Law of Contracts - CHAMPIONS TEST

1 / 17

Law of Contracts - CHAMPIONS TEST

• The TREC residential contract forms are
• Drafted by the Broker Lawyer Committee

• Wrongful or criminal deception intended to result in financial or personal

gain is called

• fraud

• Under the Deceptive Trade Practices Act, are defined as tan-

gible chattels.

• goods

• If a seller will continue to occupy the property for one month after the clos-

ing, the buyer and seller should

• Enter into a Seller's Temporary Residential Lease

• / 4

2 / 17

• The Buyer and Seller Temporary Residential Lease forms may be used for

a lease period not to exceed

• 90 days

• A seller's disclosure notice is not required
• at a foreclosure sale

• The type of law that deals with the relationship between the parties to a

transaction, sales agents and brokers is

• Law of Agency

• is the body of laws and regulations enacted by federal and

state legislative bodies

• Statutory Law

• extend above the surface without limitation.
• Air Rights

• Any man-made addition to land that is permanent, and is considered to

become part of the land is known as a(n) .

• Improvement 2 / 4

3 / 17

• A(n) is an entity created for the benefit of another
• Trust

• An option contract is
• Unilateral contract

• is not a requirement of a valid contract.
• Earnest Money

• If a person has been judged to be incompetent, a contract is

because the person never had the capacity to enter into a contract in the first place.

• void
• The five essential elements of a valid and enforceable contract are, Con-

sideration, Offer and Acceptance, Legal purpose, In writing and .-

• competent parties

• A(n) is an agreement between two or more parties to do

something or to refrain from doing something.

• contract 3 / 4

4 / 17

• When an individual owns real property, he or she is said to have a (n)

in that property. ANS freehold estate

• / 4