Trela s - Study guides, Class notes & Summaries

What is the name of the governing body for real estate in Texas? A. Texas Real Estate Constitution (TREC) B. Texas Real Estate Counselors (TREC) C. Texas Real Estate Council (TREC) D. Texas Real Estate Commission (TREC) Correct Answer-D) Texas Real Estate Commission (TREC) TREC has the authority under TRELA to suspend or even revoke a broker's license if: A) they conduct the unauthorized practice of negotiation. B) they conduct the unlicensed practice of property management. C) they...

Texas Promulgated Contracts-CHAMPIONS STUDY 2022-2023. The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilatera...

Section 5 Question and answers 100% correct 2024/2025 Section 5: Contract Law in Texas "TRELA is the real estate law and it is administered by TREC." - correct answer True According to Phillip, what's the purpose of the Texas Real Estate License Act? - correct answer To protect the public through the regulation of real estate licensees and other industry professionals. The commission may adopt rules in the public's best interest that require license holders to use contr...

Fiduciary: - ANSWERSan individual upon whom is placed the highest levels of trust and confidence when acting on behalf of another; specific fiduciary duties include obedience, loyalty, disclosure, confidentiality, accountability, and reasonable care An agency relationship: - ANSWERS"a fiduciary relationship created wherein one party (the client or principal) authorizes another party (the agent) to represent their best interests and that second party (the agent) accepts the responsibility g...

For a sum of money negotiated between the parties, the buyer has a time period, stated in this paragraph, for the "unrestricted right" to terminate. Which paragraph does this reference? : A. Sales price paragraph B. Earnest money paragraph C. Option money paragraph D. Repairs escrow paragraph - ANSWERSC. Option money paragraph With regard to common mistakes on contracts, it is recommended that the seller's name be used on the contract as it is named in the ____________. A. Deed ...

commercial property - ANSWERSA real estate specialty. Commercial property includes: Office buildings, Retail Stores, gas stations Industrial property - ANSWERSIncludes commercial property used for: manufacturing, storage, distribution centers, research, warehousing Home inspector - ANSWERSA professional (that requires their own licensing) who performs a visual assessment of a property's physical condition for a buyer or seller. Prepares report of findings. Indestructibility - ANSWERS...

AYPO Real Estate Principles of Real Estate I UPDATED ACTUAL Questions and CORRECT Answers TREC has the authority under TRELA to suspend or even revoke a broker's license if: - CORRECT ANSWER- They conduct the unlawful practice of law ESAC stands for: - CORRECT ANSWER- Education Standards Advisory Committee What refers to a location from an economic rather than a geographic standpoint? - CORRECT ANSWER- Situs

Heresaresthesfoursmajorstypessofsagencysacts:s-sans--Listing Buying Leasing PropertysManagement TREC'sspurposesisstos-sans--regulateseducationalsandslicensingsprogramssthatsmaintainsstandardssANDsinterpretslegislationsthatsaffectssthesrealsestatesprofessions—sprimarilysthesTexassRealsEstatesLicensesActs(TRELA). Integritys-sans--Satisfystosthescommissions(TREC)sthatsthescandidatesmeetssandsexceedsstheirscharactersstandardss(honesty,strustworthiness,sandsintegrity). Competences-sans...

Most lawsuits involve issues of who did or did not represent whom. The number of lawsuits are: A. Increasing B. Decreasing C. Stabilizing over the last several years D. Broker lawsuits are not allowed - ANSWERSA. Increasing A broker is more likely to be sued because he failed to make it clear to all parties who he represented as a client. The broker working with a buyer customer and representing the seller through the broker is a: A. Buyer B. Seller C. Subagent D. Intermediary - AN...