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Law of Contracts - Champions School of Real Estate
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Law of Contracts - Champions School of Real Estate
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LAW OF CONTRACTS - CHAMPIONSSCHOOL OF REAL ESTATE COMPLETE
DETAILED CASE STUDY
k TERLA - - Texas Real Estate License Act
- Created in 1939
TREC - - Texas Real Estate Commission
- Created in 1949 to administer/enforce TERLA
Real Estate Center - - Located at Texas A&M University
- Created in 1970
TREC-Promulgated Forms/Leases (Residential): - - One-to-Four Family Residential Contract (Resale)
- New Home Contract (Completed Construction)
- Residential Condo Contract (Resale)
- New Home Contract (Incomplete Construction)
- Unimproved Property Contract
- Farm and Ranch
, (Note: TREC has promulgated contract addenda and other forms, listed on Thepage 18)
Four categories of unlawful trade practices are: - 1 - Misleading or deceptive conduct employed by any
person that was relied upon by the consumer to the consumer's detriment
2 - Breach of express or implied warranties
3 - Violation of the Texas Insurance Code (Chpt 51)
4 - An unconscionable action or course of action by any person
Physical Characteristics of Land - - Indestructibility: cannot be destroyed
- Immobility: cannot be moved
- Non-homogeneity: no two parcels are the same
Economic Characteristics of Land - - 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
Which of the following is a requirement for the Texas real estate sales agent license? - 1 - College Degree
2 - 30 hours of Real Estate Principles only
*3 - Show competency by passing the licensing exam*
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