LAW OF CONTRACTS Questions and
Answers Latest (Verified Answers) |
A+ Assured | 100% Correct
• The Real Estate Recovery Trust Account is used to... -✓✓Protect
aggrieved individuals who suffer a monetary loss due to illegals acts of
license holders.
• The maximum amount per transaction for Real Estate Recovery is... -
✓✓$50,000
• The maximum amount on behalf of any one license holder is... -
✓✓$100,000
• Promulgated forms means... -✓✓To make known by open declaration;
publish.
• The Texas Real Estate Broker-Lawyer Committee consists of... -✓✓13
members.
• Of the 13 Lawyer-Broker Committee members, how many are
appointed by TREC? -✓✓6
• Of the 13 Lawyer-Broker Committee members, how many are
members from the State Bar of Texas? -✓✓6
• How many public members are appointed to the Lawyer-Broker
Committee? -✓✓1
• A licensed agent may not give this type of advice... -✓✓Legal.
, • How many types of promulgated lease forms does TREC provide? -
✓✓2
• What are the names of the promulgated lease forms? -✓✓Buyer's and
Seller's Temporary Residential Lease
• This gives the tenant the right to purchase the leased property by
matching or bettering any offer before the property will be sold to
someone else. -✓✓Right of First Refusal.
• A residential lease may contain a Right of... -✓✓First Refusal.
• "Goods" means... -✓✓tangible or real property purchased or leased for
use.
• "Services" means... -✓✓work, labor, or services purchased or leased.
• What is the DTPA? -✓✓Deceptive Trade Practices Act
• When a license holder is sued, it tends to be due to an action under
the... -✓✓DTPA
• If the judge or jury rule that the licensed agent knowingly or
intentionally deceived the consumer, damages have the potential be... -
✓✓three times the offense.
• A seller of residential property must provide what type of document to
a buyer? -✓✓Seller's Disclosure Notice
• Who completes the Seller's Disclosure Notice? -✓✓The seller should
be the ONLY one completing the seller's disclosure notice.
Answers Latest (Verified Answers) |
A+ Assured | 100% Correct
• The Real Estate Recovery Trust Account is used to... -✓✓Protect
aggrieved individuals who suffer a monetary loss due to illegals acts of
license holders.
• The maximum amount per transaction for Real Estate Recovery is... -
✓✓$50,000
• The maximum amount on behalf of any one license holder is... -
✓✓$100,000
• Promulgated forms means... -✓✓To make known by open declaration;
publish.
• The Texas Real Estate Broker-Lawyer Committee consists of... -✓✓13
members.
• Of the 13 Lawyer-Broker Committee members, how many are
appointed by TREC? -✓✓6
• Of the 13 Lawyer-Broker Committee members, how many are
members from the State Bar of Texas? -✓✓6
• How many public members are appointed to the Lawyer-Broker
Committee? -✓✓1
• A licensed agent may not give this type of advice... -✓✓Legal.
, • How many types of promulgated lease forms does TREC provide? -
✓✓2
• What are the names of the promulgated lease forms? -✓✓Buyer's and
Seller's Temporary Residential Lease
• This gives the tenant the right to purchase the leased property by
matching or bettering any offer before the property will be sold to
someone else. -✓✓Right of First Refusal.
• A residential lease may contain a Right of... -✓✓First Refusal.
• "Goods" means... -✓✓tangible or real property purchased or leased for
use.
• "Services" means... -✓✓work, labor, or services purchased or leased.
• What is the DTPA? -✓✓Deceptive Trade Practices Act
• When a license holder is sued, it tends to be due to an action under
the... -✓✓DTPA
• If the judge or jury rule that the licensed agent knowingly or
intentionally deceived the consumer, damages have the potential be... -
✓✓three times the offense.
• A seller of residential property must provide what type of document to
a buyer? -✓✓Seller's Disclosure Notice
• Who completes the Seller's Disclosure Notice? -✓✓The seller should
be the ONLY one completing the seller's disclosure notice.
