AYPO REAL ESTATE LAW OF CONTRACTS FINAL EXAM ACTUAL EXA
AYPO Real Estate Law of Contracts Final Exam Review
QUESTIONS WITH COMPLETE SOLUTION GUIDE (A+ GRADED 100%
Study online at https://quizlet.com/_fd1uay
VERIFIED) LATEST VERSION 2025!!
1. Forms published and promoted by the TREC for use in Promulgated forms
the Texas real estate profession are referred to as:
2. The Texas Real Estate Commission (TREC) is a ___-mem- 9, 6
ber commission appointed by the governor with the
advice and consent of the senate for overlapping
___-year terms.
3. Contract law presents a particularly high risk of the Create their own contract
unauthorized practice of law when a licensee chooses forms.
to do which of the following?
4. The Broker-Lawyer Committee: Drafts and revises contract
forms for use by real estate
licensees.
5. The TREC Promulgated One to Four Family Residential Date in the upper right
Contract (Resale) can be identified by the: corner and the ID number
in the lower right corner.
6. In order to recover damages under the DTPA, the con- With intent to induce the
sumer has to show that the information was withheld: consumer into a transac-
tion.
7. Which of these is a common type of law encountered 1. Real property vs. per-
in the real estate profession? sonal property
2. Fiduciary duties and
handling of client fi-
nances
3. Consumer protection
8. The term real property refers to:
, AYPO Real Estate Law of Contracts Final Exam Review
Study online at https://quizlet.com/_fd1uay
1. Earth's surface
2. Airspace
3. Subsurface
9. Which of these IS NOT one of the basic five tests to Size of the object
determine if an object or item is a fixture?
10. Which of these is not a physical characteristic of real Scarcity
property?
11. Which of these forms of ownership allows for unequal Tenancy in Common
interests between the owners?
12. Which of these forms of business provide protection 1. Corporations
from personal liability? 2. LLCs
13. A housing cooperative is a co-op that: Owns real property, usual-
ly residential
14. Which of these professions is NOT regulated by the Home mortgage lenders
TREC?
15. Which of these is an element necessary to form a con- 1. Legal Purpose
tract? 2. Offer
3. Consideration
16. A contract often created by a court based on the ac- Implied contract
tions of the parties and not on a written agreement is
called a(n):
17. Once a party has purchased an option to buy: They have the choice to
complete the purchase
within the option period
AYPO Real Estate Law of Contracts Final Exam Review
QUESTIONS WITH COMPLETE SOLUTION GUIDE (A+ GRADED 100%
Study online at https://quizlet.com/_fd1uay
VERIFIED) LATEST VERSION 2025!!
1. Forms published and promoted by the TREC for use in Promulgated forms
the Texas real estate profession are referred to as:
2. The Texas Real Estate Commission (TREC) is a ___-mem- 9, 6
ber commission appointed by the governor with the
advice and consent of the senate for overlapping
___-year terms.
3. Contract law presents a particularly high risk of the Create their own contract
unauthorized practice of law when a licensee chooses forms.
to do which of the following?
4. The Broker-Lawyer Committee: Drafts and revises contract
forms for use by real estate
licensees.
5. The TREC Promulgated One to Four Family Residential Date in the upper right
Contract (Resale) can be identified by the: corner and the ID number
in the lower right corner.
6. In order to recover damages under the DTPA, the con- With intent to induce the
sumer has to show that the information was withheld: consumer into a transac-
tion.
7. Which of these is a common type of law encountered 1. Real property vs. per-
in the real estate profession? sonal property
2. Fiduciary duties and
handling of client fi-
nances
3. Consumer protection
8. The term real property refers to:
, AYPO Real Estate Law of Contracts Final Exam Review
Study online at https://quizlet.com/_fd1uay
1. Earth's surface
2. Airspace
3. Subsurface
9. Which of these IS NOT one of the basic five tests to Size of the object
determine if an object or item is a fixture?
10. Which of these is not a physical characteristic of real Scarcity
property?
11. Which of these forms of ownership allows for unequal Tenancy in Common
interests between the owners?
12. Which of these forms of business provide protection 1. Corporations
from personal liability? 2. LLCs
13. A housing cooperative is a co-op that: Owns real property, usual-
ly residential
14. Which of these professions is NOT regulated by the Home mortgage lenders
TREC?
15. Which of these is an element necessary to form a con- 1. Legal Purpose
tract? 2. Offer
3. Consideration
16. A contract often created by a court based on the ac- Implied contract
tions of the parties and not on a written agreement is
called a(n):
17. Once a party has purchased an option to buy: They have the choice to
complete the purchase
within the option period
