Law of Contracts Champions (LCC) Exam
Questions and Answers
The Real Estate Recovery Trust Account is used to... - ANSWER>>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... -
ANSWER>>$50,000
The maximum amount on behalf of any one license holder is... -
ANSWER>>$100,000
Promulgated forms means... - ANSWER>>To make known by open
declaration; publish.
The Texas Real Estate Broker-Lawyer Committee consists of... - ANSWER>>13
members.
Of the 13 Lawyer-Broker Committee members, how many are appointed by
TREC? - ANSWER>>6
Of the 13 Lawyer-Broker Committee members, how many are members from
the State Bar of Texas? - ANSWER>>6
How many public members are appointed to the Lawyer-Broker Committee?
- ANSWER>>1
A licensed agent may not give this type of advice... - ANSWER>>Legal.
How many types of promulgated lease forms does TREC provide? -
ANSWER>>2
What are the names of the promulgated lease forms? - ANSWER>>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. -
ANSWER>>Right of First Refusal.
A residential lease may contain a Right of... - ANSWER>>First Refusal.
"Goods" means... - ANSWER>>tangible or real property purchased or leased
for use.
"Services" means... - ANSWER>>work, labor, or services purchased or leased.
What is the DTPA? - ANSWER>>Deceptive Trade Practices Act
When a license holder is sued, it tends to be due to an action under the... -
ANSWER>>DTPA
If the judge or jury rule that the licensed agent knowingly or intentionally
deceived the consumer, damages have the potential be... - ANSWER>>three
times the offense.
A seller of residential property must provide what type of document to a
buyer? - ANSWER>>Seller's Disclosure Notice
Who completes the Seller's Disclosure Notice? - ANSWER>>The seller should
be the ONLY one completing the seller's disclosure notice.
If the seller has never occupied the property, do they still have to fill out the
disclosure? Yes, or no? - ANSWER>>Yes.
What is the body of law developed in England and based upon "common
sense"? - ANSWER>>Common Law
These court judgments are referred to as __________ and used as guidance
in common law. - ANSWER>>Precedents
What is the body of laws and regulations enacted by federal and state
legislatures? - ANSWER>>Statutory Law
These rights extend above the surface without limitation... - ANSWER>>Air
Rights
Questions and Answers
The Real Estate Recovery Trust Account is used to... - ANSWER>>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... -
ANSWER>>$50,000
The maximum amount on behalf of any one license holder is... -
ANSWER>>$100,000
Promulgated forms means... - ANSWER>>To make known by open
declaration; publish.
The Texas Real Estate Broker-Lawyer Committee consists of... - ANSWER>>13
members.
Of the 13 Lawyer-Broker Committee members, how many are appointed by
TREC? - ANSWER>>6
Of the 13 Lawyer-Broker Committee members, how many are members from
the State Bar of Texas? - ANSWER>>6
How many public members are appointed to the Lawyer-Broker Committee?
- ANSWER>>1
A licensed agent may not give this type of advice... - ANSWER>>Legal.
How many types of promulgated lease forms does TREC provide? -
ANSWER>>2
What are the names of the promulgated lease forms? - ANSWER>>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. -
ANSWER>>Right of First Refusal.
A residential lease may contain a Right of... - ANSWER>>First Refusal.
"Goods" means... - ANSWER>>tangible or real property purchased or leased
for use.
"Services" means... - ANSWER>>work, labor, or services purchased or leased.
What is the DTPA? - ANSWER>>Deceptive Trade Practices Act
When a license holder is sued, it tends to be due to an action under the... -
ANSWER>>DTPA
If the judge or jury rule that the licensed agent knowingly or intentionally
deceived the consumer, damages have the potential be... - ANSWER>>three
times the offense.
A seller of residential property must provide what type of document to a
buyer? - ANSWER>>Seller's Disclosure Notice
Who completes the Seller's Disclosure Notice? - ANSWER>>The seller should
be the ONLY one completing the seller's disclosure notice.
If the seller has never occupied the property, do they still have to fill out the
disclosure? Yes, or no? - ANSWER>>Yes.
What is the body of law developed in England and based upon "common
sense"? - ANSWER>>Common Law
These court judgments are referred to as __________ and used as guidance
in common law. - ANSWER>>Precedents
What is the body of laws and regulations enacted by federal and state
legislatures? - ANSWER>>Statutory Law
These rights extend above the surface without limitation... - ANSWER>>Air
Rights
