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Champion School of Real Estate-Law of Contracts Exam Questions and Complete Solutions Graded A+
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Champion School of Real Estate-Law of Contracts Exam Questions and Complete Solutions Graded A+
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Champion School of Real Estate-Law ofContracts Exam Questions and
Complete Solutions Graded A+
Texas Real Estate Commission - Answer: TREC-created by the Legislature in 1949. 9 member commission
whose primary purpose is to carry out the provision of the License Act
Real Estate Recovery Trust Account - Answer: administered by TREC. the purpose of the account is to
protect aggrieved individuals who suffer monetary loss due to illegal acts of license holders
unlawful practice of law - Answer: license holder is not qualified to add provisions to contracts that go
beyond factual business details.
Promulgated Forms - Answer: residential contract forms that are mandatory for license holder
Deceptive trade practices Act - Answer: Texas law that applies to trade and commerce that was passed
in 1973. Part of the Texas Business and Commerce code
Land - Answer: surface of the earth extending downward to the center and upward above the surface to
infinity
Real Estate - Answer: all that encompassed in land with the addition of all man-made additions to the
land (improvements)
Real Property - Answer: goes beyond physical real estate and includes the rights that a person has in the
land.
Bundle of Rights - Answer: rights that a person has in the land
severable - Answer: different rights can be separate
,Surface Rights - Answer: the ability to develop the surface and to use resources extracted from or near
the surface
Subsurface Rights - Answer: rights to oil, gas and minerals, are commonly conveyed through a lease,
mineral deed or reservation
Air Rights - Answer: extend above the surface without limitations
improvements - Answer: man-made additions to the land that is permanent and is considered to
become part of the land
personalty/chattel - Answer: personal property
bill of sale - Answer: used to accomplish the transfer of personal property, accompanies the deed
Fixture - Answer: personal property that has become attached to the land
annexation - Answer: personal property that becomes real property
severance - Answer: removing fixtures to become personal property
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
, Estate in Severalty - Answer: ownership by one individiual
Co-Ownership - Answer: ownership by two or more
Trust - Answer: ownership conveyed to a trustee for the benefit of others
tenancy in common - Answer: ownership by 2 or more with undivided interests
Partition - Answer: own a distinct tract of land
Joint Tenacy - Answer: type of co-ownership with the right of surviorship
Right of surviorship - Answer: when joint tenant dies right of property are equally divided among
surviving owners
community property - Answer: marriage is regarded as a partnership rather than husband and wife
become one.
separate property - Answer: property owned by a married person that is not community property
steering/channeling - Answer: taking buyers or renters to or away from a particular area based on the
race, religion, etc, of the buyer or renter.
Blockbusting/panic peddling - Answer: attempt to induce panic selling in a neighborhood for financial
gain.
Contract - Answer: an agreement between 2 or more parties to do something or to refrain from doing
something.
implied contract - Answer: an agreement created by our behavior
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