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In 1939, the legislator passed what law? - Real Estate Dealers License Act (REDLA) which meant all RE agents must obtain a license Competent Parties Summary:(3) - Must be 18 + years of age Must be mentally competent Cannot be temporary incompetent The Texas Real Estate Commission regulates a licensee in which of the following situations? - when license sell house for client: which the licensee is acting in a third-party position What is a legal agreement between parties to do (performance) or not to do (forbearance) a certain act for consideration? - a contract Mutual Assent Summary (2) - Agreement to all the terms Agreement by all the parties two types of consideration - Valuable consideration is something of value Good consideration is love and affection Consideration Summary - Something given in exchange for something else

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