Law of Contracts - Champions School of Real Estate UPDATED ACTUAL Exam Questions and CORRECT Answers

MGRADES EXAMS


Law of Contracts - Champions School of
Real Estate UPDATED ACTUAL Exam
Questions and CORRECT Answers
TERLA - CORRECT ANSWER - - Texas Real Estate License Act


- Created in 1939


TREC - CORRECT ANSWER - - Texas Real Estate Commission


- Created in 1949 to administer/enforce TERLA


Real Estate Center - CORRECT ANSWER - - Located at Texas A&M University


- Created in 1970


TREC-Promulgated Forms/Leases (Residential): - CORRECT ANSWER - - One-to-Four
Family Residential Contract (Resale)


- New Home Contract (Completed Construction)


- Residential Condo Contract (Resale)


- New Home Contract (Incomplete Construction)


- Unimproved Property Contract


- Farm and Ranch

, MGRADES EXAMS



(Note: TREC has promulgated contract addenda and other forms, listed on Thepage 18)


Four categories of unlawful trade practices are: - CORRECT ANSWER - 1 - Misleading
or deceptive conduct employed by any person that was relied upon by the consumer to the
consumer's detriment


2 - Breach of express or implied warranties


3 - Violation of the Texas Insurance Code (Chpt 51)


4 - An unconscionable action or course of action by any person


Physical Characteristics of Land - CORRECT ANSWER - - Indestructibility: cannot be
destroyed


- Immobility: cannot be moved


- Non-homogeneity: no two parcels are the same


Economic Characteristics of Land - CORRECT ANSWER - - Scarcity: supply and
demand


- Modification: value is affected by man made changes


- Fixity: additions take long periods of time to pay


- Situs: location, location, location