Law of Contracts

TERLA (Ans- - Texas Real Estate License Act - Created in 1939 TREC (Ans- - Texas Real Estate Commission - Created in 1949 to administer/enforce TERLA Real Estate Center (Ans- - Located at Texas A&M University - Created in 1970 TREC-Promulgated Forms/Leases (Residential): (Ans- - One-to-Four Family Residential Contract (Resale) - New Home Contract (Completed Construction) - Residential Condo Contract (Resale) - New Home Contract (Incomplete Construction)...

actual damages (Ans- monetary compensation given to an injured party for losses that were a result of the actions or omissions of another party breach of contract (Ans- occurs when the terms or conditions of a contract have been violated competent (Ans- the mental capacity of an individual to participate in legal proceedings or transactions

Describe at least two requirements under TRELA. (Ans- Act created by Texas Congress 1) All professionals are licensed 2) Use same policy, procedures, and forms. Providing correct documentations and forms during a transaction. TREC wanted to get things standardized. TREC was created in 1949 and that's when it began administrating TRELA. Real Estate Dealers license Act was enacted in 1939 for salesperson and brokers. TRELA is the present act which is active and administered until present day. ...

The DTPA helps protect...? Agents Consumers Sellers Attorneys (Ans- Consumers In order to help prevent the buyer from withdrawing their offer, when should a seller provide a prospective buyer with the property disclosure form...? After the contract is signed with the prospective buyer Before the prospective buyer makes an offer After the prospective buyer's offer is accepted After the prospective buyer's home inspector conducts their inspection of the property (Ans- Before the...

common law (Ans- the side of law which arises from judgements and decisions made in courts rather than explicit legislation statutory law (Ans- law formally created by lawmakers improvement (Ans- any non-natural structure built on or affixed to land real estate (Ans- a part of the surface of land to the center of the earth and upward to space, plus all improvements made by man or nature land (Ans- the surface of the earth, including all permanently attached natural features...

Default of contract and types of damages (pg 137) (Ans- Liquidated Damages - The seller can choose to accept the buyer's earnest money as liquidated damages, releasing all parties from any further obligation under the contract. Liquidated damages are damages that are established in the contract. Monetary Damages - The injured party may "seek such other relief as may be provided by law." This would be an award of monetary damages by the court. Because monetary damages are awarded by the ...

abstract of title (Ans- an abbreviated history of a property, including info on any transfers, grantts, wills, conveyances, liens, and encumbrances acceleration clause (Ans- clause in a security instrument (mortgage/deed of trust) which makes the entire loan amount due immediately upon default Accession (Ans- refers to the acquisition of new land or real property by artificial or natural means actual damages (Ans- monetary compensation given to an injured party for losses that w...

Abstract of Title: (Ans- An abbreviated history of a property, including info on any transfers, grants, wills, conveyances, liens, and encumbrances. Example: Before Alice purchases the house on 1701 J J Solice Drive, she should ask for the property's abstract of title. Addendum: (Ans- An additional form attached to a real estate contract Example: Percy is adding an Addendum for Reservation of Oil, Gas, and Other Minerals to his ranch home sale because he wants to retain the rights ...

allodial system (Ans- system of ownership in which land is owned completely, without an obligation of services or duties to another conventional life estate (Ans- a type of freehold life estate created by a deed or will that lasts for the duration of the tenant's life deed restriction (Ans- a provision in a deed that restricts the land use of a property defeasible fee estate (Ans- also known as fee simple defeasible or qualified fee, is a type of freehold estate in which the pe...

Drafts and revises contract forms for use in real estate transactions in the state of Texas. a. Promulgated forms b. Intentionally c. Puffing d. Deceptive Trade Practices Act e. Broker-Lawer Committee (Ans- E Forms published by TREC that are mandatory for license holders to use in real estate transactions int he state of Texas. a. Promulgated forms b. Intentionally c. Puffing d. Deceptive Trade Practices Act e. Broker-Lawer Committee (Ans- A Allows an aggrieved consumer t...