AYPO
AYPO Real Estate Law of Contracts Final
Exam Review Graded A+ 2025
Forms published and promoted by the TREC for use in the Texas real estate
profession are referred to as: -Correct Answer ✔Promulgated forms
The Texas Real Estate Commission (TREC) is a ___-member commission
appointed by the governor with the advice and consent of the senate for
overlapping ___-year terms. -Correct Answer ✔9, 6
Contract law presents a particularly high risk of the unauthorized practice of law
when a licensee chooses to do which of the following? -Correct Answer ✔Create
their own contract forms.
The Broker-Lawyer Committee: -Correct Answer ✔Drafts and revises contract
forms for use by real estate licensees.
The TREC Promulgated One to Four Family Residential Contract (Resale) can be
identified by the: -Correct Answer ✔Date in the upper right corner and the ID
number in the lower right corner.
In order to recover damages under the DTPA, the consumer has to show that the
information was withheld: -Correct Answer ✔With intent to induce the consumer
into a transaction.
Which of these is a common type of law encountered in the real estate profession?
-Correct Answer ✔1. Real property vs. personal property
2. Fiduciary duties and handling of client finances
3. Consumer protection
The term real property refers to: -Correct Answer ✔1. Earth's surface
2. Airspace
3. Subsurface
Which of these IS NOT one of the basic five tests to determine if an object or item
is a fixture? -Correct Answer ✔Size of the object
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Which of these is not a physical characteristic of real property? -Correct Answer
✔Scarcity
Which of these forms of ownership allows for unequal interests between the
owners? -Correct Answer ✔Tenancy in Common
Which of these forms of business provide protection from personal liability? -
Correct Answer ✔1. Corporations
2. LLCs
A housing cooperative is a co-op that: -Correct Answer ✔Owns real property,
usually residential
Which of these professions is NOT regulated by the TREC? -Correct Answer
✔Home mortgage lenders
Which of these is an element necessary to form a contract? -Correct Answer ✔1.
Legal Purpose
2. Offer
3. Consideration
A contract often created by a court based on the actions of the parties and not on a
written agreement is called a(n): -Correct Answer ✔Implied contract
Once a party has purchased an option to buy: -Correct Answer ✔They have the
choice to complete the purchase within the option period or to pass without further
obligation.
Which of these contracts is voidable, and not void? -Correct Answer ✔A contract
with a minor (under 18 years of age) for something not considered a life necessity.
Contracts for deed, lease-purchases, and lease-options for longer than ____ days
are legally defined as executory contracts. -Correct Answer ✔180
The bundle of rights includes: -Correct Answer ✔1. Right of Enjoyment
2. Right of Disposition
3. Right of Possession
AYPO
AYPO Real Estate Law of Contracts Final
Exam Review Graded A+ 2025
Forms published and promoted by the TREC for use in the Texas real estate
profession are referred to as: -Correct Answer ✔Promulgated forms
The Texas Real Estate Commission (TREC) is a ___-member commission
appointed by the governor with the advice and consent of the senate for
overlapping ___-year terms. -Correct Answer ✔9, 6
Contract law presents a particularly high risk of the unauthorized practice of law
when a licensee chooses to do which of the following? -Correct Answer ✔Create
their own contract forms.
The Broker-Lawyer Committee: -Correct Answer ✔Drafts and revises contract
forms for use by real estate licensees.
The TREC Promulgated One to Four Family Residential Contract (Resale) can be
identified by the: -Correct Answer ✔Date in the upper right corner and the ID
number in the lower right corner.
In order to recover damages under the DTPA, the consumer has to show that the
information was withheld: -Correct Answer ✔With intent to induce the consumer
into a transaction.
Which of these is a common type of law encountered in the real estate profession?
-Correct Answer ✔1. Real property vs. personal property
2. Fiduciary duties and handling of client finances
3. Consumer protection
The term real property refers to: -Correct Answer ✔1. Earth's surface
2. Airspace
3. Subsurface
Which of these IS NOT one of the basic five tests to determine if an object or item
is a fixture? -Correct Answer ✔Size of the object
AYPO
, AYPO
Which of these is not a physical characteristic of real property? -Correct Answer
✔Scarcity
Which of these forms of ownership allows for unequal interests between the
owners? -Correct Answer ✔Tenancy in Common
Which of these forms of business provide protection from personal liability? -
Correct Answer ✔1. Corporations
2. LLCs
A housing cooperative is a co-op that: -Correct Answer ✔Owns real property,
usually residential
Which of these professions is NOT regulated by the TREC? -Correct Answer
✔Home mortgage lenders
Which of these is an element necessary to form a contract? -Correct Answer ✔1.
Legal Purpose
2. Offer
3. Consideration
A contract often created by a court based on the actions of the parties and not on a
written agreement is called a(n): -Correct Answer ✔Implied contract
Once a party has purchased an option to buy: -Correct Answer ✔They have the
choice to complete the purchase within the option period or to pass without further
obligation.
Which of these contracts is voidable, and not void? -Correct Answer ✔A contract
with a minor (under 18 years of age) for something not considered a life necessity.
Contracts for deed, lease-purchases, and lease-options for longer than ____ days
are legally defined as executory contracts. -Correct Answer ✔180
The bundle of rights includes: -Correct Answer ✔1. Right of Enjoyment
2. Right of Disposition
3. Right of Possession
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