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Institution Texas Promulgated Contract -Real Estate Express
Course Texas Promulgated Contract -Real Estate Express
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TRELA changed from REDLA - Texas legislature passed the Real Estate Dealer's License Act (REDLA), which required real estate agents to obtain licenses. KEY CONCEPT This act was administered by the Secretary of State until 1949 when the Texas Real Estate Commission (TREC) assumed the administrative responsibilities associated with it. In 1949, the REDLA was changed into the Texas Real Estate License Act (TRELA) Contract law is based on the principle expressed in the Latin phrase, pacta sunt servanda, - agreements are to be kept" What are the four basic elements of a contract? - Agreement, competency, consideration, and legal objective What group administers the Texas Real Estate License Act? - TREC Acceptance - "must be absolute and must be entered into freely and voluntarily. The contract cannot contain: Misrepresentation - an error Fraud - - intentional misrepresentation Duress - - use of force Menace - - threat of violence Undue Influence - - use of power

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