2/14/25, 2:03 PM Aceable Agent - Law of Contracts (2025) comprehensive questions and verified answers ( detailed & elaborated) ACTUAL EX…
Aceable Agent - Law of Contracts (2025)
comprehensive questions and verified answers (
detailed & elaborated) ACTUAL EXAM 2025
TEST!!
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Practice questions for this set
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Terms in this set (151)
The legal written document that conveys the
DEED intangible ownership rights (title) of a real estate
property to another property.
A security instrument that places the deed to the
property in a trust held by the lender until a
DEED OF TRUST
mortgage is paid off, when the trustee will transfer
the deed to the borrower.
https://quizlet.com/1005979104/aceable-agent-law-of-contracts-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 1/9
, 2/14/25, 2:03 PM Aceable Agent - Law of Contracts (2025) comprehensive questions and verified answers ( detailed & elaborated) ACTUAL EX…
A trustee is an individual person given control of
property in trust with a legal obligation to
TRUSTEE VS TRUSTOR
administer it solely for the purposes specified. The
trustor is the borrower.
Any restriction, encroachment, claim, or lien on a
ENCUMBRANCE property (such as a mortgage) that affects the value
or use of the property.
Board is made up of:
6 Brokers (5 years experience prior)
TREC BOARD
3 Non-Licensed members who don't have any
business interest in real estate.
EDIT, CREATE, What is the primary purpose of the Broker-Lawyer
RECOMMEND Committee?
CONTRACTS TO TREC
6 ATTORNEYS What is the Broker-Lawyer Committee made up of?
6 BROKERS
1 PUBLIC MEMBER
DTPA Deceptive Trade Practices Act
GROUNDWATER AND Surface owners have the rights to what?
RAINWATER
BILL OF SALE Certificate of transfer of personal property.
NON-HOMOGENOUS Parcels of land are unique.
SCARCITY What is the list of economic characteristics?
SITUS
MODIFICATION
FIXITY
ILLIQUIDITY
Describes undivided ownership of an estate with an
SEVERALTY
interest that is exclusive from other owners.
A type of trust that is effective upon the death of a
TESTAMENTARY TRUST
trustor.
https://quizlet.com/1005979104/aceable-agent-law-of-contracts-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 2/9
Aceable Agent - Law of Contracts (2025)
comprehensive questions and verified answers (
detailed & elaborated) ACTUAL EXAM 2025
TEST!!
Save
Practice questions for this set
Learn
Studied 7 terms
Nice work, you're crushing it
Continue studying in Learn
Terms in this set (151)
The legal written document that conveys the
DEED intangible ownership rights (title) of a real estate
property to another property.
A security instrument that places the deed to the
property in a trust held by the lender until a
DEED OF TRUST
mortgage is paid off, when the trustee will transfer
the deed to the borrower.
https://quizlet.com/1005979104/aceable-agent-law-of-contracts-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 1/9
, 2/14/25, 2:03 PM Aceable Agent - Law of Contracts (2025) comprehensive questions and verified answers ( detailed & elaborated) ACTUAL EX…
A trustee is an individual person given control of
property in trust with a legal obligation to
TRUSTEE VS TRUSTOR
administer it solely for the purposes specified. The
trustor is the borrower.
Any restriction, encroachment, claim, or lien on a
ENCUMBRANCE property (such as a mortgage) that affects the value
or use of the property.
Board is made up of:
6 Brokers (5 years experience prior)
TREC BOARD
3 Non-Licensed members who don't have any
business interest in real estate.
EDIT, CREATE, What is the primary purpose of the Broker-Lawyer
RECOMMEND Committee?
CONTRACTS TO TREC
6 ATTORNEYS What is the Broker-Lawyer Committee made up of?
6 BROKERS
1 PUBLIC MEMBER
DTPA Deceptive Trade Practices Act
GROUNDWATER AND Surface owners have the rights to what?
RAINWATER
BILL OF SALE Certificate of transfer of personal property.
NON-HOMOGENOUS Parcels of land are unique.
SCARCITY What is the list of economic characteristics?
SITUS
MODIFICATION
FIXITY
ILLIQUIDITY
Describes undivided ownership of an estate with an
SEVERALTY
interest that is exclusive from other owners.
A type of trust that is effective upon the death of a
TESTAMENTARY TRUST
trustor.
https://quizlet.com/1005979104/aceable-agent-law-of-contracts-2025-comprehensive-questions-and-verified-answers-detailed-elaborated-actual-… 2/9
