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AYPO REAL ESTATE LAW OF CONTRACTS FINAL EXAM REVIEW
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AYPO REAL ESTATE LAW OF CONTRACTS FINAL EXAM REVIEW
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AYPO REAL ESTATE LAW OF CONTRACTS FINALEXAM REVIEW
Forms published and promoted by the TREC for use in the Texas real estate profession
are referred to as: - Answers-Promulgated forms
The Texas Real Estate Commission (TREC) is a ___-member commission appointed by
the governor with the advice and consent of the senate for overlapping ___-year terms.
- Answers-9, 6
Contract law presents a particularly high risk of the unauthorized practice of law when a
licensee chooses to do which of the following? - Answers-Create their own contract
forms.
The Broker-Lawyer Committee: - Answers-Drafts and revises contract forms for use by
real estate licensees.
The TREC Promulgated One to Four Family Residential Contract (Resale) can be
identified by the: - Answers-Date in the upper right corner and the ID number in the
lower right corner.
In order to recover damages under the DTPA, the consumer has to show that the
information was withheld: - Answers-With intent to induce the consumer into a
transaction.
Which of these is a common type of law encountered in the real estate profession? -
Answers-1. Real property vs. personal property
2. Fiduciary duties and handling of client finances
3. Consumer protection
The term real property refers to: - Answers-1. Earth's surface
2. Airspace
3. Subsurface
Which of these IS NOT one of the basic five tests to determine if an object or item is a
fixture? - Answers-Size of the object
Which of these is not a physical characteristic of real property? - Answers-Scarcity
Which of these forms of ownership allows for unequal interests between the owners? -
Answers-Tenancy in Common
Which of these forms of business provide protection from personal liability? - Answers-
1. Corporations
, 2. LLCs
A housing cooperative is a co-op that: - Answers-Owns real property, usually residential
Which of these professions is NOT regulated by the TREC? - Answers-Home mortgage
lenders
Which of these is an element necessary to form a contract? - Answers-1. Legal Purpose
2. Offer
3. Consideration
A contract often created by a court based on the actions of the parties and not on a
written agreement is called a(n): - Answers-Implied contract
Once a party has purchased an option to buy: - Answers-They have the choice to
complete the purchase within the option period or to pass without further obligation.
Which of these contracts is voidable, and not void? - Answers-A contract with a minor
(under 18 years of age) for something not considered a life necessity.
Contracts for deed, lease-purchases, and lease-options for longer than ____ days are
legally defined as executory contracts. - Answers-180
The bundle of rights includes: - Answers-1. Right of Enjoyment
2. Right of Disposition
3. Right of Possession
Which of these IS NOT a power held by the government in Texas? - Answers-Eminent
Domain for private use
When one is granted a life estate "Pur Autre Vie", the estate ends upon the death of: -
Answers-A designated third party.
Which of these would NOT be a requirement to create a valid lease agreement? -
Answers-Financing disclosure
Which form of these lease types is focused primarily on commercial lessees? -
Answers-Percentage lease
A tenant abandoning a leased property without providing proper notice or doing so
under a previously negotiated reason, is not released from their obligations. - Answers-
TRUE
What type of contracts are options generally considered to be? - Answers-Unilateral
A contract for deed is also known as: - Answers-1. Installment sales contract
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