Exam (elaborations)
TREC Law of Contracts Questions and Answers
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TREC Law of Contracts
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TREC Law of ContractsThe TREC Residential Contract Forms are:
a. For optional use by real estate license holders
b. Drafted by the Broker Lawyer Committee
c. Promulgated by the Broker Lawyer Committee
d. Mandatory for all transactions in Texas - answerb. Drafted by the Broker Lawyer
Committee
Wrongful or criminal deception intended to result in financial or personal gain is called:
a. Fraud
b. Accident
c. Liability
d. Misrepresentation - answera. Fraud
Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels.
a. Consumers
b. Services
c. Fixtures
d. Goods - answerd. Goods
Under the Deceptive Trade Practices Act, (Goods) are defined as tangible chattels.
If a seller will continue to occupy the property for one month after the closing, the buyer
and seller should:
(a) Ensure that the terms are written into the contract
(b) Negotiate a periodic tenancy agreement
(c) Enter into a Seller's Temporary Residential Lease
,(d) Enter into a Buyer's Temporary Residential Lease - answerC
The Buyer and Seller Temporary Residential Lease forms may be used for a lease
period not to exceed:
(a) 14 days
(b) 30 days
(c) 60 days
(d) 90 days - answerD
A Seller's Disclosure Notice is not required:
(a) When the property being sold is a rental property
(b) At a foreclosure sale
(c) When the property has an out-of-state owner
(d) When the property is sold "as is" - answerB
The type of law that deals with the relationship between the parties to a transaction,
sales agents and brokers is:
(a) Agency law
(b) Advertising law
(c) Contract law
(d) Consumer protection law - answerA
__________ is the body of laws and regulations enacted by federal and state legislative
bodies.
(a) Common law
(b) Contract law
(c) Statutory law
(d) Finance law - answerC
__________ extend above the surface without limitation.
, (a) Subsurface rights
(b) Air rights
(c) Surface rights
(d) Building codes - answerB
Any man-made addition to land that is permanent, and is considered to become part of
the land is known as a(n) __________.
(a) Fixture
(b) Improvement
(c) Personalty
(d) Annexation - answerB
A(n) __________ is an entity created for the benefit of another.
(a) Trust
(b) Cooperative
(c) Timeshare
(d) Testament - answerA
An option contract is:
(a) A bilateral contract
(b) Binding on both parties
(c) A unilateral contract
(d) Illegal in Texas - answerC
__________ is not a requirement of a valid contract.
(a) Mutual consent
(b) Consideration
(c) Earnest Money
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