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CHAMPIONS SCHOOL OF REAL ESTATE LAW OF CONTRACTS TEST.
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CHAMPIONS SCHOOL OF REAL ESTATE LAW OF CONTRACTS TEST.CHAMPIONS SCHOOL OF REAL ESTATE LAW OF CONTRACTS TEST.
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CHAMPIONS SCHOOL OF REALESTATE: LAW OF CONTRACTS TEST
Texas bReal bEstate bCommission b- b bcorrect banswer- bCreated bby bthe blegislature bin b1949 bto bcarry
bout bthe bprovisions bof bTRELA
Unauthorized bPractice bof bLaw b- b bcorrect banswer- bWhen blicense bholders badd bprovisions bto
bcontracts bthat bgo bbeyond bthe bfactual bbusiness bdetails bthey bare bengaging bin..
Deceptive bTrade bpractices bact b- b bcorrect banswer- b
Real bEstate bRecovery bTrust baccount b- b bcorrect banswer- bAdministered bby bTREC, bthe bpurpose bof
bthe baccount bis bto bprotect baggrieved bindividuals bwho bsuffer ba bmonetary bloss bdue bto billegal bacts
bof blicense bholders
Broker bLawyer bCommittee b- b bcorrect banswer- bEstablished bby bTREC bto bwrite bmandatory
bresidential bcontract bforms bfor blicense bholders
,producing bcause b- b bcorrect banswer- brequires bproof bthat bthe bact bor bomission bwas ba bsignificant
bfactor bin bbringing babout binjury
Real bEstate bcenter b- b bcorrect banswer- bCreated bby bthe blegislature bin bthe b1970s bto bcollect band
bcompile bdata babout breal bestate bin bTexas
promulgated bforms b- b bcorrect banswer- bforms bthat bare bpublished/made bknown bby bopen
bdeclaration
Seller's bDisclosure bnotice b- b bcorrect banswer- b
Default b- b bcorrect banswer- bwhen ba bparty bto ba bcontract bfails bto bperform bunder bthe bcontract
Default bis balso breferred bto bas bwhat? b- b bcorrect banswer- bBreach bof bcontract
Liquidated bDamages b- b bcorrect banswer- bDamages bthat bare bestablished bin bthe bcontract bex.
bearnest bmoney
Monetary bDamages b- b bcorrect banswer- bDamages bthat bare bawarded bby bthe bcourt. bDue bto bthis
bone bnever bknows bwhat bthey bwill bbe buntil bthe bcourt brules
Specific bperformance b- b bcorrect banswer- bThe binjured bparty bfiles ba bcourt baction bseeking ban
border bof bthe bcourt bdirecting bthe bdefaulting bparty bto bperform baccording bto bthe bterms bof bthe
bcontract. bThis bis bthe bonly bremedy bthat bwould bpossibly bresult bin bfull bexecutions bof bthe
bcontract.
Remedies bwhen bbuyer bis bunder bdefault b- b bcorrect banswer- bLiquidated bdamages; bmonetary
bdamages bspecific bperformance
, Remedies bwhen bseller bis bunder bdefault b- b bcorrect banswer- bspecific bperformance; bmonetary
bdamages; bRefund bearnest bmoney
Types bof bTREC bpromulgated blease bforms b- b bcorrect banswer- bBuyers b& bSellers btemporary
bresidential blease bform;
buyers btemporary bresidential blease bform b- b bcorrect banswer- bfor buse bwhen bbuyer boccupies bthe
bproperty bfor bno bmore bthan b90 bdays bprior bto bclosing.
seller's bTemporary bResidential blease bform b- b bcorrect banswer- bfor buse bwhen bthe bseller boccupies
bthe bproperty bfor bno bmore bthan b90 bdays bafter bclosing
Right bof bfirst brefusal b- b bcorrect banswer- bgiving bthe btenant bthe bright bto bpurchase bthe bleased
bproperty bby bmatching bor bbettering bany boffer bbefore bthe bproperty bwill bbe bsold bto bsomeone
belse.
lease bpurchase bagreement b- b bcorrect banswer- bgives bthe btenant boccupancy bin bthe bpresent btime
band bthe bright bto bpurchase bat ba bfuture bdate
Texas bVeterans bLand bBoard b(TVLB) b- b bcorrect banswer- bto bparticipate bthe bveteran bmust bobtain
band bFHA, bVA, bor bconventional bloan. bThe bdifference bis bthe bloan bis bsold bto bthe bTVLB band bnot
bto ba bsecondary bmarket bpurchaser. bThe bbenefit bis bthe brate bis boften bup bto b1 bpercent bbelow
bmarket brates.
What bare bthe bphysical bcharacteristics bof bland? b- b bcorrect banswer- bIndestructibility b& bdurability;
bImmobility; bNon-homogeneity(not bsame)
What bare bthe beconomic bcharacteristics bof bland? b- b bcorrect banswer- bScarcity; bModification;
bFixity; bSitus
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