Law of Contracts - Champions School of Real Estate Exam Questions
And Corretc Answers (100% pass)
TERLA - Texas Real Estate License Act
- Came into being in 1939
TREC - Texas Real Estate Commission
- Creation in 1949 to administer/enforce TERLA
Real Estate Center - At Texas A&M University
- Creation in 1970
TREC-Promulgated Forms/Leases: One-to-Four Family Residential Contract (Resale)
- New Home Contract (Completed Construction)
- Residential Condo Contract (Resale)
- New Home Contract (Incomplete Construction)
- Unimproved Property Contract
- Farm and Ranch
, Note: TREC has adopted contract addenda and other forms, included on The page 18
Four categories of unlawful trade practices are: - Answer 1 - Misleading or deceptive
conduct engaged in by any person that was relied upon by the consumer to the
consumer's detriment
2 - Breach of express or implied warranties
3 - Violation of the Texas Insurance Code (Chpt 51)
4 - An unconscionable action or course of action by any person
Physical Characteristics of Land - Answer - Indestructibility: cannot be destroyed
- Immobility: cannot be moved
- Non-homogeneity: no two parcels are the same
Economic Characteristics of Land - Answer - Scarcity: supply and demand
- Modification: value is affected by man made changes
- Fixity: additions take long periods of time to pay
- Situs: location, location, location
Which of the following is a prerequisite for the Texas real estate sales agent license? -
And Corretc Answers (100% pass)
TERLA - Texas Real Estate License Act
- Came into being in 1939
TREC - Texas Real Estate Commission
- Creation in 1949 to administer/enforce TERLA
Real Estate Center - At Texas A&M University
- Creation in 1970
TREC-Promulgated Forms/Leases: One-to-Four Family Residential Contract (Resale)
- New Home Contract (Completed Construction)
- Residential Condo Contract (Resale)
- New Home Contract (Incomplete Construction)
- Unimproved Property Contract
- Farm and Ranch
, Note: TREC has adopted contract addenda and other forms, included on The page 18
Four categories of unlawful trade practices are: - Answer 1 - Misleading or deceptive
conduct engaged in by any person that was relied upon by the consumer to the
consumer's detriment
2 - Breach of express or implied warranties
3 - Violation of the Texas Insurance Code (Chpt 51)
4 - An unconscionable action or course of action by any person
Physical Characteristics of Land - Answer - Indestructibility: cannot be destroyed
- Immobility: cannot be moved
- Non-homogeneity: no two parcels are the same
Economic Characteristics of Land - Answer - Scarcity: supply and demand
- Modification: value is affected by man made changes
- Fixity: additions take long periods of time to pay
- Situs: location, location, location
Which of the following is a prerequisite for the Texas real estate sales agent license? -
