Law of Contracts - CHAMPIONS TEST|Latest
Update Graded A+
Wrongful or criminal deception intended to result in financial or personal gain is called:
fraud
The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to
exceed:
90 days
__________ extend above the surface without limitation.
air rights
An example(s) of an appurtenance would be:
easements
There is no upper limit on the value of a Texas homestead.
true
A(n) __________ is one that combines some of the elements of a sale with a lease.
lease purchase agreement
Which of the following requires a contract for the conveyance of real estate to be in writing to be
enforceable?
statute of frauds
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
The most common form of financing used by buyers is:
third party financing
A(n) __________ is a provision in a contract that requires that a certain act or event happens in order
for the contract to be binding on the party.
contingency
The Lead-Based Paint Disclosure is:
A federal requirement for residential property built prior to 1978
In Texas, real estate contracts are subject to satisfactory inspections.
false
The term __________ is synonymous with contingent.
subject to
, Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of
buyers.
true
Rule P-53 of the Texas Department of Insurance states that Title Companies:
Cannot provide food and beverages for a picnic for a single firm, Cannot provide an annual party for a
single firm, Cannot provide continuing education classes unless they charge the market rate for those
classes
Bill is the buyer purchasing a property from Sally. All contingencies have been met and the parties are
ready to close. One day prior to closing, Sally announces that she has changed her mind and is going
to keep the property. Bill is determined to complete the purchase and acquire the property. The only
default remedy in the contract that could result in Bill acquiring the property
is___________________________.
specific performance
Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. The seller told Elmer
that he wanted to stay in the property for at least a week after closing. Elmer said that would be no
problem and entered the following text to Paragraph 11: "Seller and Buyer agree that Seller will
remain in the Property for 7 days after closing and funding." In this case, Elmer has:
Engaged in the unlawful practice of law
The four economic characteristics of land are: scarcity, fixity, situs and ________.
modification
Joe is an agent at Tried and True Realty. He gets a $150,000 offer on a property that is listed for
$199,500. In a recent phone conversation, the seller told Joe he would accept no less than $185,000
for the property. Knowing the seller's "bottom line," what should Joe do with the offer?
Joe should present the offer to the seller
An abstract of title is:
a complete written history of title
an option is:
a unilateral contract
A seller is going to continue to occupy a property for two days after closing. In this case, the parties
should use the Buyer's Temporary Residential Lease form.
false
A contract in which only one party is obligated to perform is a________ contract.
unilateral
For tax prorations:
If taxes are not paid at or prior to closing the buyer shall pay for the current year, If taxes for the
current year vary from the amount prorated at closing, the parties shall adjust the prorations when
Update Graded A+
Wrongful or criminal deception intended to result in financial or personal gain is called:
fraud
The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to
exceed:
90 days
__________ extend above the surface without limitation.
air rights
An example(s) of an appurtenance would be:
easements
There is no upper limit on the value of a Texas homestead.
true
A(n) __________ is one that combines some of the elements of a sale with a lease.
lease purchase agreement
Which of the following requires a contract for the conveyance of real estate to be in writing to be
enforceable?
statute of frauds
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
The most common form of financing used by buyers is:
third party financing
A(n) __________ is a provision in a contract that requires that a certain act or event happens in order
for the contract to be binding on the party.
contingency
The Lead-Based Paint Disclosure is:
A federal requirement for residential property built prior to 1978
In Texas, real estate contracts are subject to satisfactory inspections.
false
The term __________ is synonymous with contingent.
subject to
, Real estate agents play a role that includes arranging for the pre-qualification / pre-approval of
buyers.
true
Rule P-53 of the Texas Department of Insurance states that Title Companies:
Cannot provide food and beverages for a picnic for a single firm, Cannot provide an annual party for a
single firm, Cannot provide continuing education classes unless they charge the market rate for those
classes
Bill is the buyer purchasing a property from Sally. All contingencies have been met and the parties are
ready to close. One day prior to closing, Sally announces that she has changed her mind and is going
to keep the property. Bill is determined to complete the purchase and acquire the property. The only
default remedy in the contract that could result in Bill acquiring the property
is___________________________.
specific performance
Elmer Fleckenfleck, an agent with After Hours Realty, was preparing a contract. The seller told Elmer
that he wanted to stay in the property for at least a week after closing. Elmer said that would be no
problem and entered the following text to Paragraph 11: "Seller and Buyer agree that Seller will
remain in the Property for 7 days after closing and funding." In this case, Elmer has:
Engaged in the unlawful practice of law
The four economic characteristics of land are: scarcity, fixity, situs and ________.
modification
Joe is an agent at Tried and True Realty. He gets a $150,000 offer on a property that is listed for
$199,500. In a recent phone conversation, the seller told Joe he would accept no less than $185,000
for the property. Knowing the seller's "bottom line," what should Joe do with the offer?
Joe should present the offer to the seller
An abstract of title is:
a complete written history of title
an option is:
a unilateral contract
A seller is going to continue to occupy a property for two days after closing. In this case, the parties
should use the Buyer's Temporary Residential Lease form.
false
A contract in which only one party is obligated to perform is a________ contract.
unilateral
For tax prorations:
If taxes are not paid at or prior to closing the buyer shall pay for the current year, If taxes for the
current year vary from the amount prorated at closing, the parties shall adjust the prorations when
