Exam (elaborations)
Champions School Law of Contracts Exam Questions and Complete Solutions Graded A+
- Course
- Institution
Champions School Law of Contracts Exam Questions and Complete Solutions Graded A+
[Show more]
Content preview
Champions School Law of ContractsExam Questions and Complete
Solutions Graded A+
unlawful practice of law - Answer: When license holders
add provisions to contracts that go beyond factual business details.
Texas Real Estate Commission - Answer: Texas Real Estate Commission (TREC) was created by the
Legislature in 1949. It is a
nine-member commission whose primary purpose is to carry out the provisions of the License Act.
Commission members are appointed by the governor and approved by the Senate. Each serves for a six-
year term, except the chairman of the Commission who serves at the pleasure of the governor.
Six of the members of the Commission are broker members.
Broker-lawyer committee - Answer: Drafts and revises contract forms for use
in real estate transactions in the state of
Texas
promulgated forms - Answer: Forms published by TREC that are
mandatory for license holders to use in
real estate transactions in the state of
Texas
Buyer's Temporary Residential Lease - Answer: for use when the buyer occupies the property for no
more than 90 days prior to closing.
Seller's Temporary Residential Lease - Answer: for use when the seller occupies the property for no
more than 90 days after closing.
addendum - Answer: a thing that is added; an appendix or addition to a book or written document.
,option to purchase - Answer: Commonly known as a lease-purchase
agreement, it gives the tenant occupancy in the present time and the right to purchase at a future date.
In an option to purchase, the price is set when the lease agreement is negotiated, which is advantageous
to the tenant-buyer.
lease-purchase agreement - Answer: gives the tenant occupancy in the present time and the right to
purchase at a future
date.
right of first refusal - Answer: giving the tenant the right to purchase the
leased property by matching or bettering any offer before the property will be sold to someone else.
fraud - Answer: A deliberate deception intended to secure an unfair or unlawful gain
misrepresentation - Answer: deliberately deceiving.
intent - Answer: "Intentionally" means actual awareness of the falsity, deception, or unfairness of the
act or practice, or the condition, defect, or failure constituting a breach of warranty giving rise to the
consumer's claim, coupled with the specific intent that the consumer act in detrimental reliance on the
falsity or deception or in detrimental ignorance of the unfairness.
puffing - Answer: Use of adjectives and opinions rather
than details or facts
monetary damages - Answer: In addition to specific performance, 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 court, one never knows what they will be until the
court rules.
goods - Answer: are defined as tangible chattels (real property is tangible when purchased or leased.
,Under DTPA, the sale of a house is considered a good).
services - Answer: means work, labor, or repair of goods. Brokerage is a service
consumer - Answer: an individual, corporation, partnership, or government source who seeks to
acquire or purchase the goods or services.
knowingly - Answer: Knowingly means with actual awareness of a falsity, deception, or unfairness of an
act.
intentionally - Answer: Intentionally means with actual awareness, or flagrant disregard of prudent and
fair business practices.
deception - Answer: misleading participants about the true purpose of a study or the events that will
actually transpire
producing cause - Answer: Producing cause requires proof that the act or omission was a significant
factor in bringing about injury.
seller's disclosure - Answer: The purpose of the Seller's Disclosure Notice is to have the owner of the
property disclose all facts and defects concerning the property. This is a good tool to use as a defense in
a DTPA lawsuit. It should be filled out by the seller, not the seller's agent.
statutory defense - Answer: Statutory defenses are defenses that arise out of law (statute).
deceptive trade practices act (DTPA) - Answer: Allows an aggrieved consumer to sue a
seller of goods for damages
TREC- promulgated - Answer: Failure to use _____________ forms, a form written by an attorney, or a
form required
by a party can result in a license revocation or suspension by TREC.
, conveys
affects - Answer: A license holder must not prepare any document that ___________ or ____________
any interest in real property.
a commission - Answer: A foreign broker or a broker from another state may collect _____________
from a
Texas broker, as long as that broker does not negotiate in Texas.
Texas Real Estate Commission - Answer: The _____________ was created by the Legislature in 1949.
900 - Answer: The educational requirements for the broker are _____________ hours.
Refusal - Answer: Some residential leases contain a right of first _____________, giving the tenant the
right to purchase the leased property by matching or bettering any offer before the property will be sold
to someone else.
Buyer's - Answer: A _____________ Temporary Residential Lease is for use when the buyer occupies the
property for no more than 90 days prior to closing.
Attorneys - Answer: . ____________ licensed in Texas may represent clients in real estate transactions
without a license.
Lease-purchase - Answer: A lease with an option to purchase is commonly known as _____________
agreement
Auctioneers - Answer: _____________ may call an auction without the need for a real estate license so
long as
no other real estate services are being provided.
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 YourExamplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now