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law of contracts exam study guide Questions with correct Answers
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law of contracts exam study guide
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law of contracts exam study guideWhat is TREC's primary purpose? - answeris to protect the public from the acts of
unscrupulous license holders
real estate recovery trust account - answera fund established by Texas law to reimburse
persons damaged by the actions of broker or sales agent
real estate center housed at texas a&m university - answerthis center collects and
complies data relating to real estate in Texas
unauthorized practice of law - answerpracticing law without a law license
how many members are on the broker law committee - answer13 members
what do broker law committee's do? - answerdraft and revise contract forms that are
capable of being standardized to expedite real estate transactions and minimize
controversy
promulgated forms - answertrec has prepared and authorized various standard
contracts that must be used by all license holders when acting as agents in real estate
transactions with limited specific expectations.
TREC has promulgated forms for: - answerMost residential properties including Farm
and Ranch
what can TREC do if license holders don't use promulgated forms? - answerthey may
suspend or revoke your license if the license holder uses any other written instrument
other than TREC promulgated form to transfer or affect title.
expectations to using promulgated forms (1) - answertransactions in which the license
holder is functioning solely as a principal, not as an agent
expectations to using promulgated forms (2) - answertransactions in which an agency of
the US government requires a different form to be used
expectations to using promulgated forms (3) - answertransactions for which a contract
form, addendum to a contract form, has been prepared by a property owner or prepared
by a lawyer and required by a property owner
when was the deceptive trade practice passed? - answeroriginally passed in 1973 and
made specifically applicable to real estate in 1975
, what does deceptive trade do? - answerprohibits a lengthy number of false, misleading
or deceptive acts or practices
service? - answerwork, labor, or service purchased or leased for use. Brokerage is a
service
good? - answertangible chattels or real property purchased or leased for use. Real
estate is a good.
producing cause? - answerProof that an act or omission was a significant factor in
bringing about injury under the DTPA.
Seller's Disclosure Notice - answerA written notice provider by a seller of residential
property that discloses the seller's knowledge of the condition of their property.
must be delivered to make the contract binding on the buyer
EXCEPTIONS to providing a sellers disclosure notice - answerforeclosure sale
bankruptcy
by a lender who has acquired the property through foreclosure
a spouse
to or from any government entity
Seller's Temporary Residential Lease - answerused when the seller wishes to occupy
the property after closing
promulgated by trec
90 days or less
residential use only
trec contracts - answerone to four family residential contract(resale)
residential condo contract(resale)
new home contract (completed construction)
new home contract (incomplete construction)
unimproved property contract
farm and ranch contract
TREC has NO promulgated contract forms for the sale of cooperatives nor form
commercial transactions
DO NOT call registry - answerestablished by the federal trade commission
license holders who COLD CALL must comply with the telephone consumer protection
act
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