CHAMPIONS SCHOOL OF REAL ESTATE Actual
exam COMPREHENSIVE QUESTIONS AND
VERIFIED ANSWERS 2026(GRADED A+)
DETAILED ANSWERS!!
Save
Terms in this set (142)
Default when a party to a contract fails to perform under
the contract (also referred to as breach of
contract)
Types of Damages -Refund of Earnest Money
-Monetary Damages
-Specific Performance
2 TREC Lease Forms 1. Buyer's Temporary Residential Lease - for use
when the buyer occupies the property for no more
than 90 days prior to closing.
2. Seller's Temporary Residential Lease - for use
when the seller occupies the property for no more
than 90 days after closing.
Right of First Refusal giving the tenant the right to purchase the leased
property by matching or bettering any offer before
the property will be sold to someone else
, Default Remedies Liquidated Damages - the seller can choose to
accept the buyer's earnest money, releasing all
parties from any further obligation
2. Monetary Damages - the injured party may "seek
such other relief as may be provided by law"
3. Specific Performance - the injured party files a
court action seeking an order of the court directing
the defaulting party to perform according to the
terms of the contract.
Texas Veteran's Land Board the primary benefit to the veteran is that the rate
on the Veteran's Land Board loan is often up to one
percent below prevailing market rates.
Indestructability or Durability the land cannot be destroyed
Immobility the land cannot be moved
Nonhomogeneity no two parcels of land are the same.
Scarcity supply and demand
Modification value is affected by man-made changes to the land
Fixity land and additions to the land, such as buildings,
take long periods to pay for themselves
Situs location of the property or land from an economic
viewpoint
exam COMPREHENSIVE QUESTIONS AND
VERIFIED ANSWERS 2026(GRADED A+)
DETAILED ANSWERS!!
Save
Terms in this set (142)
Default when a party to a contract fails to perform under
the contract (also referred to as breach of
contract)
Types of Damages -Refund of Earnest Money
-Monetary Damages
-Specific Performance
2 TREC Lease Forms 1. Buyer's Temporary Residential Lease - for use
when the buyer occupies the property for no more
than 90 days prior to closing.
2. Seller's Temporary Residential Lease - for use
when the seller occupies the property for no more
than 90 days after closing.
Right of First Refusal giving the tenant the right to purchase the leased
property by matching or bettering any offer before
the property will be sold to someone else
, Default Remedies Liquidated Damages - the seller can choose to
accept the buyer's earnest money, releasing all
parties from any further obligation
2. Monetary Damages - the injured party may "seek
such other relief as may be provided by law"
3. Specific Performance - the injured party files a
court action seeking an order of the court directing
the defaulting party to perform according to the
terms of the contract.
Texas Veteran's Land Board the primary benefit to the veteran is that the rate
on the Veteran's Land Board loan is often up to one
percent below prevailing market rates.
Indestructability or Durability the land cannot be destroyed
Immobility the land cannot be moved
Nonhomogeneity no two parcels of land are the same.
Scarcity supply and demand
Modification value is affected by man-made changes to the land
Fixity land and additions to the land, such as buildings,
take long periods to pay for themselves
Situs location of the property or land from an economic
viewpoint
