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Champions Real Estate Law of Contracts Exam Questions and Complete Solutions Graded A+
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Champions Real Estate Law of Contracts Exam Questions and Complete Solutions Graded A+
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Champions Real Estate Law ofContracts Exam Questions and
Complete Solutions Graded A+
Texas Real Estate License Act (TRELA) - Answer: created by the legislature, established fairly minimal
license requirements in 1939
Texas Real Estate Commission (TREC) - Answer: -oversee & enforce the provisions of the license
-given rule making authority
-suspend/ revoke any license holder who violates the license act.
Texas Real Estate Commission (TREC) - Answer: -9 members
-6 are broker
-3 general public
-appointed by the governor, with approval of the senate
the purpose and focus is to protect the public - Answer: TREC and License Act
Texas Real Estate Commission (TREC) - Answer: is NOT concerned about an agents earnings, and will not
get involved in disputes between Brokers & Agents
on the State Exam PG10/11 - Answer: requirements to get a license, educational requirements
Class A Misdemeanor
A Fine up to $4,000
Punishable by up to One Year in County (or both) - Answer: to act as an Agent before getting a license
Key Points Regarding the Broker Lawyer Committee - Answer: -13 members
-6 Brokers appointed by TREC
, -6 Attorneys appointed by the President of the state bar association
-1 public member appointed by the Governor
-The Broker-Lawyer Committee writes the contract forms, which are then approved by the Commission
-The Commission promulgates the forms for use by Texas license holders.
Promulgated means... - Answer: published, or made of public record, and these forms are then
mandatory for Agents to use w some exceptions
TREC Promulgated Form - Answer: a form prepared by a Texas Attorney for a specific transaction/
required by property owner
Failure to use TREC Promulgated Forms - Answer: can result in suspension/ revocation of license.
Preparing a Deed, Deed of Trust, Someone's Will, any doc etc - Answer: Preparing any documentation
that affects Title to Land/ Interest in Land can also put your license at risk pg17
TREC has 6 different Promulgated CONTRACTS for Residential Transactions pg17 - Answer: -One-to-Four
Family Residential Contract (Resale)
-New Home Contract (Completed Construction)
-Residential Condominium Contract (Resale)
-New Home Contract (Incomplete Construction)
-Unimproved Property Contract
-Farm and Ranch
TREC does NOT have any Promulgated FORMS - Answer: for co-opps, Commercial Transactions or the
sale of Cooperatives/ Mobile Homes pg17
TREC has 2 Promulgated Residential LEASE Agreements - Answer: are only used as a part of contract
negotiation, they are only used for up to 90days before/after closing
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