Law of Contracts - CHAMPIONS TEST Questions and
answers Newest RATED A+ 2025/2026
Wrongful or criminal deception intended to result in financial or personal gain is called: - Ans
fraud
The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to
exceed: - Ans 90 days
extend above the surface without limitation. - Ans air rights
An example(s) of an appurtenance would be: - Ans easements
There is no upper limit on the value of a Texas homestead. - Ans true
A(n) is one that combines some of the elements of a sale with a lease. - Ans
lease purchase agreement
Which of the following requires a contract for the conveyance of real estate to be in writing to
be enforceable? - Ans statute of frauds
If a broker receives more than one offer on a property: - Ans All must be presented to the
seller unless the seller has instructed the broker otherwise
The most common form of financing used by buyers is: - Ans third party financing
A(n) is a provision in a contract that requires that a certain act or event happens in
order for the contract to be binding on the party. - Ans contingency
, The Lead-Based Paint Disclosure is: - Ans A federal requirement for residential property built
prior to 1978
In Texas, real estate contracts are subject to satisfactory inspections. - Ans false
The term is synonymous with contingent. - Ans subject to
Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of
buyers. - Ans true
Rule P-53 of the Texas Department of Insurance states that Title Companies: - Ans Cannot
provide food and beverages for a picnic for a single firm, Cannot provide an annual party for a
single firm, Cannot provide continuing education classes unless they charge the market rate for
those classes
Bill is the buyer purchasing a property from Sally. All contingencies have been met and the
parties are ready to close. One day prior to closing, Sally announces that she has changed her
mind and is going to keep the property. Bill is determined to complete the purchase and acquire
the property. The only default remedy in the contract that could result in Bill acquiring the
property is . - Ans specific performance
Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. The seller told
Elmer that he wanted to stay in the property for at least a week after closing. Elmer said that
would be no problem and entered the following text to Paragraph 11: "Seller and Buyer agree
that Seller will remain in the Property for 7 days after closing and funding." In this case, Elmer
has: - Ans Engaged in the unlawful practice of law
The four economic characteristics of land are: scarcity, fixity, situs and . - Ans
modification
answers Newest RATED A+ 2025/2026
Wrongful or criminal deception intended to result in financial or personal gain is called: - Ans
fraud
The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to
exceed: - Ans 90 days
extend above the surface without limitation. - Ans air rights
An example(s) of an appurtenance would be: - Ans easements
There is no upper limit on the value of a Texas homestead. - Ans true
A(n) is one that combines some of the elements of a sale with a lease. - Ans
lease purchase agreement
Which of the following requires a contract for the conveyance of real estate to be in writing to
be enforceable? - Ans statute of frauds
If a broker receives more than one offer on a property: - Ans All must be presented to the
seller unless the seller has instructed the broker otherwise
The most common form of financing used by buyers is: - Ans third party financing
A(n) is a provision in a contract that requires that a certain act or event happens in
order for the contract to be binding on the party. - Ans contingency
, The Lead-Based Paint Disclosure is: - Ans A federal requirement for residential property built
prior to 1978
In Texas, real estate contracts are subject to satisfactory inspections. - Ans false
The term is synonymous with contingent. - Ans subject to
Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of
buyers. - Ans true
Rule P-53 of the Texas Department of Insurance states that Title Companies: - Ans Cannot
provide food and beverages for a picnic for a single firm, Cannot provide an annual party for a
single firm, Cannot provide continuing education classes unless they charge the market rate for
those classes
Bill is the buyer purchasing a property from Sally. All contingencies have been met and the
parties are ready to close. One day prior to closing, Sally announces that she has changed her
mind and is going to keep the property. Bill is determined to complete the purchase and acquire
the property. The only default remedy in the contract that could result in Bill acquiring the
property is . - Ans specific performance
Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. The seller told
Elmer that he wanted to stay in the property for at least a week after closing. Elmer said that
would be no problem and entered the following text to Paragraph 11: "Seller and Buyer agree
that Seller will remain in the Property for 7 days after closing and funding." In this case, Elmer
has: - Ans Engaged in the unlawful practice of law
The four economic characteristics of land are: scarcity, fixity, situs and . - Ans
modification
