**Champions-Law of Contracts Course Exam** November 2018
Study online at https://quizlet.com/_5mt0bp
1. In a residential lease with a "right of first refusal" provision:: The tenant has
the right to match or better any offer the landlord receives to prevent the property
from being sold to someone else
2. The four ECONOMIC characteristics of land are:: 1) Scarcity
2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
3. The Buyer and Seller Temporary Residential Lease forms may be used for a
lease period not to exceed:: 90 days
4. A contract that is said to lack mutuality because only one party is obligated
to perform is a________ contract.: Unilateral Contract
5. At closing, the contract is:: fully executed
6. According to the Deceptive Trade Practices Act (DTPA), brokerage falls
under the category of ________.: Services
7. The five essential elements of a valid and enforceable contract are:: COLIC
1. Component parties
2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
8. ________ law is a body of law based on "common sense" and local custom.-
: Common Law
9. Which kind of rights extend above the surface of property without limita-
tion?: Air rights
10. A(n) ________ occurs when a new contract is substituted for an existing
one.: Novation
11. A(n) ________ is a business venture that is owned by one individual.: Sole
proprietorship
12. A(n) __________ is an agreement between two or more parties to do
something or to refrain from doing something.: Contract
13. 3 physical characteristics of land: 1. non-homogeneity
2. immobility
3. indestructibility
14. Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of
Jake's personal residence. In the contract, Jake promised to deliver a seller's
disclosure of property condition within 5 days of the effective date of the con-
tract. Jake never delivered the disclosure as promised. Which of the following
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, **Champions-Law of Contracts Course Exam** November 2018
Study online at https://quizlet.com/_5mt0bp
statements is true?: Sarah has the right to terminate the contract and receive a
refund of earnest money prior to closing (Page 24)
15. Owners within a __________________ do not actually own a specific unit.
The entire cooperative complex is
owned by a corporation. Those who wish to live in the cooperative buy shares
in the corporation, and
receive a proprietary lease on the unit. When listing and selling cooperatives,
a real estate license is often
not required because the sale of a cooperative is the sale of stock rather than
real property.: Cooperative
16. 4 rights government has in all real property: PETE: 1. police power
2. eminent domain
3. taxation
4. escheat
17. ________ is the right of the government to regulate and control the way
land is used.: Police Power
18. If property violates zoning, the owners must request a __________, which
is permission to violate the rules.: Variance
19. A claim, lien, charge, or liability attached to and binding real property is
a(n) ________.: Encumbrance
20. A seller of coastal property abutting tidally influenced water must provide
the ________.: Notice Regarding Coastal Area Property
21. The Lead-Based Paint Disclosure is:: A federal requirement for residential
property built prior to 1978
22. An example(s) of an appurtenance would be:: Easement
23. When an individual owns real property, he or she is said to have a (n)
__________ in that property.: Freehold estate
24. The four major types of listing agreements are, exclusive agency, net
listing, exclusive right to sell and __________.: Open listing
*Know that with a NET LISTING, the real estate broker's commission is the differ-
ence between the minimum net established by the seller and the price that the buyer
is willing to pay.
25. The four categories of leasehold estates are: estate for years, tenancy at
sufferance, tenancy at will and ________.: Periodic tenancy or periodic estate
26. If a broker receives more than one offer on a property:: All must be presented
to the seller unless the seller has instructed the broker otherwise; no offer has priority
of presentation over another
2/7
Study online at https://quizlet.com/_5mt0bp
1. In a residential lease with a "right of first refusal" provision:: The tenant has
the right to match or better any offer the landlord receives to prevent the property
from being sold to someone else
2. The four ECONOMIC characteristics of land are:: 1) Scarcity
2) Modification
3) Situs
4) Fixity
GIVES LAND ITS VALUE
3. The Buyer and Seller Temporary Residential Lease forms may be used for a
lease period not to exceed:: 90 days
4. A contract that is said to lack mutuality because only one party is obligated
to perform is a________ contract.: Unilateral Contract
5. At closing, the contract is:: fully executed
6. According to the Deceptive Trade Practices Act (DTPA), brokerage falls
under the category of ________.: Services
7. The five essential elements of a valid and enforceable contract are:: COLIC
1. Component parties
2. Offer and acceptance
3. Legal purpose
4. In writing
5. Consideration
8. ________ law is a body of law based on "common sense" and local custom.-
: Common Law
9. Which kind of rights extend above the surface of property without limita-
tion?: Air rights
10. A(n) ________ occurs when a new contract is substituted for an existing
one.: Novation
11. A(n) ________ is a business venture that is owned by one individual.: Sole
proprietorship
12. A(n) __________ is an agreement between two or more parties to do
something or to refrain from doing something.: Contract
13. 3 physical characteristics of land: 1. non-homogeneity
2. immobility
3. indestructibility
14. Jake (Seller) and Sarah (Buyer) entered into a contract for the sale of
Jake's personal residence. In the contract, Jake promised to deliver a seller's
disclosure of property condition within 5 days of the effective date of the con-
tract. Jake never delivered the disclosure as promised. Which of the following
1/7
, **Champions-Law of Contracts Course Exam** November 2018
Study online at https://quizlet.com/_5mt0bp
statements is true?: Sarah has the right to terminate the contract and receive a
refund of earnest money prior to closing (Page 24)
15. Owners within a __________________ do not actually own a specific unit.
The entire cooperative complex is
owned by a corporation. Those who wish to live in the cooperative buy shares
in the corporation, and
receive a proprietary lease on the unit. When listing and selling cooperatives,
a real estate license is often
not required because the sale of a cooperative is the sale of stock rather than
real property.: Cooperative
16. 4 rights government has in all real property: PETE: 1. police power
2. eminent domain
3. taxation
4. escheat
17. ________ is the right of the government to regulate and control the way
land is used.: Police Power
18. If property violates zoning, the owners must request a __________, which
is permission to violate the rules.: Variance
19. A claim, lien, charge, or liability attached to and binding real property is
a(n) ________.: Encumbrance
20. A seller of coastal property abutting tidally influenced water must provide
the ________.: Notice Regarding Coastal Area Property
21. The Lead-Based Paint Disclosure is:: A federal requirement for residential
property built prior to 1978
22. An example(s) of an appurtenance would be:: Easement
23. When an individual owns real property, he or she is said to have a (n)
__________ in that property.: Freehold estate
24. The four major types of listing agreements are, exclusive agency, net
listing, exclusive right to sell and __________.: Open listing
*Know that with a NET LISTING, the real estate broker's commission is the differ-
ence between the minimum net established by the seller and the price that the buyer
is willing to pay.
25. The four categories of leasehold estates are: estate for years, tenancy at
sufferance, tenancy at will and ________.: Periodic tenancy or periodic estate
26. If a broker receives more than one offer on a property:: All must be presented
to the seller unless the seller has instructed the broker otherwise; no offer has priority
of presentation over another
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