South Texas College Of Law

Texas Promulgated Contracts-CHAMPIONS Exam (Version 3) Latest 2023.The minimum downpayment on a VA loan is: (a) 2% of the sales price (b) 0% of the sales price (c) 3.75% of the sales price (d) 1% of the sales price B  _________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing C  A veteran can have more than one VA loan: (a) If the prior VA loan was paid in full and the property disposed of (b) The prior ...

Texas Promulgated Contracts-CHAMPIONS Exam (Version 2) Latest 2023.Loss of value due to lack of modernization is called: (a) Physical depreciation (b) Economic obsolescence (c) External obsolescence (d) Functional obsolescence D  The __________ is considered the most reliable approach to value because it is based on verifiable market events. (a) Cost approach (b) Sales comparison approach (c) Income approach (d) None of the above B  A loss in a property's value ...

Texas Promulgated Contracts-CHAMPIONS Exam. Latest 2023.The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording Correct Answer: B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Exec...