Law of Contracts Champions 2025/2026
Exam Questions and Correct Answers |
New Update
'1101' laws are associated with... - 🧠 ANSWER ✔✔TRELA
'535' laws are associated with... - 🧠 ANSWER ✔✔TREC
TRELA was established in... - 🧠 ANSWER ✔✔1939
TREC was established in... - 🧠 ANSWER ✔✔1949
The Real Estate Recovery Trust Account is used to... - 🧠 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... - 🧠
ANSWER ✔✔$50,000
,The maximum amount on behalf of any one license holder is... - 🧠
ANSWER ✔✔$100,000
Promulgated forms means... - 🧠 ANSWER ✔✔To make known by open
declaration; publish.
The Texas Real Estate Broker-Lawyer Committee consists of... - 🧠
ANSWER ✔✔13 members.
Of the 13 Lawyer-Broker Committee members, how many are appointed by
TREC? - 🧠 ANSWER ✔✔6
Of the 13 Lawyer-Broker Committee members, how many are members
from the State Bar of Texas? - 🧠 ANSWER ✔✔6
How many public members are appointed to the Lawyer-Broker
Committee? - 🧠 ANSWER ✔✔1
A licensed agent may not give this type of advice... - 🧠 ANSWER ✔✔Legal.
How many types of promulgated lease forms does TREC provide? - 🧠
ANSWER ✔✔2
What are the names of the promulgated lease forms? - 🧠 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. - 🧠
ANSWER ✔✔Right of First Refusal.
A residential lease may contain a Right of... - 🧠 ANSWER ✔✔First Refusal.
"Goods" means... - 🧠 ANSWER ✔✔tangible or real property purchased or
leased for use.
"Services" means... - 🧠 ANSWER ✔✔work, labor, or services purchased or
leased.
What is the DTPA? - 🧠 ANSWER ✔✔Deceptive Trade Practices Act
When a license holder is sued, it tends to be due to an action under the... -
🧠 ANSWER ✔✔DTPA
If the judge or jury rule that the licensed agent knowingly or intentionally
deceived the consumer, damages have the potential be... - 🧠 ANSWER
✔✔three times the offense.
A seller of residential property must provide what type of document to a
buyer? - 🧠 ANSWER ✔✔Seller's Disclosure Notice
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
Exam Questions and Correct Answers |
New Update
'1101' laws are associated with... - 🧠 ANSWER ✔✔TRELA
'535' laws are associated with... - 🧠 ANSWER ✔✔TREC
TRELA was established in... - 🧠 ANSWER ✔✔1939
TREC was established in... - 🧠 ANSWER ✔✔1949
The Real Estate Recovery Trust Account is used to... - 🧠 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... - 🧠
ANSWER ✔✔$50,000
,The maximum amount on behalf of any one license holder is... - 🧠
ANSWER ✔✔$100,000
Promulgated forms means... - 🧠 ANSWER ✔✔To make known by open
declaration; publish.
The Texas Real Estate Broker-Lawyer Committee consists of... - 🧠
ANSWER ✔✔13 members.
Of the 13 Lawyer-Broker Committee members, how many are appointed by
TREC? - 🧠 ANSWER ✔✔6
Of the 13 Lawyer-Broker Committee members, how many are members
from the State Bar of Texas? - 🧠 ANSWER ✔✔6
How many public members are appointed to the Lawyer-Broker
Committee? - 🧠 ANSWER ✔✔1
A licensed agent may not give this type of advice... - 🧠 ANSWER ✔✔Legal.
How many types of promulgated lease forms does TREC provide? - 🧠
ANSWER ✔✔2
What are the names of the promulgated lease forms? - 🧠 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. - 🧠
ANSWER ✔✔Right of First Refusal.
A residential lease may contain a Right of... - 🧠 ANSWER ✔✔First Refusal.
"Goods" means... - 🧠 ANSWER ✔✔tangible or real property purchased or
leased for use.
"Services" means... - 🧠 ANSWER ✔✔work, labor, or services purchased or
leased.
What is the DTPA? - 🧠 ANSWER ✔✔Deceptive Trade Practices Act
When a license holder is sued, it tends to be due to an action under the... -
🧠 ANSWER ✔✔DTPA
If the judge or jury rule that the licensed agent knowingly or intentionally
deceived the consumer, damages have the potential be... - 🧠 ANSWER
✔✔three times the offense.
A seller of residential property must provide what type of document to a
buyer? - 🧠 ANSWER ✔✔Seller's Disclosure Notice
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
