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Law of Contracts- Champions Exam Questions and Complete Solutions Graded A+
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Law of Contracts- Champions Exam Questions and Complete Solutions Graded A+
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Law of Contracts- Champions ExamQuestions and Complete Solutions
Graded A+
Real Estate Center - Answer: Created by the Legislature in the 1970s to collect and compile data about
real estate in Texas
Broker Lawyer Committee - Answer: Established by TREC to write mandatory residential contract forms
for license holders
Texas Real Estate Commission (TREC) - Answer: Created by the Legislature in 1949 to carry out the
provisions of TRELA
Real Estate Recovery Trust Account - Answer: Administered by TREC to protect aggrieved individuals
who suffer a monetary loss due to illegal acts of license holders
Producing Cause - Answer: requires proof that the act or omission was a significant factor in bringing
about injury
Which of the following is a requirement for a Texas real estate sales agent license? - Answer: Show
competency by passing the licensing exam
An active sales agent license may only be issued under __________. - Answer: The sponsorship of a
licensed broker
A license holder must not prepare which of the following documents? - Answer: A license holder must
not prepare any of these documents
improvments - Answer: Any man made additions to the land that are permanent
Surface Rights - Answer: The ability to use extracted resources such as stone, gravel, and limestone
, Subsurface Rights - Answer: Includes the rights to deed oil, gas, and other minerals
Personal Property - Answer: Things of a temporary or movable nature
Emblements - Answer: Annual crops that are considered personal property even though they are
attached to the land
Todd planted two live oaks and four magnolia trees on his 3-acre property. These trees are examples of
_____.
a. Improvements
b. Emblements
c. Fixtures
d. Personal property - Answer: improvements
Patti, David, and Arthur inherited several acres from their parents. They each own a third of the estate.
What type of ownership do the siblings have? - Answer: Tenancy in common
If you hire a mold remediator he must give you _____________ no later than 10 days after work is
complete. - Answer: Certificate of Mold Remediation
Implied Contract - Answer: A contract that must have a competent parties, offer and acceptance, legal
purpose, consideration, and be in writing
Express Contract - Answer: A contract created by offer and acceptance
executory contract - Answer: A contract that is binding on the parties, with one or more of the parties
having contractual duties that have not yet been performed.
Bilateral Contract - Answer: A contract requiring both parties to preform certain duties
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