law of Contracts
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Law of Contracts:Law of Contracts Package Deal :Contract Law Exam Study Guide:Law of Contracts Exam Preparation:Law of Contracts - Champions Test:Texas Law of Contracts:Law Of Contracts Exam Study Guide:Texas Law of Contracts Exam .
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Contract Law Exam Study Guide:Law of Contracts Exam Preparation:Law of Contracts - Champions Test:Texas Law of Contracts:Law Of Contracts Exam Study Guide:Texas Law of Contracts Exam Study Guide: Law of Contracts - Champions School of Real Estate:Law of Contracts Cumulative:Texas Law of Contracts:Questions & Answers:Latest Updated
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Law of Contracts - Champions School of Real Estate: Questions & Answers: Updated Solution
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TERLA 
(Ans- 
 - Texas Real Estate License Act 
 
- Created in 1939 
 
TREC 
(Ans- 
- Texas Real Estate Commission 
 
- Created in 1949 to administer/enforce TERLA 
 
Real Estate Center 
(Ans- 
- Located at Texas A&M University 
 
- Created in 1970 
 
TREC-Promulgated Forms/Leases (Residential): 
(Ans- 
- One-to-Four Family Residential Contract (Resale) 
 
- New Home Contract (Completed Construction) 
 
- Residential Condo Contract (Resale) 
 
- New Home Contract (Incomplete Construction)...
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Law of Contracts Level 6: (Updated ) A+ Score Guide
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actual damages 
(Ans- monetary compensation given to an injured party for losses that were a result of the actions or omissions of another party 
 
breach of contract 
(Ans- occurs when the terms or conditions of a contract have been violated 
 
competent 
(Ans- the mental capacity of an individual to participate in legal proceedings or transactions
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Texas Law of Contracts Exam Study Guide: Questions & Answers: Latest Updated
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Describe at least two requirements under TRELA. 
(Ans- Act created by Texas Congress 1) All professionals are licensed 2) Use same policy, procedures, and forms. Providing correct documentations and forms during a transaction. TREC wanted to get things standardized. TREC was created in 1949 and that's when it began administrating TRELA. Real Estate Dealers license Act was enacted in 1939 for salesperson and brokers. TRELA is the present act which is active and administered until present day. 
...
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Texas Law of Contracts Quiz: Questions & Answers: Latest Updated: Guaranteed A+ Score
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The DTPA helps protect...? 
Agents 
Consumers 
Sellers 
Attorneys 
(Ans- Consumers 
 
In order to help prevent the buyer from withdrawing their offer, when should a seller provide a prospective buyer with the property disclosure form...? 
 
After the contract is signed with the prospective buyer 
Before the prospective buyer makes an offer 
After the prospective buyer's offer is accepted 
After the prospective buyer's home inspector conducts their inspection of the property 
(Ans- Before the...
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Texas Law of Contracts Level 2: Updated A+ Score Guide
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common law 
 (Ans- the side of law which arises from judgements and decisions made in courts rather than explicit legislation 
 
statutory law 
(Ans- law formally created by lawmakers 
 
improvement 
(Ans- any non-natural structure built on or affixed to land 
 
real estate 
(Ans- a part of the surface of land to the center of the earth and upward to space, plus all improvements made by man or nature 
 
land 
(Ans- the surface of the earth, including all permanently attached natural features...
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Law of Contracts Exam Study Guide: Guaranteed A+ Score
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Default of contract and types of damages (pg 137) 
(Ans- 
 Liquidated Damages - The seller can choose to accept the buyer's earnest money as liquidated damages, releasing all parties from any further obligation under the contract. Liquidated damages are damages that are established in the contract. 
Monetary Damages - The injured party may "seek such other relief as may be provided by law." This would be an award of monetary damages by the court. Because monetary damages are awarded by the ...
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Law of Contracts Cumulative: Updated Solution: A+ Guide
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abstract of title 
(Ans- an abbreviated history of a property, including info on any transfers, grantts, wills, conveyances, liens, and encumbrances 
 
acceleration clause 
(Ans- clause in a security instrument (mortgage/deed of trust) which makes the entire loan amount due immediately upon default 
 
Accession 
 (Ans- refers to the acquisition of new land or real property by artificial or natural means 
 
actual damages 
 (Ans- monetary compensation given to an injured party for losses that w...
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Law Of Contracts Exam Study Guide: Guaranteed A+ Guide: Updated
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Abstract of Title: 
(Ans- An abbreviated history of a property, including info on any transfers, grants, wills, conveyances, liens, and encumbrances. 
 
Example: Before Alice purchases the house on 1701 J J Solice Drive, she should ask for the property's abstract of title. 
 
Addendum: 
(Ans- An additional form attached to a real estate contract 
 
Example: Percy is adding an Addendum for Reservation of Oil, Gas, and Other Minerals to his ranch home sale because he wants to retain the rights ...
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Law of Contracts Level 5: Updated A+ Score Guide
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allodial system 
 (Ans- system of ownership in which land is owned completely, without an obligation of services or duties to another 
 
conventional life estate 
 (Ans- a type of freehold life estate created by a deed or will that lasts for the duration of the tenant's life 
 
deed restriction 
 (Ans- a provision in a deed that restricts the land use of a property 
 
defeasible fee estate 
 (Ans- also known as fee simple defeasible or qualified fee, is a type of freehold estate in which the pe...
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