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Texas Law of Contracts Exam Study Guide: Questions & Answers: Latest Updated
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. 
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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. 
...
Broker Contract Law: Questions & Answers: Latest Updated: A+ Score Guide
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...
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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...
Texas Law of Contracts Quiz: Questions & Answers: Latest Updated: Guaranteed A+ Score
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...
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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...
Texas Law of Contracts Level 2: Updated A+ Score Guide
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...
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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...
Law of Contracts Exam Study Guide: Guaranteed A+ Score
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 ...
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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 ...
Law of Contracts Cumulative: Updated Solution: A+ Guide
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...
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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...
Law Of Contracts Exam Study Guide: Guaranteed A+ Guide: Updated
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 ...
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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 ...
Law of Contracts Level 5: Updated A+ Score Guide
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...
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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...
Texas Law of Contracts:Questions & Answers:Latest Updated: Guaranteed A+ Score Guide
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...
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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...
Law of Contracts - Champions Test: Questions & Answers: Guaranteed A+ Score Guide
The TREC residential contract forms are: 
 (Ans- Drafted by the Broker Lawyer Committee 
 
Wrongful or criminal deception intended to result in financial or personal gain is called: 
(Ans- fraud 
 
Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. 
(Ans- goods 
 
If a seller will continue to occupy the property for one month after the closing, the buyer and seller should: 
(Ans- Enter into a Seller's Temporary Residential Lease 
 
The Buyer and Seller Temp...
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The TREC residential contract forms are: 
 (Ans- Drafted by the Broker Lawyer Committee 
 
Wrongful or criminal deception intended to result in financial or personal gain is called: 
(Ans- fraud 
 
Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. 
(Ans- goods 
 
If a seller will continue to occupy the property for one month after the closing, the buyer and seller should: 
(Ans- Enter into a Seller's Temporary Residential Lease 
 
The Buyer and Seller Temp...
RN VATI Mental Health :RN VATI Mental Health 2019 Assessment: Questions & Answers Updated Version
IICRC FSRT Exam Study Guide: Fire and Smoke Restoration Technician Exam Practice Questions & Answers: Latest Updated: Guaranteed A+ Guide
Used the study guide for all my IICRC Exams and passed with 100s
Maternal Child Nursing Care 7th Edition :Test Bank For Maternal Child Nursing Care 7th Edition by Shannon E. Perry, Marilyn J. Hockenberry, Mary Catherine Cashion (Chapter 1-50 ) Latest Updated Complete Solution: Guaranteed A+ Score
Prehospital Emergency Care, 11th Edition Test Bank: Prehospital Emergency Care, 11e (Mistovich et al.) Updated A+ Guide Solution : Questions & Answers
Maternal Child Nursing Care 7th Edition :Test Bank For Maternal Child Nursing Care 7th Edition by Shannon E. Perry, Marilyn J. Hockenberry, Mary Catherine Cashion (Chapter 1-50 ) Latest Updated Complete Solution: Guaranteed A+ Score