1
AYPO REAL ESTATE LAW OF CONTRACTS FINAL
EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS ALREADY A GRADED TOP RATED VERSION
FOR | NEW AND REVISED
Forms published and promoted by the TREC for use in the Texas real estate
profession are referred to as: - (answers)Promulgated forms
The Texas Real Estate Commission (TREC) is a ___-member commission appointed
by the governor with the advice and consent of the senate for overlapping ___-
year terms. - (answers)9, 6
Contract law presents a particularly high risk of the unauthorized practice of law
when a licensee chooses to do which of the following? - (answers)Create their
own contract forms.
The Broker-Lawyer Committee: - (answers)Drafts and revises contract forms for
use by real estate licensees.
The TREC Promulgated One to Four Family Residential Contract (Resale) can be
identified by the: - (answers)Date in the upper right corner and the ID number in
the lower right corner.
In order to recover damages under the DTPA, the consumer has to show that the
information was withheld: - (answers)With intent to induce the consumer into a
transaction.
, 2
Which of these is a common type of law encountered in the real estate
profession? - (answers)1. Real property vs. personal property
2. Fiduciary duties and handling of client finances
3. Consumer protection
The term real property refers to: - (answers)1. Earth's surface
2. Airspace
3. Subsurface
Which of these IS NOT one of the basic five tests to determine if an object or item
is a fixture? - (answers)Size of the object
Which of these is not a physical characteristic of real property? - (answers)Scarcity
Which of these forms of ownership allows for unequal interests between the
owners? - (answers)Tenancy in Common
Which of these forms of business provide protection from personal liability? -
(answers)1. Corporations
2. LLCs
A housing cooperative is a co-op that: - (answers)Owns real property, usually
residential
AYPO REAL ESTATE LAW OF CONTRACTS FINAL
EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS ALREADY A GRADED TOP RATED VERSION
FOR | NEW AND REVISED
Forms published and promoted by the TREC for use in the Texas real estate
profession are referred to as: - (answers)Promulgated forms
The Texas Real Estate Commission (TREC) is a ___-member commission appointed
by the governor with the advice and consent of the senate for overlapping ___-
year terms. - (answers)9, 6
Contract law presents a particularly high risk of the unauthorized practice of law
when a licensee chooses to do which of the following? - (answers)Create their
own contract forms.
The Broker-Lawyer Committee: - (answers)Drafts and revises contract forms for
use by real estate licensees.
The TREC Promulgated One to Four Family Residential Contract (Resale) can be
identified by the: - (answers)Date in the upper right corner and the ID number in
the lower right corner.
In order to recover damages under the DTPA, the consumer has to show that the
information was withheld: - (answers)With intent to induce the consumer into a
transaction.
, 2
Which of these is a common type of law encountered in the real estate
profession? - (answers)1. Real property vs. personal property
2. Fiduciary duties and handling of client finances
3. Consumer protection
The term real property refers to: - (answers)1. Earth's surface
2. Airspace
3. Subsurface
Which of these IS NOT one of the basic five tests to determine if an object or item
is a fixture? - (answers)Size of the object
Which of these is not a physical characteristic of real property? - (answers)Scarcity
Which of these forms of ownership allows for unequal interests between the
owners? - (answers)Tenancy in Common
Which of these forms of business provide protection from personal liability? -
(answers)1. Corporations
2. LLCs
A housing cooperative is a co-op that: - (answers)Owns real property, usually
residential
