Champions-Law of Contracts Course Exam
November 2024 Latest Update 2025-2026 Actual
Exam 70 Questions with 100% Verified Correct
Answers Guaranteed A+ Verified by Professor
________ are changes that are made to the original contract, such as changes to the
closing date or changes to the sales price, down payment and/or the amount financed.;
repairs the seller agrees to perform and removal or waiver of contingencies - CORRECT
ANSWER: Amendments
________ is the right of the government to regulate and control the way land is used. -
CORRECT ANSWER: Police Power
________ law is a body of law based on "common sense" and local custom. -
CORRECT ANSWER: Common Law
__________ is the process by which a lender exercises its power of sale under a
mortgage that is in default. - CORRECT ANSWER: Foreclosure
___________ is a legacy - CORRECT ANSWER: Money
__________________ is not required on a contract but it will be indicated on a deed. -
CORRECT ANSWER: Martial status
__________________ is the evidence an individual has of his or her right to possess
land. It is most often transferred
from one owner to another by deed. - CORRECT ANSWER: Title
, ___________________ is a benefit that every buyer with a military background should
consider. To participate in the program, the veteran obtains an FHA, VA or conventional
loan from a participating lender.
The difference is that the loan is sold to the Texas Veterans Land Board (VLB), as
opposed to a secondary market purchaser such as Fannie Mae or Freddie Mac. -
CORRECT ANSWER: The Texas Veterans Land Board Housing Assistance Program
(VHAP)
___________________ is deposited in an escrow account when the contract is signed
by all parties and acceptance is
communicated. - CORRECT ANSWER: Earnest money
3 physical characteristics of land - CORRECT ANSWER: 1. non-homogeneity
2. immobility
3. indestructibility
4 rights government has in all real property: PETE - CORRECT ANSWER: 1. police
power
2. eminent domain
3. taxation
4. escheat
A ________ is a deed with no guarantees or warranties. - CORRECT ANSWER:
Quitclaim deed
A ________ is the borrower's unconditional promise to repay the lender. Aka: real estate
lien note - CORRECT ANSWER: Promissory note
November 2024 Latest Update 2025-2026 Actual
Exam 70 Questions with 100% Verified Correct
Answers Guaranteed A+ Verified by Professor
________ are changes that are made to the original contract, such as changes to the
closing date or changes to the sales price, down payment and/or the amount financed.;
repairs the seller agrees to perform and removal or waiver of contingencies - CORRECT
ANSWER: Amendments
________ is the right of the government to regulate and control the way land is used. -
CORRECT ANSWER: Police Power
________ law is a body of law based on "common sense" and local custom. -
CORRECT ANSWER: Common Law
__________ is the process by which a lender exercises its power of sale under a
mortgage that is in default. - CORRECT ANSWER: Foreclosure
___________ is a legacy - CORRECT ANSWER: Money
__________________ is not required on a contract but it will be indicated on a deed. -
CORRECT ANSWER: Martial status
__________________ is the evidence an individual has of his or her right to possess
land. It is most often transferred
from one owner to another by deed. - CORRECT ANSWER: Title
, ___________________ is a benefit that every buyer with a military background should
consider. To participate in the program, the veteran obtains an FHA, VA or conventional
loan from a participating lender.
The difference is that the loan is sold to the Texas Veterans Land Board (VLB), as
opposed to a secondary market purchaser such as Fannie Mae or Freddie Mac. -
CORRECT ANSWER: The Texas Veterans Land Board Housing Assistance Program
(VHAP)
___________________ is deposited in an escrow account when the contract is signed
by all parties and acceptance is
communicated. - CORRECT ANSWER: Earnest money
3 physical characteristics of land - CORRECT ANSWER: 1. non-homogeneity
2. immobility
3. indestructibility
4 rights government has in all real property: PETE - CORRECT ANSWER: 1. police
power
2. eminent domain
3. taxation
4. escheat
A ________ is a deed with no guarantees or warranties. - CORRECT ANSWER:
Quitclaim deed
A ________ is the borrower's unconditional promise to repay the lender. Aka: real estate
lien note - CORRECT ANSWER: Promissory note
