Law of Contracts - CHAMPIONS TEST
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1. The TREC residential contract forms are:: Drafted by the Broker Lawyer
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Com- mittee q
2. Wrongful or criminal deception intended to result in financial or
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personal gain is called:: fraud q q q q
3. Under the Deceptive Trade Practices Act,
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ble chattels.: goods
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4. If a seller will continue to occupy the property for one month after the
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closing, the buyer and seller should:: Enter into a Seller's Temporary
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Residential Lease q
5. The Buyer and Seller Temporary Residential Lease forms may be used for
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a lease period not to exceed:: 90 days
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,6. A seller's disclosure notice is not required: at a foreclosure sale
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7. The type of law that deals with the relationship between the parties to a
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transaction, sales agents and brokers is:: Law of Agency
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8. is the body of laws and regulations enacted by federal and
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state legislative bodies.: Statutory Law
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9. extend above the surface without limitation.: Air Rights
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10. Any man-made addition to land that is permanent, and is considered
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to become part of the land is known as a(n)
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11.A(n) is an entity created for the benefit of another.: Trust
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12. An option contract is:: Unilateral contract
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13. is not a requirement of a valid contract.: Earnest Money
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14. If a person has been judged to be incompetent, a contract is
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because the person never had the capacity to enter into a contract i
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qthe
,
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, first place.: void
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15. The five essential elements of a valid and enforceable contract are, Con-
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sideration, Offer and Acceptance, Legal purpose, In writing and
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: competent parties
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16.A(n) is an agreement between two or more parties to do
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something or to refrain from doing something.: contract
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17. When an individual owns real property, he or she is said to have a (n)
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in that property.: freehold estate
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18. If property violates zoning, the owners must request a
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which is permission to violate the rules.: variance
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19. An example(s) of an appurtenance would be:: easements
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20. There is no upper limit on the value of a Texas homestead.: true
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21. A(n) is an area of land separating one land use from another.-
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q q
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1. The TREC residential contract forms are:: Drafted by the Broker Lawyer
q q q q q q q q q q
Com- mittee q
2. Wrongful or criminal deception intended to result in financial or
q q q q q q q q q
personal gain is called:: fraud q q q q
3. Under the Deceptive Trade Practices Act,
q q q q q are defined as tangi-
q q q
ble chattels.: goods
q q
4. If a seller will continue to occupy the property for one month after the
q q q q q q q q q q q q q
closing, the buyer and seller should:: Enter into a Seller's Temporary
q q q q q q q q q q
Residential Lease q
5. The Buyer and Seller Temporary Residential Lease forms may be used for
q q q q q q q q q q q
a lease period not to exceed:: 90 days
q q q q q q q
q q
,6. A seller's disclosure notice is not required: at a foreclosure sale
q q q q q q q q q q
7. The type of law that deals with the relationship between the parties to a
q q q q q q q q q q q q q
transaction, sales agents and brokers is:: Law of Agency
q q q q q q q q
8. is the body of laws and regulations enacted by federal and
q q q q q q q q q q
state legislative bodies.: Statutory Law
q q q q
9. extend above the surface without limitation.: Air Rights
q q q q q q q
10. Any man-made addition to land that is permanent, and is considered
q q q q q q q q q q
to become part of the land is known as a(n)
q q q q q q q q q .: Improvement
q
11.A(n) is an entity created for the benefit of another.: Trust
q q q q q q q q q
12. An option contract is:: Unilateral contract
q q q q q
13. is not a requirement of a valid contract.: Earnest Money
q q q q q q q q q
14. If a person has been judged to be incompetent, a contract is
q q q q q q q q q q q q
because the person never had the capacity to enter into a contract i
q q q q q q q q q q q q
qthe
,
q q
, first place.: void
q q
15. The five essential elements of a valid and enforceable contract are, Con-
q q q q q q q q q q q
sideration, Offer and Acceptance, Legal purpose, In writing and
q q q q q q q q .-
: competent parties
q q
16.A(n) is an agreement between two or more parties to do
q q q q q q q q q
something or to refrain from doing something.: contract
q q q q q q q
17. When an individual owns real property, he or she is said to have a (n)
q q q q q q q q q q q q q q
in that property.: freehold estate
q q q q
18. If property violates zoning, the owners must request a
q q q q q q q q ,
which is permission to violate the rules.: variance
q q q q q q q
19. An example(s) of an appurtenance would be:: easements
q q q q q q q
20. There is no upper limit on the value of a Texas homestead.: true
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21. A(n) is an area of land separating one land use from another.-
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q q
