Champion School of Real Estate-Law of Contracts Exam with Complete Solutions

Champion School of Real Estate-Law of Contracts Exam with Complete Solutions 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.