Champion School of Real Estate-Law of n n n n n
Contracts n
Texas Real Estate Commission - correct answer- TREC-created by the Legislature in 1949. 9 member
n n n n nn n n n n n n n n n
commission whose primary purpose is to carry out the provision of the License Act
n n n n n n n n n n n n n n
n Real Estate Recovery Trust Account - correct answer- administered by TREC. the purpose of the account is
n n n n n nn n n n n n n n n n n
n to protect aggrieved individuals who suffer monetary loss due to illegal acts of license holders
n n n n n n n n n n n n n n
n unlawful practice of law - correct answer- license holder is not qualified to add provisions to contracts that
n n n n nn n n n n n n n n n n n n
n go beyond factual business details.
n n n n
n Promulgated Forms - correct answer- residential contract forms that are mandatory for license holder
n n nn n n n n n n n n n n
n Deceptive trade practices Act - correct answer- Texas law that applies to trade and commerce that was
n n n n nn n n n n n n n n n n n
n passed in 1973. Part of the Texas Business and Commerce code
n n n n n n n n n n
n Land - correct answer- surface of the earth extending downward to the center and upward above the
n nn n n n n n n n n n n n n n n
n surface to infinity n n
,n Real Estate - correct answer- all that encompassed in land with the addition of all man-made additions to
n n nn n n n n n n n n n n n n n n
n the land (improvements)
n n
n Real Property - correct answer- goes beyond physical real estate and includes the rights that a person has in
n n nn n n n n n n n n n n n n n n n
n the land.
n
n Bundle of Rights - correct answer- rights that a person has in the land
n n n nn n n n n n n n n n
n severable - correct answer- different rights can be separate
n nn n n n n n n
n Surface Rights - correct answer- the ability to develop the surface and to use resources extracted from or
n n nn n n n n n n n n n n n n n n
n near the surface
n n
n Subsurface Rights - correct answer- rights to oil, gas and minerals, are commonly conveyed through a lease,
n n nn n n n n n n n n n n n n n
n mineral deed or reservation
n n n
n Air Rights - correct answer- extend above the surface without limitations
n n nn n n n n n n n
n improvements - correct answer- man-made additions to the land that is permanent and is considered to
n nn n n n n n n n n n n n n n
n become part of the land n n n n
n personalty/chattel - correct answer- personal property n nn n n n
n bill of sale - correct answer- used to accomplish the transfer of personal property, accompanies the deed
n n n nn n n n n n n n n n n n n
n Fixture - correct answer- personal property that has become attached to the land
n nn n n n n n n n n n n
, n annexation - correct answer- personal property that becomes real property
n nn n n n n n n n
n severance - correct answer- removing fixtures to become personal property
n nn n n n n n n n
n Physical Characteristics of Land - correct answer- Indestructibility-cannot be destroyed
n n n n nn n n n n
Immobility-cannot be moved n n
Non-homogeneity-no two parcels are the same n n n n n
n Economic Characteristics of Land - correct answer- Scarcity-supply and demand
n n n n nn n n n n
Modification-value is affected by man made changes n n n n n n
Fixity-additions take long periods of time to pay n n n n n n n
Situs-location, location, location n n
n Estate in Severalty - correct answer- ownership by one individiual
n n n nn n n n n n
n Co-Ownership - correct answer- ownership by two or more n nn n n n n n n
n Trust - correct answer- ownership conveyed to a trustee for the benefit of others
n nn n n n n n n n n n n n
n tenancy in common - correct answer- ownership by 2 or more with undivided interests
n n n nn n n n n n n n n n
n Partition - correct answer- own a distinct tract of land
n nn n n n n n n n
n Joint Tenacy - correct answer- type of co-ownership with the right of surviorship
n n nn n n n n n n n n n
Contracts n
Texas Real Estate Commission - correct answer- TREC-created by the Legislature in 1949. 9 member
n n n n nn n n n n n n n n n
commission whose primary purpose is to carry out the provision of the License Act
n n n n n n n n n n n n n n
n Real Estate Recovery Trust Account - correct answer- administered by TREC. the purpose of the account is
n n n n n nn n n n n n n n n n n
n to protect aggrieved individuals who suffer monetary loss due to illegal acts of license holders
n n n n n n n n n n n n n n
n unlawful practice of law - correct answer- license holder is not qualified to add provisions to contracts that
n n n n nn n n n n n n n n n n n n
n go beyond factual business details.
n n n n
n Promulgated Forms - correct answer- residential contract forms that are mandatory for license holder
n n nn n n n n n n n n n n
n Deceptive trade practices Act - correct answer- Texas law that applies to trade and commerce that was
n n n n nn n n n n n n n n n n n
n passed in 1973. Part of the Texas Business and Commerce code
n n n n n n n n n n
n Land - correct answer- surface of the earth extending downward to the center and upward above the
n nn n n n n n n n n n n n n n n
n surface to infinity n n
,n Real Estate - correct answer- all that encompassed in land with the addition of all man-made additions to
n n nn n n n n n n n n n n n n n n
n the land (improvements)
n n
n Real Property - correct answer- goes beyond physical real estate and includes the rights that a person has in
n n nn n n n n n n n n n n n n n n n
n the land.
n
n Bundle of Rights - correct answer- rights that a person has in the land
n n n nn n n n n n n n n n
n severable - correct answer- different rights can be separate
n nn n n n n n n
n Surface Rights - correct answer- the ability to develop the surface and to use resources extracted from or
n n nn n n n n n n n n n n n n n n
n near the surface
n n
n Subsurface Rights - correct answer- rights to oil, gas and minerals, are commonly conveyed through a lease,
n n nn n n n n n n n n n n n n n
n mineral deed or reservation
n n n
n Air Rights - correct answer- extend above the surface without limitations
n n nn n n n n n n n
n improvements - correct answer- man-made additions to the land that is permanent and is considered to
n nn n n n n n n n n n n n n n
n become part of the land n n n n
n personalty/chattel - correct answer- personal property n nn n n n
n bill of sale - correct answer- used to accomplish the transfer of personal property, accompanies the deed
n n n nn n n n n n n n n n n n n
n Fixture - correct answer- personal property that has become attached to the land
n nn n n n n n n n n n n
, n annexation - correct answer- personal property that becomes real property
n nn n n n n n n n
n severance - correct answer- removing fixtures to become personal property
n nn n n n n n n n
n Physical Characteristics of Land - correct answer- Indestructibility-cannot be destroyed
n n n n nn n n n n
Immobility-cannot be moved n n
Non-homogeneity-no two parcels are the same n n n n n
n Economic Characteristics of Land - correct answer- Scarcity-supply and demand
n n n n nn n n n n
Modification-value is affected by man made changes n n n n n n
Fixity-additions take long periods of time to pay n n n n n n n
Situs-location, location, location n n
n Estate in Severalty - correct answer- ownership by one individiual
n n n nn n n n n n
n Co-Ownership - correct answer- ownership by two or more n nn n n n n n n
n Trust - correct answer- ownership conveyed to a trustee for the benefit of others
n nn n n n n n n n n n n n
n tenancy in common - correct answer- ownership by 2 or more with undivided interests
n n n nn n n n n n n n n n
n Partition - correct answer- own a distinct tract of land
n nn n n n n n n n
n Joint Tenacy - correct answer- type of co-ownership with the right of surviorship
n n nn n n n n n n n n n
