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Champions School of Real Estate Law of Contracts Exam Questions and Complete Solutions Graded A+
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Champions School of Real Estate Law of Contracts Exam Questions and Complete Solutions Graded A+
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Champions School of Real Estate Law ofContracts Exam Questions and
Complete Solutions Graded A+
Texas Real Estate Commission - Answer: Created by the legislature in 1949 to carry out the provisions of
TRELA
Unauthorized Practice of Law - Answer: When license holders add provisions to contracts that go
beyond the factual business details they are engaging in..
Deceptive Trade practices act - Answer:
Real Estate Recovery Trust account - Answer: Administered by TREC, the purpose of the account is to
protect aggrieved individuals who suffer a monetary loss due to illegal acts of license holders
Broker Lawyer Committee - Answer: Established by TREC to write mandatory residential contract forms
for license holders
producing cause - Answer: requires proof that the act or omission was a significant factor in bringing
about injury
Real Estate center - Answer: Created by the legislature in the 1970s to collect and compile data about
real estate in Texas
promulgated forms - Answer: forms that are published/made known by open declaration
Seller's Disclosure notice - Answer:
Default - Answer: when a party to a contract fails to perform under the contract
,Default is also referred to as what? - Answer: Breach of contract
Liquidated Damages - Answer: Damages that are established in the contract ex. earnest money
Monetary Damages - Answer: Damages that are awarded by the court. Due to this one never knows
what they will be until the court rules
Specific performance - Answer: The injured party files a court action seeking an order of the court
directing the defaulting party to perform according to the terms of the contract. This is the only remedy
that would possibly result in full executions of the contract.
Remedies when buyer is under default - Answer: Liquidated damages; monetary damages specific
performance
Remedies when seller is under default - Answer: specific performance; monetary damages; Refund
earnest money
Types of TREC promulgated lease forms - Answer: Buyers & Sellers temporary residential lease form;
buyers temporary residential lease form - Answer: for use when buyer occupies the property for no
more than 90 days prior to closing.
seller's Temporary Residential lease form - Answer: for use when the seller occupies the property for no
more than 90 days after closing
Right of first refusal - Answer: giving the tenant the right to purchase the leased property by matching or
bettering any offer before the property will be sold to someone else.
lease purchase agreement - Answer: gives the tenant occupancy in the present time and the right to
purchase at a future date
, Texas Veterans Land Board (TVLB) - Answer: to participate the veteran must obtain and FHA, VA, or
conventional loan. The difference is the loan is sold to the TVLB and not to a secondary market
purchaser. The benefit is the rate is often up to 1 percent below market rates.
What are the physical characteristics of land? - Answer: Indestructibility & durability; Immobility; Non-
homogeneity(not same)
What are the economic characteristics of land? - Answer: Scarcity; Modification; Fixity; Situs
Scarcity - Answer: from the theory of supply and demand
Fixity - Answer: the fact that the land & additions to the land, such as buildings, take a long time to pay
for themselves.
Modification - Answer: refers to the fact that the value is affected by man made changes to land
Situs - Answer: refers to the location of the property or land from an economic stand point, not a
geographical view point.
What are the responsibilities of agents when receiving an offer? - Answer: - all offers must be presented
no matter what
-agent does not have authority to dismiss any offer unless instructed
- the communication and submission of an offer must be done promptly
Title insurance policy - Answer: a contract between the title company and the insured. The title
insurance company agrees to compensate the insured against losses sustained a as result in defects in
title.
Abstract of title - Answer: a complete history of the title to the property and includes all deeds, wills and
other docs affecting title
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