Law of Contracts Questions With Accurate Solutions.
If a tenant was in the property and someone made an offer to the owner what
does the owner have to do with the tenant - accurate answers-Right of first
refusal
Can a buyer move into a property prior to closing - accurate answers-Yes -
buyer
The government can zone a property they're practicing.. - accurate answers-
Police power
If there was a lake house being sold with 50 items where would you list that? -
accurate answers-Bill of sale
I own a condo all by myself I own it in estate of - accurate answers-Severalty
If someone said they would buy my property but never followed through,
went ghost, can I sue to get them to buy - accurate answers-No because it was
oral
If I have a property that came with a tenant that is an example of - accurate
answers-Appurdance
When we first sign a contract what stage is it at? - accurate answers-Executed
When we are doing all the work on a contract what stage is it at? - accurate
answers-Executory
If you own a business by yourself what type of business is that? - accurate
answers-Sole-proprietorship
Both parties have a agreed this is called - accurate answers-Acceptance
Lease with a start and end date - accurate answers-Estate for years
A house was destroyed by a fire what happens to the contract - accurate
answers-Terminated
With a condo, what do you own - accurate answers-4 walls
,Living in a Co-op what do you own? - accurate answers-Shares of the unit
You have a lease where you give 10% of the sales, what is it called? - accurate
answers-Percentage lease
If you were under the influence of drugs or alcohol you're not ___ party -
accurate answers-Competent
Does consideration have to be money - accurate answers-No - it can be love &
affection, cars, jewelry
Property gets landlocked, what do you need to request? - accurate answers-
Easement of necessity
Established by TREC to write mandatory residential contract forms for license
holders - accurate answers-Broker-Lawyer Committee
Created by the Legislature in the 1970s to collect and compile data about real
estate in Texas - accurate answers-Texas Real Estate Research Center
Created by the Legislature in 1949 to carry out the provisions of TRELA -
accurate answers-Texas Real Estate Commission
Requires proof that the act or omission was a significant factor in bringing
about injury - accurate answers-Producing cause
Administered by TREC to protect aggrieved individuals who suffer a monetary
loss due to illegal acts of license holders - accurate answers-Real Estate
Recovery Trust Account
In 1949 the ____ ___ ____ ____ was established to administer and enforce TRELA -
accurate answers-Texas Real Estate Commision
TREC is a __ member commission whos primary purpose is to carry out
provisions of the License Act - accurate answers-9
TREC has 9 members ___ members are brokers & the remaining are ___ public
members - accurate answers-6 & 3
, TREC may assess an administrative penalty of up to $___ per day for violation
of the License Act: - accurate answers-$5,000
TREC created promulgated forms which are —- for license holders - accurate
answers-Mandatory
TREC issues sales agent and broker licenses - accurate answers-True
TREC —— or —- licenses of those who violate the License Act - accurate
answers-Suspends or Revokes
TRECs main focus is to protect the —- - accurate answers-Public
An active sales agent license may only be issued under __________. - accurate
answers-The sponsorship of a licensed broker
If a broker wishes to terminate a sales agents sponsorship, it must be done in
____, and the license must be returned to TREC immediately - accurate
answers-Writing
A resident broker must maintain a —- place of business in the state - accurate
answers-Fixed
The designated officer of a licensed real estate corporation or the designated
manager of a licensed real estate limited liability company must be licensed as
a —— - accurate answers-Broker
Attorneys license in Texas may represent clients in real estate transactions
without a license out of state. Attorneys must have a real estate license. -
accurate answers-True
Sales people representing a new home builder are —— from a license
requirement - accurate answers-Exempt
If an individual engages in real estate profession without first obtaining a
license, he or she is guilty of a —- —- —-, which, according to the Texas penile
code is punishable by fine of up to $___ and or up to one year in county jail -
accurate answers-Class A Misdemeanor & $4,000
If a tenant was in the property and someone made an offer to the owner what
does the owner have to do with the tenant - accurate answers-Right of first
refusal
Can a buyer move into a property prior to closing - accurate answers-Yes -
buyer
The government can zone a property they're practicing.. - accurate answers-
Police power
If there was a lake house being sold with 50 items where would you list that? -
accurate answers-Bill of sale
I own a condo all by myself I own it in estate of - accurate answers-Severalty
If someone said they would buy my property but never followed through,
went ghost, can I sue to get them to buy - accurate answers-No because it was
oral
If I have a property that came with a tenant that is an example of - accurate
answers-Appurdance
When we first sign a contract what stage is it at? - accurate answers-Executed
When we are doing all the work on a contract what stage is it at? - accurate
answers-Executory
If you own a business by yourself what type of business is that? - accurate
answers-Sole-proprietorship
Both parties have a agreed this is called - accurate answers-Acceptance
Lease with a start and end date - accurate answers-Estate for years
A house was destroyed by a fire what happens to the contract - accurate
answers-Terminated
With a condo, what do you own - accurate answers-4 walls
,Living in a Co-op what do you own? - accurate answers-Shares of the unit
You have a lease where you give 10% of the sales, what is it called? - accurate
answers-Percentage lease
If you were under the influence of drugs or alcohol you're not ___ party -
accurate answers-Competent
Does consideration have to be money - accurate answers-No - it can be love &
affection, cars, jewelry
Property gets landlocked, what do you need to request? - accurate answers-
Easement of necessity
Established by TREC to write mandatory residential contract forms for license
holders - accurate answers-Broker-Lawyer Committee
Created by the Legislature in the 1970s to collect and compile data about real
estate in Texas - accurate answers-Texas Real Estate Research Center
Created by the Legislature in 1949 to carry out the provisions of TRELA -
accurate answers-Texas Real Estate Commission
Requires proof that the act or omission was a significant factor in bringing
about injury - accurate answers-Producing cause
Administered by TREC to protect aggrieved individuals who suffer a monetary
loss due to illegal acts of license holders - accurate answers-Real Estate
Recovery Trust Account
In 1949 the ____ ___ ____ ____ was established to administer and enforce TRELA -
accurate answers-Texas Real Estate Commision
TREC is a __ member commission whos primary purpose is to carry out
provisions of the License Act - accurate answers-9
TREC has 9 members ___ members are brokers & the remaining are ___ public
members - accurate answers-6 & 3
, TREC may assess an administrative penalty of up to $___ per day for violation
of the License Act: - accurate answers-$5,000
TREC created promulgated forms which are —- for license holders - accurate
answers-Mandatory
TREC issues sales agent and broker licenses - accurate answers-True
TREC —— or —- licenses of those who violate the License Act - accurate
answers-Suspends or Revokes
TRECs main focus is to protect the —- - accurate answers-Public
An active sales agent license may only be issued under __________. - accurate
answers-The sponsorship of a licensed broker
If a broker wishes to terminate a sales agents sponsorship, it must be done in
____, and the license must be returned to TREC immediately - accurate
answers-Writing
A resident broker must maintain a —- place of business in the state - accurate
answers-Fixed
The designated officer of a licensed real estate corporation or the designated
manager of a licensed real estate limited liability company must be licensed as
a —— - accurate answers-Broker
Attorneys license in Texas may represent clients in real estate transactions
without a license out of state. Attorneys must have a real estate license. -
accurate answers-True
Sales people representing a new home builder are —— from a license
requirement - accurate answers-Exempt
If an individual engages in real estate profession without first obtaining a
license, he or she is guilty of a —- —- —-, which, according to the Texas penile
code is punishable by fine of up to $___ and or up to one year in county jail -
accurate answers-Class A Misdemeanor & $4,000
