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Champion School of Real Estate-Law of Contracts Questions with Correct Answers
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Champion School of Real Estate-Law of Contracts Questions with Correct Answers
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Champion School of Real Estate-Law of ContractsQuestions with Correct Answers
Texas Real Estate Commission Correct 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 Correct 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 Correct Answer-license holder is not qualified
to add provisions to contracts that go beyond factual business details.
Promulgated Forms Correct Answer-residential contract forms that are
mandatory for license holder
Deceptive trade practices Act Correct Answer-Texas law that applies to
trade and commerce that was passed in 1973. Part of the Texas Business
and Commerce code
Land Correct Answer-surface of the earth extending downward to the
center and upward above the surface to infinity
Real Estate Correct Answer-all that encompassed in land with the
addition of all man-made additions to the land (improvements)
,Real Property Correct Answer-goes beyond physical real estate and
includes the rights that a person has in the land.
Bundle of Rights Correct Answer-rights that a person has in the land
severable Correct Answer-different rights can be separate
Surface Rights Correct Answer-the ability to develop the surface and to
use resources extracted from or near the surface
Subsurface Rights Correct Answer-rights to oil, gas and minerals, are
commonly conveyed through a lease, mineral deed or reservation
Air Rights Correct Answer-extend above the surface without limitations
improvements Correct Answer-man-made additions to the land that is
permanent and is considered to become part of the land
personalty/chattel Correct Answer-personal property
bill of sale Correct Answer-used to accomplish the transfer of personal
property, accompanies the deed
Fixture Correct Answer-personal property that has become attached to
the land
,annexation Correct Answer-personal property that becomes real property
severance Correct Answer-removing fixtures to become personal
property
Physical Characteristics of Land Correct Answer-Indestructibility-
cannot be destroyed
Immobility-cannot be moved
Non-homogeneity-no two parcels are the same
Economic Characteristics of Land Correct 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 Correct Answer-ownership by one individiual
Co-Ownership Correct Answer-ownership by two or more
Trust Correct Answer-ownership conveyed to a trustee for the benefit of
others
, tenancy in common Correct Answer-ownership by 2 or more with
undivided interests
Partition Correct Answer-own a distinct tract of land
Joint Tenacy Correct Answer-type of co-ownership with the right of
surviorship
Right of surviorship Correct Answer-when joint tenant dies right of
property are equally divided among surviving owners
community property Correct Answer-marriage is regarded as a
partnership rather than husband and wife become one.
separate property Correct Answer-property owned by a married person
that is not community property
steering/channeling Correct 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 Correct Answer-attempt to induce panic
selling in a neighborhood for financial gain.
Contract Correct Answer-an agreement between 2 or more parties to do
something or to refrain from doing something.
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