'1101' laws are associated with...
o :# TRELA
'535' laws are associated with...
o :# TREC
TRELA was established in...
o :# 1939
TREC was established in...
o :# 1949
The Real Estate Recovery Trust Account is used to...
o :# Protect aggrieved individuals who suffer a monetary loss due to ill...
Law of Contracts Champions Questions and Answers
'1101' laws are associated with...
o :# TRELA
'535' laws are associated with...
o :# TREC
TRELA was established in...
o :# 1939
TREC was established in...
o :# 1949
The Real Estate Recovery Trust Account is used to...
o :# Protect aggrieved individuals who suffer a monetary loss due to illegals acts
of license holders.
The maximum amount per transaction for Real Estate Recovery is...
o :# $50,000
The maximum amount on behalf of any one license holder is...
, 2024/2025 2|Page
o :# $100,000
Promulgated forms means...
o :# To make known by open declaration; publish.
The Texas Real Estate Broker-Lawyer Committee consists of...
o :# 13 members.
Of the 13 Lawyer-Broker Committee members, how many are appointed by TREC?
o :# 6
Of the 13 Lawyer-Broker Committee members, how many are members from the State
Bar of Texas?
o :# 6
How many public members are appointed to the Lawyer-Broker Committee?
o :# 1
A licensed agent may not give this type of advice...
o :# Legal.
How many types of promulgated lease forms does TREC provide?
, 2024/2025 3|Page
o :# 2
What are the names of the promulgated lease forms?
o :# Buyer's and Seller's Temporary Residential Lease
This gives the tenant the right to purchase the leased property by matching or bettering
any offer before the property will be sold to someone else.
o :# Right of First Refusal.
A residential lease may contain a Right of...
o :# First Refusal.
"Goods" means...
o :# tangible or real property purchased or leased for use.
"Services" means...
o :# work, labor, or services purchased or leased.
What is the DTPA?
o :# Deceptive Trade Practices Act
When a license holder is sued, it tends to be due to an action under the...
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