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Champion School Of Real Estate-Law Of Contracts,With Q &A.
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Champion School Of Real Estate-Law Of Contracts,With Q &A.
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Champion School Of Real Estate-Law OfContracts,With Q &A
Texas bReal bEstate bCommission b- b bcorrect banswer- bTREC-created bby bthe bLegislature bin b1949. b9
bmember bcommission bwhose bprimary bpurpose bis bto bcarry bout bthe bprovision bof bthe bLicense bAct
Real bEstate bRecovery bTrust bAccount b- b bcorrect banswer- badministered bby bTREC. bthe bpurpose bof
bthe baccount bis bto bprotect baggrieved bindividuals bwho bsuffer bmonetary bloss bdue bto billegal bacts
bof blicense bholders
unlawful bpractice bof blaw b- b bcorrect banswer- blicense bholder bis bnot bqualified bto badd bprovisions
bto bcontracts bthat bgo bbeyond bfactual bbusiness bdetails.
Promulgated bForms b- b bcorrect banswer- bresidential bcontract bforms bthat bare bmandatory bfor
blicense bholder
Deceptive btrade bpractices bAct b- b bcorrect banswer- bTexas blaw bthat bapplies bto btrade band
bcommerce bthat bwas bpassed bin b1973. bPart bof bthe bTexas bBusiness band bCommerce bcode
,Land b- b bcorrect banswer- bsurface bof bthe bearth bextending bdownward bto bthe bcenter band bupward
babove bthe bsurface bto binfinity
Real bEstate b- b bcorrect banswer- ball bthat bencompassed bin bland bwith bthe baddition bof ball bman-
made badditions bto bthe bland b(improvements)
Real bProperty b- b bcorrect banswer- bgoes bbeyond bphysical breal bestate band bincludes bthe brights bthat
ba bperson bhas bin bthe bland.
Bundle bof bRights b- b bcorrect banswer- brights bthat ba bperson bhas bin bthe bland
severable b- b bcorrect banswer- bdifferent brights bcan bbe bseparate
Surface bRights b- b bcorrect banswer- bthe bability bto bdevelop bthe bsurface band bto buse bresources
bextracted bfrom bor bnear bthe bsurface
Subsurface bRights b- b bcorrect banswer- brights bto boil, bgas band bminerals, bare bcommonly bconveyed
bthrough ba blease, bmineral bdeed bor breservation
Air bRights b- b bcorrect banswer- bextend babove bthe bsurface bwithout blimitations
improvements b- b bcorrect banswer- bman-made badditions bto bthe bland bthat bis bpermanent band bis
bconsidered bto bbecome bpart bof bthe bland
personalty/chattel b- b bcorrect banswer- bpersonal bproperty
bill bof bsale b- b bcorrect banswer- bused bto baccomplish bthe btransfer bof bpersonal bproperty,
baccompanies bthe bdeed
, Fixture b- b bcorrect banswer- bpersonal bproperty bthat bhas bbecome battached bto bthe bland
annexation b- b bcorrect banswer- bpersonal bproperty bthat bbecomes breal bproperty
severance b- b bcorrect banswer- bremoving bfixtures bto bbecome bpersonal bproperty
Physical bCharacteristics bof bLand b- b bcorrect banswer- bIndestructibility-cannot bbe bdestroyed
Immobility-cannot bbe bmoved
Non-homogeneity-no btwo bparcels bare bthe bsame
Economic bCharacteristics bof bLand b- b bcorrect banswer- bScarcity-supply band bdemand
Modification-value bis baffected bby bman bmade bchanges
Fixity-additions btake blong bperiods bof btime bto bpay
Situs-location, blocation, blocation
Estate bin bSeveralty b- b bcorrect banswer- bownership bby bone bindividiual
Co-Ownership b- b bcorrect banswer- bownership bby btwo bor bmore
Trust b- b bcorrect banswer- bownership bconveyed bto ba btrustee bfor bthe bbenefit bof bothers
tenancy bin bcommon b- b bcorrect banswer- bownership bby b2 bor bmore bwith bundivided binterests
Partition b- b bcorrect banswer- bown ba bdistinct btract bof bland
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