party, to complete the
transaction
◉Funding. Answer: The process of transferring funds to a title or
escrow company for disbursement
◉Servicing. Answer: Sending monthly payment statements and
collecting monthly payments, maintaining payment records and
following up on delinquencies.
◉RESPA. Answer: Real Estate Settlement Procedures Act - prohibits
kickbacks and unearned fees. No referral fees, no split of charges
except for actual services performed.
◉Estate in Severalty. Answer: Ownership of real estate by one
individual or entity.
, ◉Joint Tenancy. Answer: A form of concurrent ownership, which
occurs when two or more persons own a single estate in land, with
right of survivorship. Must have equal shares, right to partition.
◉Syndicate. Answer: a gathering of people with a common interest
◉Tenancy in Common. Answer: Co-ownership of property in which
each party owns an undivided interest that passes to his or her heirs
at death.
◉Entirety. Answer: A complete thing.
◉Statute of Frauds. Answer: contracts for the conveyance of an
interest in real estate or leases for a term of more than one year
must be in writing.
◉Encumbrance. Answer: A claim, lien, charge, or liability attached to
and binding real property.
◉Lien. Answer: A right given by law to certain creditors to have
their debts paid out of the property of a defaulting debtor, usually by
means of a court sale.
STUDY SHEET 2026 UPDATED QUESTIONS
AND ANSWERS
◉Closing. Answer: a meeting of the seller, the buyer, and the lender
of funds, or representatives of each party, to complete the
transaction
◉Funding. Answer: The process of transferring funds to a title or
escrow company for disbursement
◉Servicing. Answer: Sending monthly payment statements and
collecting monthly payments, maintaining payment records and
following up on delinquencies.
◉RESPA. Answer: Real Estate Settlement Procedures Act - prohibits
kickbacks and unearned fees. No referral fees, no split of charges
except for actual services performed.
◉Estate in Severalty. Answer: Ownership of real estate by one
individual or entity.
, ◉Joint Tenancy. Answer: A form of concurrent ownership, which
occurs when two or more persons own a single estate in land, with
right of survivorship. Must have equal shares, right to partition.
◉Syndicate. Answer: a gathering of people with a common interest
◉Tenancy in Common. Answer: Co-ownership of property in which
each party owns an undivided interest that passes to his or her heirs
at death.
◉Entirety. Answer: A complete thing.
◉Statute of Frauds. Answer: contracts for the conveyance of an
interest in real estate or leases for a term of more than one year
must be in writing.
◉Encumbrance. Answer: A claim, lien, charge, or liability attached to
and binding real property.
◉Lien. Answer: A right given by law to certain creditors to have
their debts paid out of the property of a defaulting debtor, usually by
means of a court sale.
