CHAMPIONS PROMULGATED CONTRACT
FORMS ACTUAL EXAMINATION SCRIPT
REAL ESTATE REVIEW 2026 FULL SEVENTY
FIVE QUESTIONS AND CORRECT ANSWERS
ALREADY PASSED GUARANTEED PASS
⩥ NON-REALTY ITEMS ADDENDUM. Answer: This optional form is
used when personal property is to be included in a sale. Indicate the
price agreed to between the parties for the property in Paragraph A.
Some brokerage firms and the Texas Association of REALTORS® have
created their own form for dealing with personal property included in a
sale.
⩥ AUTHORIZATION TO FURNISH TILA-RESPA INTEGRATED
DISCLOSURES. Answer: Form TAR-2516, Authorization to Furnish
TILA-RESPA Integrated Disclosures, should be completed by the buyer
or seller, and indicates to lenders, title companies, and/or escrow agents
that the buyer or seller has signed an exclusive agreement with a
particular broker, and authorizes these entities to disclose and furnish
any documents or information pertinent to the transaction to the broker
or broker's agent.
⩥ Earnest Money. Answer: A "deposit" paid upfront by the buyer to
show that he or she is serious in his or her intent.
,⩥ Survey. Answer: A Measurement of boundaries and land area required
in some sale contracts.
⩥ Title Policy. Answer: Insurance policy against losses resulting from
defects in title.
⩥ Endoresement. Answer: A change made to a standard insurance
policy.
⩥ Seller's Disclosure. Answer: Form stating known facts and defects
concerning a property.
⩥ 1-4 Contract - PARAGRAPH 5. EARNEST MONEY:. Answer: There
is no standard for the dollar amount of earnest money, but it is often in
the range of 1% of the purchase price. Insert the amount of the earnest
money and the name and address of the title company. If additional
earnest money is required, enter the amount and the number of days.
⩥ 1-4 Contract - PARAGRAPH 6.A. Title Policy. Answer: The owner's
title policy can be paid for by either Buyer or Seller. In most cases, the
title policy is paid for by the seller. e title policy is generally issued by
the title company listed in Paragraph 5.
⩥ 1-4 Contract - PARAGRAPH 6.B. COMMITMENT:. Answer: The
title company has 20 days from the date that they receive the contract to
,furnish a commitment to the buyer for title insurance. This paragraph
also provides for an automatic extension of the delivery period for up to
15 days or 3 days prior to closing if the commitment cannot be delivered
within the 20 days allowed.
⩥ 1-4 Contract - PARAGRAPH 6.C. SURVEY. Answer: •
PARAGRAPH 6.C.(1) Seller has an existing survey that he or she
intends to use. Enter the number of days that the seller has to deliver the
survey. If the survey is unacceptable to the title company or lender, a
new survey will be obtained at either Buyer's or Seller's expense. If the
survey is not delivered within the time specified, Buyer will obtain a
new survey at Seller's expense.
• PARAGRAPH 6.C.(2) A new survey is to be obtained at Buyer's
expense. It would be advisable to ensure that Buyer has obtained credit
approval prior to paying for a survey if the survey is to be obtained at
Buyer's expense in either 6.C(1) or 6.C(2).
• PARAGRAPH 6.C.(3) A new survey is to be obtained at Seller's
expense.
• Either a new or existing survey can be used. If a new survey is to be
obtained, the license holder must be aware of the lead time for ordering
one in their market. In most urban areas a survey can be obtained in a
few days. In many rural markets it might take several weeks.
⩥ 1-4 Contract - PARAGRAPH 6.D. OBJECTIONS. Answer: Buyer
may object to any matters that might prohibit a certain use or activity of
the property such as installation of sattelite dish, operating a business out
of the home, or parking an RV within view of the street. Whatever the
, intended use of the property, it must be listed here. If the buyer is using
the property as a residence only, many license holders insert the words
"residential use" in this paragraph.
The Buyer is given a limited number of days in which to object. Because
of this limitation, the buyer must make a decision regarding title and
survey issues, and may need to seek the advice of an attorney. The
number of days for objection is counted from the latest date that the
buyer receives the commitment, exception documents or survey.
Provided seller does not incur any expense, the seller will cure the
timely objections of the buyer or any third party lender.
⩥ 1-4 Contract - PARAGRAPH 6.E. TITLE NOTICES:. Answer: This
section includes a number of notices relating to issues that may or may
not apply to the real estate being sold. Most of these notices are required
by statute.
⩥ 1-4 Contract - PARAGRAPH 6.E.(1) ABSTRACT OR TITLE
POLICY:. Answer: The Texas Real Estate License Act requires that
license holders advise the buyer to have the abstract examined by an
attorney or to obtain a title insurance policy.
