Law of Contracts - Champions School of Real Estate Exam Questions
And Corretc Answers (100% pass)
TERLA - Texas Real Estate License Act
- Came into being in 1939
TREC - Texas Real Estate Commission
- Creation in 1949 to administer/enforce TERLA
Real Estate Center - At Texas A&M University
- Creation in 1970
TREC-Promulgated Forms/Leases: One-to-Four Family Residential Contract (Resale)
- New Home Contract (Completed Construction)
- Residential Condo Contract (Resale)
- New Home Contract (Incomplete Construction)
- Unimproved Property Contract
- Farm and Ranch
, Note: TREC has adopted contract addenda and other forms, included on The page 18
Four categories of unlawful trade practices are: - Answer 1 - Misleading or deceptive
conduct engaged in by any person that was relied upon by the consumer to the
consumer's detriment
2 - Breach of express or implied warranties
3 - Violation of the Texas Insurance Code (Chpt 51)
4 - An unconscionable action or course of action by any person
Physical Characteristics of Land - Answer - Indestructibility: cannot be destroyed
- Immobility: cannot be moved
- Non-homogeneity: no two parcels are the same
Economic Characteristics of Land - Answer - Scarcity: supply and demand
- Modification: value is affected by man made changes
- Fixity: additions take long periods of time to pay
- Situs: location, location, location
Which of the following is a prerequisite for the Texas real estate sales agent license? -
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Easton. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
