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CHAMPIONS-LAW OF CONTRACTS
COURSE EXAM** NOVEMBER 2025
QUESTIONS AND ANSWERS.
__________________ 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
Real property conveyed by will is called a ________. - correct
answer - Device
Personal property that is inherited is called a: - correct answer -
Bequest
___________ is a legacy - correct answer - Money
One who received property through a will is called a: - correct
answer - Beneficiary
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The formal judicial proceeding to prove the validity of a will and to
distribute the assets of a decedent's estate is called: - correct
answer - Probate
A ________ is a deed with no guarantees or warranties. - correct
answer - Quitclaim deed
A complete history of the title of a piece of property that includes
deeds, easements, liens, foreclosures, wills, marriages, deaths,
life estates, fee simple estates, and anything else that may have
ever been recorded about a property is called: - correct answer -
Abstract of Title
__________________ is not required on a contract but it will be
indicated on a deed. - correct answer - Martial status
Ongoing expenses such as property taxes and property owner
association fees that are divided between the buyer and the seller
at closing are called __________. - correct answer - Prorations
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When calculating prorations: - correct answer - Use a 365-day
year; debits and credits are determined by who is paying and who
is receiving
RESPA prohibits ________, which is considered an abusive
practice. - correct answer - Kickbacks
If taxes for the current year vary from the amount
_________________ at closing, the parties shall adjust the
_________________ when tax statements for the current year
are available. - correct answer - Prorated, adjust the prorations
A loan assumption might be desirable because: - correct answer -
The loan assumption is generally less expensive than a new loan
The real estate broker's commission is the difference between the
minimum net established by the seller and the price that the buyer
is willing to pay: - correct answer - Net listing
Elmer Fleckenfleck, an agent with After Hours Realty, was
preparing a contract. The seller told Elmer that he wanted to stay
CHAMPIONS-LAW OF CONTRACTS
COURSE EXAM** NOVEMBER 2025
QUESTIONS AND ANSWERS.
__________________ 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
Real property conveyed by will is called a ________. - correct
answer - Device
Personal property that is inherited is called a: - correct answer -
Bequest
___________ is a legacy - correct answer - Money
One who received property through a will is called a: - correct
answer - Beneficiary
, Page | 2
The formal judicial proceeding to prove the validity of a will and to
distribute the assets of a decedent's estate is called: - correct
answer - Probate
A ________ is a deed with no guarantees or warranties. - correct
answer - Quitclaim deed
A complete history of the title of a piece of property that includes
deeds, easements, liens, foreclosures, wills, marriages, deaths,
life estates, fee simple estates, and anything else that may have
ever been recorded about a property is called: - correct answer -
Abstract of Title
__________________ is not required on a contract but it will be
indicated on a deed. - correct answer - Martial status
Ongoing expenses such as property taxes and property owner
association fees that are divided between the buyer and the seller
at closing are called __________. - correct answer - Prorations
, Page | 3
When calculating prorations: - correct answer - Use a 365-day
year; debits and credits are determined by who is paying and who
is receiving
RESPA prohibits ________, which is considered an abusive
practice. - correct answer - Kickbacks
If taxes for the current year vary from the amount
_________________ at closing, the parties shall adjust the
_________________ when tax statements for the current year
are available. - correct answer - Prorated, adjust the prorations
A loan assumption might be desirable because: - correct answer -
The loan assumption is generally less expensive than a new loan
The real estate broker's commission is the difference between the
minimum net established by the seller and the price that the buyer
is willing to pay: - correct answer - Net listing
Elmer Fleckenfleck, an agent with After Hours Realty, was
preparing a contract. The seller told Elmer that he wanted to stay
