Law of contracts-FINAL EXAM
Questions and Answers (Verified Answers)
1. Texas Real Estate License Act: the law which established the Texas
RealEstate Commission, who is responsible for its enforcement
2. what law established the texas real estate commission?: the texas
realestate license act
3. whose mission is the following: to protect consumers' economic
welfareby ensuring that licensees properly can carry out their
fiduciary responsi- bilities to clients, are qualified and competent, and
adhere to professional standards: TREC
4. personal property is conveyed with a " " and real
property with a " ": personal property is conveyed with a bill of sale
andreal property is conveyed with a deed
5. What does the termination option state in a contract?: the termination
optionstates that for a sum of money negotiated between the parties, the
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,buyer has a time period for the "unrestricted right" to terminate
6. When does an offer become a contract?: 1. must be signed by all parties,
all changes must be initialed, and a broker or his agent must complete the
"executeddate" on the form
2. the broker must deliver "notice" to the other party. If several days pass
betweenthe signatures and the delivery, the executed date will be the later
day
7. what does unconscionable action or course of action mean?: This
meansan act or practice which, to a consumer's detriment, takes advantage
of the lack of knowledge, ability, experience, or capacity of the consumer to
a grossly unfairdegree
8. What three things will a licensee be held liable for if they do?: 1.
commitsan unconscionable act
2. misrepresent a material fact
3. fail to disclose information with the intention of inducing a
consumer into atransaction
9. Which of the following practices could be considered practicing law
by areal estate
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, broker for the sale or lease of real property?
A. Use of a form prepared by the broker's company
B. Use of a form prepared by an attorney
C. Use of a form prepared by the property owner
D. Use of a form promulgated by TREC: A
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Questions and Answers (Verified Answers)
1. Texas Real Estate License Act: the law which established the Texas
RealEstate Commission, who is responsible for its enforcement
2. what law established the texas real estate commission?: the texas
realestate license act
3. whose mission is the following: to protect consumers' economic
welfareby ensuring that licensees properly can carry out their
fiduciary responsi- bilities to clients, are qualified and competent, and
adhere to professional standards: TREC
4. personal property is conveyed with a " " and real
property with a " ": personal property is conveyed with a bill of sale
andreal property is conveyed with a deed
5. What does the termination option state in a contract?: the termination
optionstates that for a sum of money negotiated between the parties, the
1/8
,buyer has a time period for the "unrestricted right" to terminate
6. When does an offer become a contract?: 1. must be signed by all parties,
all changes must be initialed, and a broker or his agent must complete the
"executeddate" on the form
2. the broker must deliver "notice" to the other party. If several days pass
betweenthe signatures and the delivery, the executed date will be the later
day
7. what does unconscionable action or course of action mean?: This
meansan act or practice which, to a consumer's detriment, takes advantage
of the lack of knowledge, ability, experience, or capacity of the consumer to
a grossly unfairdegree
8. What three things will a licensee be held liable for if they do?: 1.
commitsan unconscionable act
2. misrepresent a material fact
3. fail to disclose information with the intention of inducing a
consumer into atransaction
9. Which of the following practices could be considered practicing law
by areal estate
2/8
, broker for the sale or lease of real property?
A. Use of a form prepared by the broker's company
B. Use of a form prepared by an attorney
C. Use of a form prepared by the property owner
D. Use of a form promulgated by TREC: A
3/8
