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Champion School of Real Estate-Law of Contracts Exam With Questions And 100% Correct Answers
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Champion School of Real Estate-Law of Contracts Exam WithQuestions And 100% Correct Answers
Texas Real Estate Commission - the Legislature's answer to what was needed in 1949. 9
member commission whose primary purpose is to carry out the provision of the License
Act
Real Estate Recovery Trust Account - administered by TREC. the purpose of the
account is to protect aggrieved individuals who suffer monetary loss due to illegal acts
of license holders
illegal practice of law - Answer license holder is not competent to insert addenda into
contracts which extend beyond factual business information.
Promulgated Forms - Answer residential contract forms which are mandatory for
license holder
Deceptive trade practices Act - Answer Texas statute relating to trade and commerce
which was enacted 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.
Bundle of Rights - Answer rights that a person has in the land
,severable - Answer various rights can be divided
Surface Rights - Answer the right to develop the surface and to utilize resources
extracted from or near the surface
Subsurface Rights - Answer rights to oil, gas and minerals, are often transferred
through a lease, mineral deed or reservation
Air Rights - Answer extend above the surface without limitation
improvements - Answer man-made additions to the land that is permanent and is
considered to become part of the land
personalty/chattel - Answer personal property
bill of sale - Answer used to accomplish the transfer of personal property, accompanies
the deed
Fixture - Answer personal property that has become attached to the land
annexation - Answer personal property that becomes real property
severance - Answer removing fixtures to become personal property
Physical Characteristics of Land - Answer Indestructibility-cannot be destroyed
Immobility-cannot be moved
Non-homogeneity-no two parcels are the same
, Economic Characteristics of Land - Answer Scarcity-supply and demand
Modification-value is affected by man made changes
Fixity-additions take long periods of time to pay
Situs-location, location, location
Estate in Severalty - Answer ownership by one individiual
Co-Ownership - Answer ownership by two or more
Trust - Answer ownership conveyed to a trustee for the benefit of others
tenancy in common - Answer ownership by 2 or more with undivided interests
Partition - Answer own a distinct tract of land
Joint Tenacy - Answer type of co-ownership with the right of surviorship
Right of surviorship - Answer when joint tenant dies right of property are equally divided
among surviving owners
community property - Answer marriage is regarded as a partnership rather than
husband and wife become one.
separate property - Answer property owned by a married person that is not community
property
steering/channeling - Answer taking buyers or renters to or away from a particular area
based on the race, religion, etc, of the buyer or renter.
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