Law of Contracts Exam Questions With Appropriate
Answers.
Texas Real Estate Research Center - accurate answers-Housed at Texas A&M
University, this center collects and compiles data relating to real estate in
Texas. Created by legislature in 1970s.
Broker-Lawyer Committee - accurate answers-Established by TREC to write
mandatory residential contract forms for license holders.
Texas Real Estate Commission (TREC) - accurate answers-Created by
legislature in 1949, group of nine people appointed by the governor and
confirmed by the state senate that are to carry out provisions of Texas Real
Estate Licensing Act.
Real Estate Recovery Trust Account - accurate answers-Administered by
TREC to protect aggrieved individuals who suffer a monetary loss due to
illegal acts of license holders.
Unauthorized Practice of Law - accurate answers-Occurs when someone who
is not a licensed attorney provides legal services or advice, or otherwise
engages in activities that require a law license. This is illegal and can have
serious consequences for both the individual providing the services and the
person receiving them.
Producing Cause - accurate answers-Requires proof that the act or omission
was a significant factor in bringing about injury.
Deceptive Trade Practices Act (DTPA) - accurate answers-A consumer
protection law that allows individuals to sue businesses for engaging in false,
misleading, or deceptive practices in the course of business. This law can be
particularly relevant in real estate transactions, protecting buyers from
sellers, agents, or builders who may not disclose crucial information or make
misrepresentations.
Promulgated Forms - accurate answers-Standardized forms prepared and
authorized by the Texas Real Estate Commission that must be used by real
estate license holders.
, Seller's Disclosure Notice - accurate answers-In Texas, sellers of residential
properties are legally required to provide a Seller's Disclosure Notice to
potential buyers. This notice informs buyers about the property's condition,
including any known defects or issues, and helps them make informed
decisions.
Improvements - accurate answers-Man's permanent additions to the land
such as buildings and landscaping.
Surface Rights - accurate answers-The ability to use extracted resources such
as stone, gravel, and limestone.
Subsurface Rights - accurate answers-Rights to the natural resources below
the earth's surface (oil, gas and other mineral rights)
Personal Property - accurate answers-All property not classified as real
property; temporary or movable
Emblements - accurate answers-Growing crops, such as corn, that are
produced annually through labor and industry; considered personal property
Evan though attached to the land.
Common Law - accurate answers-Based on precedent and customs.
Real Estate - accurate answers-All encompassed in land.
Trust - accurate answers-A trust in real estate, often referred to as a property
trust or real estate trust, is a legal entity that holds and manages real estate
for the benefit of designated beneficiaries. Essentially, the ownership of the
property is transferred from the individual (the grantor) to the trust.
Sole Proprietorship - accurate answers-A business owned by one person.
Blockbusting - accurate answers-Illegal practice of inducing homeowners to
sell their properties by telling them that a certain people of a certain race,
national origin or religion are moving into the area.
Statutory Law - accurate answers-Law passed by the U.S. Congress or state
legislatures; takes precedence over common law.
Answers.
Texas Real Estate Research Center - accurate answers-Housed at Texas A&M
University, this center collects and compiles data relating to real estate in
Texas. Created by legislature in 1970s.
Broker-Lawyer Committee - accurate answers-Established by TREC to write
mandatory residential contract forms for license holders.
Texas Real Estate Commission (TREC) - accurate answers-Created by
legislature in 1949, group of nine people appointed by the governor and
confirmed by the state senate that are to carry out provisions of Texas Real
Estate Licensing Act.
Real Estate Recovery Trust Account - accurate answers-Administered by
TREC to protect aggrieved individuals who suffer a monetary loss due to
illegal acts of license holders.
Unauthorized Practice of Law - accurate answers-Occurs when someone who
is not a licensed attorney provides legal services or advice, or otherwise
engages in activities that require a law license. This is illegal and can have
serious consequences for both the individual providing the services and the
person receiving them.
Producing Cause - accurate answers-Requires proof that the act or omission
was a significant factor in bringing about injury.
Deceptive Trade Practices Act (DTPA) - accurate answers-A consumer
protection law that allows individuals to sue businesses for engaging in false,
misleading, or deceptive practices in the course of business. This law can be
particularly relevant in real estate transactions, protecting buyers from
sellers, agents, or builders who may not disclose crucial information or make
misrepresentations.
Promulgated Forms - accurate answers-Standardized forms prepared and
authorized by the Texas Real Estate Commission that must be used by real
estate license holders.
, Seller's Disclosure Notice - accurate answers-In Texas, sellers of residential
properties are legally required to provide a Seller's Disclosure Notice to
potential buyers. This notice informs buyers about the property's condition,
including any known defects or issues, and helps them make informed
decisions.
Improvements - accurate answers-Man's permanent additions to the land
such as buildings and landscaping.
Surface Rights - accurate answers-The ability to use extracted resources such
as stone, gravel, and limestone.
Subsurface Rights - accurate answers-Rights to the natural resources below
the earth's surface (oil, gas and other mineral rights)
Personal Property - accurate answers-All property not classified as real
property; temporary or movable
Emblements - accurate answers-Growing crops, such as corn, that are
produced annually through labor and industry; considered personal property
Evan though attached to the land.
Common Law - accurate answers-Based on precedent and customs.
Real Estate - accurate answers-All encompassed in land.
Trust - accurate answers-A trust in real estate, often referred to as a property
trust or real estate trust, is a legal entity that holds and manages real estate
for the benefit of designated beneficiaries. Essentially, the ownership of the
property is transferred from the individual (the grantor) to the trust.
Sole Proprietorship - accurate answers-A business owned by one person.
Blockbusting - accurate answers-Illegal practice of inducing homeowners to
sell their properties by telling them that a certain people of a certain race,
national origin or religion are moving into the area.
Statutory Law - accurate answers-Law passed by the U.S. Congress or state
legislatures; takes precedence over common law.
