Law of Contracts Practice Exam Champions
Exam Questions And Correct Answers (Verified
Answers) Plus Rationales| Instant Download
10th Edition 2026/2027
unlawful practice of law
When license holders
add provisions to contracts that go beyond factual business details.
Texas Real Estate Commission
Texas Real Estate Commission (TREC) was created by the Legislature
in 1949. It is a
nine-member commission whose primary purpose is to carry out the
provisions of the License Act. Commission members are appointed by
the governor and approved by the Senate. Each serves for a six-year
term, except the chairman of the Commission who serves at the
pleasure of the governor.
Six of the members of the Commission are broker members.
Broker-lawyer committee
Drafts and revises contract forms for use
in real estate transactions in the state of
Texas
promulgated forms
Forms published by TREC that are
mandatory for license holders to use in
real estate transactions in the state of
Texas
, Buyer's Temporary Residential Lease
for use when the buyer occupies the property for no more than 90
days prior to closing.
Seller's Temporary Residential Lease
for use when the seller occupies the property for no more than 90
days after closing.
addendum
a thing that is added; an appendix or addition to a book or written
document.
option to purchase
Commonly known as a lease-purchase
agreement, it gives the tenant occupancy in the present time and the
right to purchase at a future date. In an option to purchase, the price
is set when the lease agreement is negotiated, which is advantageous
to the tenant-buyer.
lease-purchase agreement
gives the tenant occupancy in the present time and the right to
purchase at a future
date.
right of first refusal
giving the tenant the right to purchase the
leased property by matching or bettering any offer before the
property will be sold to someone else.
fraud
A deliberate deception intended to secure an unfair or unlawful gain
Exam Questions And Correct Answers (Verified
Answers) Plus Rationales| Instant Download
10th Edition 2026/2027
unlawful practice of law
When license holders
add provisions to contracts that go beyond factual business details.
Texas Real Estate Commission
Texas Real Estate Commission (TREC) was created by the Legislature
in 1949. It is a
nine-member commission whose primary purpose is to carry out the
provisions of the License Act. Commission members are appointed by
the governor and approved by the Senate. Each serves for a six-year
term, except the chairman of the Commission who serves at the
pleasure of the governor.
Six of the members of the Commission are broker members.
Broker-lawyer committee
Drafts and revises contract forms for use
in real estate transactions in the state of
Texas
promulgated forms
Forms published by TREC that are
mandatory for license holders to use in
real estate transactions in the state of
Texas
, Buyer's Temporary Residential Lease
for use when the buyer occupies the property for no more than 90
days prior to closing.
Seller's Temporary Residential Lease
for use when the seller occupies the property for no more than 90
days after closing.
addendum
a thing that is added; an appendix or addition to a book or written
document.
option to purchase
Commonly known as a lease-purchase
agreement, it gives the tenant occupancy in the present time and the
right to purchase at a future date. In an option to purchase, the price
is set when the lease agreement is negotiated, which is advantageous
to the tenant-buyer.
lease-purchase agreement
gives the tenant occupancy in the present time and the right to
purchase at a future
date.
right of first refusal
giving the tenant the right to purchase the
leased property by matching or bettering any offer before the
property will be sold to someone else.
fraud
A deliberate deception intended to secure an unfair or unlawful gain
