Champions - Law of Contracts bundled exams 2024 with verified solutions

In a residential lease with a "right of first refusal" provision: correct answersThe tenant has the right to match or better any offer the landlord receives to prevent the property from being sold to someone else The four ECONOMIC characteristics of land are: correct answers1) Scarcity 2) Modi...

Was created in 1949 by the Legislature. 9 members carry out the provisions of the TRELA correct answersTREC Passed in 1939 correct answersTRELA 1-4 family residential contract correct answersHas promlgated sales contract forms for most Deceptive trade practices act is a Texas law that appli...

'1101' laws are associated with... correct answersTRELA '535' laws are associated with... correct answersTREC TRELA was established in... correct answers1939 TREC was established in... correct answers1949 The Real Estate Recovery Trust Account is used to... correct answersProtect agg...

In a residential lease with a "right of first refusal" provision: correct answersThe tenant has the right to match or better any offer the landlord receives to prevent the property from being sold to someone else The four ECONOMIC characteristics of land are: correct answers1) Scarcity 2) Modi...

unlawful practice of law correct answersWhen license holders add provisions to contracts that go beyond factual business details. Texas Real Estate Commission correct answersTexas Real Estate Commission (TREC) was created by the Legislature in 1949. It is a nine-member commission whose primary ...

Which of the following is a requirement for a Texas real estate sales agent license? a. College degree b. 30 hours of Real Estate Principles Only c. Showing competency by passing the licensing exam d. Must be Texan by birth correct answersC. Showing competency by passing the licensing exam A...

In ______the Texas Real Estate Commission was established to administer and enforce the TRELA. a. 1939 b. 1929 c. 1949 d. 1993 correct answersc. 1949 TREC has only _______ promulgated lease forms. a. 1 b. 2 c. 3 d. 4 correct answersb. 2 In the TAR® Seller's Disclosure the seller ...

This generally refers to a governmental entity's legal authority to force a private landowner to sell his or her real property for public use. A) Condemnation B) Taxation C) Police power D) Eminent domain correct answersD) Eminent domain Precedents are determined by: A) Statutory L...

Texas Real Estate Commission correct answersTREC-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 correct answersadministered by TREC. the purpose of the account is to protect aggrieve...

All of the following acts on the part of a real estate broker would constitute steering and thus be prohibited under the Fair Housing Act EXCEPT: A) directing a prospective buyer of one minority group to work only with a salesperson of the same minority group and to look at areas dominated by t...

Government loans include correct answersFHA, VA, and USDA loans. _____________________ means with actual awareness, or flagrant disregard of prudent and fair business practices. correct answersIntentionally What year was the Texas Real Estate License Act(TRELA) created? correct answers1939 ...

offer correct answersA proposal by one party to another intended to create a legally binding agreement. Terms of offer must be clear, definite and certain acceptance correct answerswords signifying consent to the terms of an offer (thereby creating a contract) void correct answersa contract th...

Default of contract and types of damages (pg 137) correct answersLiquidated 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 con...

A sale and leaseback agreement is: correct answersa way for landowners to free up capital while maintaining the same overhead expenses With net leases, each added "net" requires a tenant to pay for an additional expense that may have otherwise fallen on the landlord. All of the following are ex...