CHAMPIONS LAW OF CONTRACTS COMPREHENSIVE
QUESTIONS AND ANSWERS ALL CORRECT LATEST
UPDATE.
Specific Performance.Answer: Bill's purchasing from Sally, all contingencies are met, ready
to close, Sally decides to keep property, Bill wants it, buyer will sue for
Unlawful practice of law.Answer: Elmer Flick, an agent preparing a contract, seller wants to
stay 1 week after closing, alters paragraph 11 special provisions
Used with FHA, VA, or Conventional Loans.Answer: Texas Veterans Land Boards Housing
Assistance Program loans must be
Scarcity, Fixity, Situs, and Modification.Answer: The four economic characteristics of land
are
Present offer to seller no matter what.Answer: Agent Joe recieves an offer for 150k on a
property listed at 199.5k, if the seller will accept no less than 185k, what should the agent tell
the seller?
Complete written history of title.Answer: What is an abstract of title?
90 days.Answer: The buyer/seller temporary lease agreement can be witheld up to a
period of
Unilateral contract.Answer: An option is a
Special provisions paragraph 11 allows agents to add.Answer: Facts, business details
, Property taxes.Answer: At closing ongoing expenses are proated between the buyer and
seller, this usually includes
Police Power.Answer: Gives the government the right to control the way land is used
Seller's counteroffer is a rejection to the buyer's.Answer: Buyer made a full price offer with
the inclusion of a washer/dryer, seller refuses to add appliances
Bill of Sale.Answer: If a buyer loves the furniture in a house, what should the seller give tk
the buyer?
Mortgage Servicer.Answer: Joan is charged with administrating the trust account of a
budget mortgage loan, what is she?
Kickbacks.Answer: RE$PA prohibits ______ which is considered an abusive practice
Estate in severalty.Answer: Only one signature required to sell John's townhouse
Unenforceable by statute of frauds.Answer: Maria is selling her house (sale by owner), a
buyer offers full price, they shake hands as their agreement, what is this considered?
Contract.Answer: ________ agreement between two or more parties to do or not do something
Acceptance.Answer: Accepting party agrees with no changes whatsoever
ECOA Equal Credit Opportunity Act.Answer: The _________ ensures all consumers have a chance
to obtain credit
Probate.Answer: Former judicial proceeding to prove a will is called
Quitclaim deed.Answer: No warranties/guarantees signing deed
QUESTIONS AND ANSWERS ALL CORRECT LATEST
UPDATE.
Specific Performance.Answer: Bill's purchasing from Sally, all contingencies are met, ready
to close, Sally decides to keep property, Bill wants it, buyer will sue for
Unlawful practice of law.Answer: Elmer Flick, an agent preparing a contract, seller wants to
stay 1 week after closing, alters paragraph 11 special provisions
Used with FHA, VA, or Conventional Loans.Answer: Texas Veterans Land Boards Housing
Assistance Program loans must be
Scarcity, Fixity, Situs, and Modification.Answer: The four economic characteristics of land
are
Present offer to seller no matter what.Answer: Agent Joe recieves an offer for 150k on a
property listed at 199.5k, if the seller will accept no less than 185k, what should the agent tell
the seller?
Complete written history of title.Answer: What is an abstract of title?
90 days.Answer: The buyer/seller temporary lease agreement can be witheld up to a
period of
Unilateral contract.Answer: An option is a
Special provisions paragraph 11 allows agents to add.Answer: Facts, business details
, Property taxes.Answer: At closing ongoing expenses are proated between the buyer and
seller, this usually includes
Police Power.Answer: Gives the government the right to control the way land is used
Seller's counteroffer is a rejection to the buyer's.Answer: Buyer made a full price offer with
the inclusion of a washer/dryer, seller refuses to add appliances
Bill of Sale.Answer: If a buyer loves the furniture in a house, what should the seller give tk
the buyer?
Mortgage Servicer.Answer: Joan is charged with administrating the trust account of a
budget mortgage loan, what is she?
Kickbacks.Answer: RE$PA prohibits ______ which is considered an abusive practice
Estate in severalty.Answer: Only one signature required to sell John's townhouse
Unenforceable by statute of frauds.Answer: Maria is selling her house (sale by owner), a
buyer offers full price, they shake hands as their agreement, what is this considered?
Contract.Answer: ________ agreement between two or more parties to do or not do something
Acceptance.Answer: Accepting party agrees with no changes whatsoever
ECOA Equal Credit Opportunity Act.Answer: The _________ ensures all consumers have a chance
to obtain credit
Probate.Answer: Former judicial proceeding to prove a will is called
Quitclaim deed.Answer: No warranties/guarantees signing deed
