Aceable Agent - Law of Contracts Assessement Exam And Quality Answers 2024.

DEED - Answer The legal written document that conveys the intangible ownership rights (title) of a real estate property to another property. DEED OF TRUST - Answer A security instrument that places the deed to the property in a trust held by the lender until a mortgage is paid off, when the trustee will transfer the deed to the borrower. TRUSTEE VS TRUSTOR - Answer A trustee is an individual person given control of property in trust with a legal obligation to administer it solely for the purposes specified. The trustor is the borrower. ENCUMBRANCE - Answer Any restriction, encroachment, claim, or lien on a property (such as a mortgage) that affects the value or use of the property. TREC BOARD - Answer Board is made up of: 6 Brokers (5 years experience prior) 3 Non-Licensed members who don't have any business interest in real estate. EDIT, CREATE, RECOMMEND CONTRACTS TO TREC - Answer What is the primary purpose of the Broker-Lawyer Committee? 6 ATTORNEYS 6 BROKERS 1 PUBLIC MEMBER - Answer What is the Broker-Lawyer Committee made up of? DTPA - Answer Deceptive Trade Practices Act