Law of contr - Study guides, Class notes & Summaries

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...

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 ...

Champion School of Real Estate-Law of Contracts Latest Update 100% Pass Texas Real Estate Commission TREC-created by the Legislature in 1949. 9 member commission whose primary purpose is to carry out the provision of the License Act Real Estate Recovery Trust Account administered by TREC. the purpose of the account is to protect aggrieved individuals who suffer monetary loss due to illegal acts of license holders unlawful practice of law license holder is not qualified to add provisi...

PVL3702 Law of Contract summary of cases

FINC 4673 LAW OF CONTRACT EXAM NEW AND LATEST REVIEW

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. ...

Drafts and revises contract forms for use in real estate transactions in the state of Texas. a. Promulgated forms b. Intentionally c. Puffing d. Deceptive Trade Practices Act e. Broker-Lawer Committee (Ans- E Forms published by TREC that are mandatory for license holders to use in real estate transactions int he state of Texas. a. Promulgated forms b. Intentionally c. Puffing d. Deceptive Trade Practices Act e. Broker-Lawer Committee (Ans- A Allows an aggrieved consumer t...

Texas Law of Contracts Questions with Correct Answers

Wrongful or criminal deception intended to result in financial or personal gain is called: - CORRECT ANSWERS fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - CORRECT ANSWERS 90 days __________ extend above the surface without limitation. - CORRECT ANSWERS air rights An example(s) of an appurtenance would be: - CORRECT ANSWERS easements There is no upper limit on the value of a Texas homestead. - CORRECT ANSWERS true A(n) ...

The TREC residential contract forms are: (Ans- Drafted by the Broker Lawyer Committee Wrongful or criminal deception intended to result in financial or personal gain is called: (Ans- fraud Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. (Ans- goods If a seller will continue to occupy the property for one month after the closing, the buyer and seller should: (Ans- Enter into a Seller's Temporary Residential Lease The Buyer and Seller Temp...