Law of Contracts Champions UPDATED
ACTUAL Questions and CORRECT
Answers
'1101' laws are associated with... - CORRECT ANSWER -TRELA
'535' laws are associated with... - CORRECT ANSWER -TREC
TRELA was established in... - CORRECT ANSWER -1939
TREC was established in... - CORRECT ANSWER -1949
The Real Estate Recovery Trust Account is used to... - CORRECT ANSWER -Protect
aggrieved individuals who suffer a monetary loss due to illegals acts of license holders.
The maximum amount per transaction for Real Estate Recovery is... - CORRECT
ANSWER -$50,000
The maximum amount on behalf of any one license holder is... - CORRECT ANSWER -
$100,000
Promulgated forms means... - CORRECT ANSWER -To make known by open
declaration; publish.
The Texas Real Estate Broker-Lawyer Committee consists of... - CORRECT ANSWER -
13 members.
Of the 13 Lawyer-Broker Committee members, how many are appointed by TREC? -
CORRECT ANSWER -6
, Of the 13 Lawyer-Broker Committee members, how many are members from the State Bar of
Texas? - CORRECT ANSWER -6
How many public members are appointed to the Lawyer-Broker Committee? - CORRECT
ANSWER -1
A licensed agent may not give this type of advice... - CORRECT ANSWER -Legal.
How many types of promulgated lease forms does TREC provide? - CORRECT
ANSWER -2
What are the names of the promulgated lease forms? - CORRECT ANSWER -Buyer's and
Seller's Temporary Residential Lease
This gives the tenant the right to purchase the leased property by matching or bettering any offer
before the property will be sold to someone else. - CORRECT ANSWER -Right of First
Refusal.
A residential lease may contain a Right of... - CORRECT ANSWER -First Refusal.
"Goods" means... - CORRECT ANSWER -tangible or real property purchased or leased
for use.
"Services" means... - CORRECT ANSWER -work, labor, or services purchased or leased.
What is the DTPA? - CORRECT ANSWER -Deceptive Trade Practices Act
When a license holder is sued, it tends to be due to an action under the... - CORRECT
ANSWER -DTPA
ACTUAL Questions and CORRECT
Answers
'1101' laws are associated with... - CORRECT ANSWER -TRELA
'535' laws are associated with... - CORRECT ANSWER -TREC
TRELA was established in... - CORRECT ANSWER -1939
TREC was established in... - CORRECT ANSWER -1949
The Real Estate Recovery Trust Account is used to... - CORRECT ANSWER -Protect
aggrieved individuals who suffer a monetary loss due to illegals acts of license holders.
The maximum amount per transaction for Real Estate Recovery is... - CORRECT
ANSWER -$50,000
The maximum amount on behalf of any one license holder is... - CORRECT ANSWER -
$100,000
Promulgated forms means... - CORRECT ANSWER -To make known by open
declaration; publish.
The Texas Real Estate Broker-Lawyer Committee consists of... - CORRECT ANSWER -
13 members.
Of the 13 Lawyer-Broker Committee members, how many are appointed by TREC? -
CORRECT ANSWER -6
, Of the 13 Lawyer-Broker Committee members, how many are members from the State Bar of
Texas? - CORRECT ANSWER -6
How many public members are appointed to the Lawyer-Broker Committee? - CORRECT
ANSWER -1
A licensed agent may not give this type of advice... - CORRECT ANSWER -Legal.
How many types of promulgated lease forms does TREC provide? - CORRECT
ANSWER -2
What are the names of the promulgated lease forms? - CORRECT ANSWER -Buyer's and
Seller's Temporary Residential Lease
This gives the tenant the right to purchase the leased property by matching or bettering any offer
before the property will be sold to someone else. - CORRECT ANSWER -Right of First
Refusal.
A residential lease may contain a Right of... - CORRECT ANSWER -First Refusal.
"Goods" means... - CORRECT ANSWER -tangible or real property purchased or leased
for use.
"Services" means... - CORRECT ANSWER -work, labor, or services purchased or leased.
What is the DTPA? - CORRECT ANSWER -Deceptive Trade Practices Act
When a license holder is sued, it tends to be due to an action under the... - CORRECT
ANSWER -DTPA
