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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)...

Which of the following are NOT included in the description of land? a. The earth's surface extending downward to the center of the earth. b. A sewer system. c. Trees and water on the earth's surface. d. Formations such as hills and plateaus. (Ans- b. A property is owned as joint tenants. If one of the owners dies, a. his share of the property passes to the surviving owner immediately. b. the surviving tenant has to wait for the property to go through probate. c. the owner who died ...

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. ...

While previewing a house, the salesperson notices water stains behind the draperies. the owner, when asked, denied there were any water problems. If the salesperson shows the property and fails to mention the water stains, the salesman is guilty of: a. fraud b. misrepresentation c. nothing, because his fiduciary responsibility is to the owner d. puffery (Ans- A (material facts) As evidence of leakage or flooding, water stains are material facts that must be disclosed, if known by the sale...

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...