Law of Contracts Practice Exam Champions Questions and 100% Correct Answers

Law of Contracts Practice Exam Champions Questions and 100% Correct Answers Law of Contracts Practice Exam Champions (100% Correct) In ______the Texas Real Estate Commission was established to administer and enforce the TRELA. a. 1939 b. 1929 c. 1949 d. 1993 - c. 1949 TREC has only _______ promulgated lease forms. a. 1 b. 2 c. 3 d. 4 - b. 2 In the TAR® Seller's Disclosure the seller should _______. a. prepare the disclosure when the listing is taken b. be the only one completing this form or any part of it c. none of the above d. both a and b - d. both a and b Which of the following can result in a license revocation or suspension by TREC? (a) Failure to use TRECs promulgated forms (b) Failure to use a form written by an attorney (c) Failure to use a form required by a party (d) all of the above - (d) all of the above Which of the following does TREC have promulgated sales contract forms for? (a) Lease purchase (b) Right of First Refusal (c) Lease option (d) Homes and condos - (d) Homes and condos If a client is interested in a lease with an option to purchase or a right of first refusal, the assistance of a(n)_________ is required. (a) Attorney (b) Broker (c) TREC Representative (d) Subagent - (a) Attorney The State of Texas requires that most sellers of residential property provide a _______ whether or not the seller has ever occupied the property. (a) Amendment to Contract (b) Seller's Temporary Residential Lease (c) Seller's Disclosure (d) Seller Financing Addendum - (c) Seller's Disclosure TREC's residential contract forms, ______, are mandatory for license holders, with few exceptions.