Law of Contracts Practice Exam Champions (100%
Correct)
The state of the contract between the execution date and the closing.
A) Fully executed contracted
B) Executed contract
C) Option contract
D) Executory contract - ANSWER D) Executory contract
This lease has a defined specific beginning and ending date.
A) Estate at sufferance
B) Estate at will
C) Estate from period to period
D) Estate for years - ANSWER D) Estate for years
The TREC ONE-TO-FOUR RESIDENTIAL RESALE CONTRACT requires the seller
to deliver__________ to the buyer at closing.
A) Deed of trust
B) General Warranty Deed
C) Special Warranty Deed
D) Quit Claim Deed - ANSWER B) General Warranty Deed
A contingency added by sellers to provide a measure of protection against a house
sale.
A) Amendment
B) Addenda
C) Kick out
D) Kick back - ANSWER C) Kick out
What kind of listing is created when the owner wishes to receive a set amount of
money from the sale of the property?
A) Exclusive agency listing
B) Open listing
C) Net listing
D) None of the above - ANSWER C) Net listing
Sources of forms available for use by the Real Estate agent who has become a
Realtor includes which of the following?
A) TREC
B) TAR
, C) Lawyers
D) All of the above - ANSWER D) All of the above
Paragraph 6 of the ONE-TO-FOUR RESIDENTIAL RESALE contract talks about the
survey. In order to fully comply with this paragraph, the buyer must provide both the
survey and the T-47.
A) True
B) False - ANSWER D) Closing
The process that brings the note into legal existence.
A) Execution
B) Escrow
C) Underwriting
D) Closing - ANSWER D) Contingency
Buyer's agency agreements can be created in which of the following ways?
A) Express oral agreement
B) Implied agency
C) Both A & B
D) None of the above - ANSWER B) Bill of sale
An uncertain event or chance.
A) Default
B) Addendum
C) Breach
D) Contingency - ANSWER D) Contingency
When a seller and a buyer wish to convey personal property, this is done with a:
A) Deed
B) Bill of sale
C) Deed of Trust
D) Nothing is required - ANSWER B) Bill of sale
Law handed down by the legislature.
A) Agency law
B) Common law
C) TREC
D) Statutory law - ANSWER D) Statutory law
Which is NOT a form of INVOLUNTARY ALIENATION?
A) Escheat
B) Will
C) Adverse possession
Correct)
The state of the contract between the execution date and the closing.
A) Fully executed contracted
B) Executed contract
C) Option contract
D) Executory contract - ANSWER D) Executory contract
This lease has a defined specific beginning and ending date.
A) Estate at sufferance
B) Estate at will
C) Estate from period to period
D) Estate for years - ANSWER D) Estate for years
The TREC ONE-TO-FOUR RESIDENTIAL RESALE CONTRACT requires the seller
to deliver__________ to the buyer at closing.
A) Deed of trust
B) General Warranty Deed
C) Special Warranty Deed
D) Quit Claim Deed - ANSWER B) General Warranty Deed
A contingency added by sellers to provide a measure of protection against a house
sale.
A) Amendment
B) Addenda
C) Kick out
D) Kick back - ANSWER C) Kick out
What kind of listing is created when the owner wishes to receive a set amount of
money from the sale of the property?
A) Exclusive agency listing
B) Open listing
C) Net listing
D) None of the above - ANSWER C) Net listing
Sources of forms available for use by the Real Estate agent who has become a
Realtor includes which of the following?
A) TREC
B) TAR
, C) Lawyers
D) All of the above - ANSWER D) All of the above
Paragraph 6 of the ONE-TO-FOUR RESIDENTIAL RESALE contract talks about the
survey. In order to fully comply with this paragraph, the buyer must provide both the
survey and the T-47.
A) True
B) False - ANSWER D) Closing
The process that brings the note into legal existence.
A) Execution
B) Escrow
C) Underwriting
D) Closing - ANSWER D) Contingency
Buyer's agency agreements can be created in which of the following ways?
A) Express oral agreement
B) Implied agency
C) Both A & B
D) None of the above - ANSWER B) Bill of sale
An uncertain event or chance.
A) Default
B) Addendum
C) Breach
D) Contingency - ANSWER D) Contingency
When a seller and a buyer wish to convey personal property, this is done with a:
A) Deed
B) Bill of sale
C) Deed of Trust
D) Nothing is required - ANSWER B) Bill of sale
Law handed down by the legislature.
A) Agency law
B) Common law
C) TREC
D) Statutory law - ANSWER D) Statutory law
Which is NOT a form of INVOLUNTARY ALIENATION?
A) Escheat
B) Will
C) Adverse possession