⩥ 1-4 Contract - PARAGRAPH 6.E.(2) MEMBERSHIP IN PROPERTY
OWNERS ASSOCIATION:. Answer: The buyer is advised that the
property is or is not subject to membership in a mandatory owners
association. The buyer is also advised that the property owners
association fee is a forecloseable lien if the
FORMS ACTUAL EXAMINATION SCRIPT
REAL ESTATE REVIEW 2026 FULL SEVENTY
FIVE QUESTIONS AND CORRECT ANSWERS
ALREADY PASSED GUARANTEED PASS
⩥ NON-REALTY ITEMS ADDENDUM. Answer: This optional form is
used when personal property is to be included in a sale. Indicate the
price agreed to between the parties for the property in Paragraph A.
Some brokerage firms and the Texas Association of REALTORS® have
created their own form for dealing with personal property included in a
sale.
⩥ AUTHORIZATION TO FURNISH TILA-RESPA INTEGRATED
DISCLOSURES. Answer: Form TAR-2516, Authorization to Furnish
TILA-RESPA Integrated Disclosures, should be completed by the buyer
or seller, and indicates to lenders, title companies, and/or escrow agents
that the buyer or seller has signed an exclusive agreement with a
particular broker, and authorizes these entities to disclose and furnish
any documents or information pertinent to the transaction to the broker
or broker's agent.
⩥ Earnest Money. Answer: A "deposit" paid upfront by the buyer to
show that he or she is serious in his or her intent.
,⩥ Survey. Answer: A Measurement of boundaries and land area required
in some sale contracts.
⩥ Title Policy. Answer: Insurance policy against losses resulting from
defects in title.
⩥ Endoresement. Answer: A change made to a standard insurance
policy.
⩥ Seller's Disclosure. Answer: Form stating known facts and defects
concerning a property.
⩥ 1-4 Contract - PARAGRAPH 5. EARNEST MONEY:. Answer: There
is no standard for the dollar amount of earnest money, but it is often in
the range of 1% of the purchase price. Insert the amount of the earnest
money and the name and address of the title company. If additional
earnest money is required, enter the amount and the number of days.
⩥ 1-4 Contract - PARAGRAPH 6.A. Title Policy. Answer: The owner's
title policy can be paid for by either Buyer or Seller. In most cases, the
title policy is paid for by the seller. e title policy is generally issued by
the title company listed in Paragraph 5.
⩥ 1-4 Contract - PARAGRAPH 6.B. COMMITMENT:. Answer: The
title company has 20 days from the date that they receive the contract to
,furnish a commitment to the buyer for title insurance. This paragraph
also provides for an automatic extension of the delivery period for up to
15 days or 3 days prior to closing if the commitment cannot be delivered
within the 20 days allowed.
⩥ 1-4 Contract - PARAGRAPH 6.C. SURVEY. Answer: •
PARAGRAPH 6.C.(1) Seller has an existing survey that he or she
intends to use. Enter the number of days that the seller has to deliver the
survey. If the survey is unacceptable to the title company or lender, a
new survey will be obtained at either Buyer's or Seller's expense. If the
survey is not delivered within the time specified, Buyer will obtain a
new survey at Seller's expense.
• PARAGRAPH 6.C.(2) A new survey is to be obtained at Buyer's
expense. It would be advisable to ensure that Buyer has obtained credit
approval prior to paying for a survey if the survey is to be obtained at
Buyer's expense in either 6.C(1) or 6.C(2).
• PARAGRAPH 6.C.(3) A new survey is to be obtained at Seller's
expense.
• Either a new or existing survey can be used. If a new survey is to be
obtained, the license holder must be aware of the lead time for ordering
one in their market. In most urban areas a survey can be obtained in a
few days. In many rural markets it might take several weeks.
⩥ 1-4 Contract - PARAGRAPH 6.D. OBJECTIONS. Answer: Buyer
may object to any matters that might prohibit a certain use or activity of
the property such as installation of sattelite dish, operating a business out
of the home, or parking an RV within view of the street. Whatever the
, intended use of the property, it must be listed here. If the buyer is using
the property as a residence only, many license holders insert the words
"residential use" in this paragraph.
The Buyer is given a limited number of days in which to object. Because
of this limitation, the buyer must make a decision regarding title and
survey issues, and may need to seek the advice of an attorney. The
number of days for objection is counted from the latest date that the
buyer receives the commitment, exception documents or survey.
Provided seller does not incur any expense, the seller will cure the
timely objections of the buyer or any third party lender.
⩥ 1-4 Contract - PARAGRAPH 6.E. TITLE NOTICES:. Answer: This
section includes a number of notices relating to issues that may or may
not apply to the real estate being sold. Most of these notices are required
by statute.
⩥ 1-4 Contract - PARAGRAPH 6.E.(1) ABSTRACT OR TITLE
POLICY:. Answer: The Texas Real Estate License Act requires that
license holders advise the buyer to have the abstract examined by an
attorney or to obtain a title insurance policy.
⩥ 1-4 Contract - PARAGRAPH 6.E.(2) MEMBERSHIP IN PROPERTY
OWNERS ASSOCIATION:. Answer: The buyer is advised that the
property is or is not subject to membership in a mandatory owners
association. The buyer is also advised that the property owners
association fee is a forecloseable lien if the
