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AYPO Real Estate Law of Contracts Final Exam Review WITH COMPLETE ANSWERS
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AYPO Real Estate Law of Contracts Final Exam Review WITH COMPLETE ANSWERS
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EUNICEAYPO Real Estate Law of Contracts Final Exam Review
WITH COMPLETE ANSWERS
Terms in this set (80)
Forms published and promoted by the Promulgated forms
TREC for use in the Texas real estate
profession are referred to as:
The Texas Real Estate Commission (TREC) is 9, 6
a ___-member commission appointed by the
governor with the advice and consent of
the senate for overlapping ___-year terms.
Contract law presents a particularly high Create their own contract forms.
risk of the unauthorized practice of law
when a licensee chooses to do which of
the following?
The Broker-Lawyer Committee: Drafts and revises contract forms for use by real estate licensees.
The TREC Promulgated One to Four Family Date in the upper right corner and the ID number in the lower right corner.
Residential Contract (Resale) can be
identified by the:
In order to recover damages under the With intent to induce the consumer into a transaction.
DTPA, the consumer has to show that the
information was withheld:
1. Real property vs. personal property
Which of these is a common type of law
2. Fiduciary duties and handling of client finances
encountered in the real estate profession?
3. Consumer protection
1. Earth's surface
The term real property refers to: 2. Airspace
3. Subsurface
Which of these IS NOT one of the basic five Size of the object
tests to determine if an object or item is a
fixture?
Which of these is not a physical Scarcity
characteristic of real property?
Which of these forms of ownership allows Tenancy in Common
for unequal interests between the owners?
Which of these forms of business provide 1. Corporations
protection from personal liability? 2. LLCs
A housing cooperative is a co-op that: Owns real property, usually residential
Which of these professions is NOT Home mortgage lenders
regulated by the TREC?
1/5
, 1. Legal Purpose
Which of these is an element necessary to
2. Offer
form a contract?
3. Consideration
A contract often created by a court based Implied contract
on the actions of the parties and not on a
written agreement is called a(n):
Once a party has purchased an option to They have the choice to complete the purchase within the option period or to pass
buy: without further obligation.
Which of these contracts is voidable, and A contract with a minor (under 18 years of age) for something not considered a life
not void? necessity.
Contracts for deed, lease-purchases, and 180
lease-options for longer than ___ days are
legally defined as executory contracts.
1. Right of Enjoyment
The bundle of rights includes: 2. Right of Disposition
3. Right of Possession
Which of these IS NOT a power held by the Eminent Domain for private use
government in Texas?
When one is granted a life estate "Pur Autre A designated third party.
Vie", the estate ends upon the death of:
Which of these encumbrances generally License
attaches to the person and not to the
property?
Acts of nature such as mudslides, Avulsion
earthquakes, and volcanic eruptions can
have an immediate and major impact on
land known as:
Mineral rights can be sold or leased TRUE
separately from the land.
Which of these is not considered an Termites
"environmental" issue in home-buying?
Which of these primary residences would A city residence on 12 acres.
not be fully protected under the Texas
Homestead Act?
Which of these IS NOT in the information Who is the buyer's employer?
requested above?
Which of these was NOT one of the key Earlier agreements supersede later agreements
court rulings?
Which process requires the breaching Specific performance
party to complete their contractual
obligations?
The form that generally precedes the rest Information About Brokerage Services
in most sales transactions is the:
Which type of listing agreement is the only Exclusive-right-to-sell
one to guarantee the broker a commission
in the event of a successful sale?
2/5
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