Texas Principles of Contracts II Q & A - Champions School of Real Estate 2024 LATEST VERSION
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TEXAS PRINCIPLE
Institution
TEXAS PRINCIPLE
$1 million. Once it is there they will charge all license holders $10 to get the fund back to $1.7
million
2. What is the maximum amount of money that can be withdrawn from the Real Estate
Recovery Trust Account?
$50,000 is the maximum per transaction, and $100,000 is the maximum on behalf on a...
Texas Principles of Contracts II Q & A - Champions School of Real Estate
1. What is the minimum amount of money can the Real Estate Recovery Trust Account have?
$1 million. Once it is there they will charge all license holders $10 to get the fund back to $1.7
million
2. What is the maximum amount of money that can be withdrawn from the Real Estate
Recovery Trust Account?
$50,000 is the maximum per transaction, and $100,000 is the maximum on behalf on any one
license holder
3. A yearly Tax bill is $2400 and has not been paid. The property has sold and closing is July
30th. How much will be owed at closing for tax? (The seller pays for closing day).
($ days) x 211 days = 1387
4. RESPA regulates closing on ___________ properties with ____________ financing?
1-4 family residential, federal related
5. What are the 3 tests that the courts apply to determine if something is a fixture or personal
property? intentions of the parties, adaptation to the property, methods of attachments
6. The four categories of unlawful trade practices listed in Sec. 17.50 the Act are:Misleading or
deceptive conduct employed by any person that was relied upon by the consumer to the
consumer's detriment, Breach of express or implied warranties, Violations of the Texas
Insurance Code (Chapter 541), An unconscionable action or course of action by any person
7. Mortgage originators must provide an applicant with a copy of the Special Information
Booklet "Shopping for your home loan: HUD's Settlement Costs Booklet" at the time of
application submission or within ___ business days after the receipt of application? 3
8. How is the members of TREC broken down into? 6 members are brokers - must have been
brokers for at least 5 years and 3 members that are from the public with nothing to do with real
estate
9. How many members make up TREC? 9 members
10. How many members make up the BROKERS-LAWYER Committee? break down. 13 total
members with 6 members are appointed by TREC, 6 members from the State Bar of Texas, 1
public member appointed by the governor
11. The Seller and Buyer Temporary Resident Lease Form may be used for a lease period not to
exceed ? 90 days
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