Champion School of Real Estate-Law of Contracts with Correct Answers 2024

Champion School of Real Estate-Law of Contracts with Correct Answers 2024 Texas Real Estate Commission - Answer -TREC-created by the Legislature in 1949. 9 member commission whose primary purpose is to carry out the provision of the License Act Real Estate Recovery Trust Account - Answer -administered by TREC. the purpose of the account is to protect aggrieved individuals who suffer monetary loss due to illegal acts of license holders unlawful practice of law - Answer -license holder is not qualified to add provisions to contracts that go beyond factual business details. Promulgated Forms - Answer -residential contract forms that are mandatory for license holder Deceptive trade practices Act - Answer -Texas law that applies to trade and commerce that was passed in 1973. Part of the Texas Business and Commerce code Land - Answer -surface of the earth extending downward to the center and upward above the surface to infinity Real Estate - Answer -all that encompassed in land with the addition of all man-made additions to the land (improvements) Real Property - Answer -goes beyond physical real estate and includes the rights that a person has in the land. Bundle of Rights - Answer -rights that a person has in the land severable - Answer -different rights can be separate Surface Rights - Answer -the ability to develop the surface and to use resources extracted from or near the surface Subsurface Rights - Answer -rights to oil, gas and minerals, are commonly conveyed through a lease, mineral deed or reservation Air Rights - Answer -extend above the surface without limitations improvements - Answer -man-made additions to the land that is permanent and is considered to become part of the land personalty/chattel - Answer -personal property bill of sale - Answer -used to accomplish the transfer of personal property, accompanies the deedFixture - Answer -personal property that has become attached to the land annexation - Answer -personal property that becomes real property severance - Answer -removing fixtures to become personal property Physical Characteristics of Land - Answer -Indestructibility-cannot be destroyed Immobility-cannot be moved