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Texas Contract Law - Law of Contracts - Champions Exam Questions and Complete Solutions Graded A+
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Texas Contract Law - Law of Contracts - Champions Exam Questions and Complete Solutions Graded A+
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Texas Contract Law - Law of Contracts -Champions Exam Questions and
Complete Solutions Graded A+
Texas Real Estate Commission - Answer: Created by the Legislature in 1949 to carry out the provisions of
TRELA
the main focus of the ___ is to protect the public
Real Estate Recovery Trust Account - Answer: Administered by TREC to protect aggrieved individuals
who suffer a monetary loss due to illegal acts of license holders
Limit: $50,000 max per transaction, $100k per license holder
Excess to State's General Fund
Real Estate Center - Answer: Created by the Legislature in the 1970s to collect and compile data about
real estate in Texas
Unauthorized Practice of Law - Answer: add provisions to contracts that go beyond factual business
details
revoke or suspend
license holder must not prepare any document that conveys or affects any interest in real property.
These documents include deeds, wills, deeds of trust, option agreements, and lease-purchase
agreements. License holders may not advise regarding the sufficiency of title, including deeds, title
reports, title commitments, and surveys.
Broker-Lawyer Committee - Answer: Established by TREC to write mandatory residential contract forms
("promulgated forms") for license holders
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