Trec law of contracts - Study guides, Class notes & Summaries

Law of Contracts - Champions School of Real Estate Correctly Solved 2024 TERLA - Answer -- Texas Real Estate License Act - Created in 1939 TREC - Answer -- Texas Real Estate Commission - Created in 1949 to administer/enforce TERLA Real Estate Center - Answer -- Located at Texas A&M University - Created in 1970 TREC-Promulgated Forms/Leases (Residential): - Answer -- One-to-Four Family Residential Contract (Resale) - New Home Contract (Completed Construction) - Residential Condo Contra...

Law of Contracts - Champions School of Real Estate TERLA - Texas Real Estate License Act - Created in 1939 TREC - Texas Real Estate Commission - Created in 1949 to administer/enforce TERLA Real Estate Center - Located at Texas A&M University - Created in 1970 TREC-Promulgated Forms/Leases (Residential): - One-to-Four Family Residential Contract (Resale) - New Home Contract (Completed Construction) - Residential Condo Contract (Resale) - New Home Contract (In...

Law of Contracts - CHAMPIONS TEST|Latest Update Graded A+ The TREC residential contract forms are: Drafted by the Broker Lawyer Committee Wrongful or criminal deception intended to result in financial or personal gain is called: fraud Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. goods If a seller will continue to occupy the property for one month after the closing, the buyer and seller should: Enter into a Seller's Temporary Residenti...

TRELA ☑: Texas Real Estate License Act - Law that governs real estate licensees and sets the power for TREC TREC ☑: Texas real estate commission TREC Composition ☑: Nine Members - 6 brokers - 3 members of the general public Appointed by the governor, with advice and consent of state senate, to staggered sixyear terms One broker designated by the governor as chairperson EXCELLENCE 2 TREC Duties ☑: 1) Make and enforce rules and regulations 2) Establish Standards of Conduct and ...

LAW OF CONTRACTS CHAMPIONS EXAM 2024 WITH 300 REAL EXAM QUESTIONS AND CORRECT VERIFIED ANSWERS ALREADY GRADED A+ (BRAND NEW!!) The Special Provisions paragraph of the contract allows license holders to insert: - ANSWER-Factual business details, Statements not addressed in the contract, Information for which there is no TREC-promulgated addendum, lease or mandatory form There is no upper limit on the value of a Texas homestead. - ANSWER-true An offer by a prospective purchaser can be t...

Law of Contracts - CHAMPIONS School of Real Estate THE PURPOSE AND FOCUS OF THE LICENSE ACT, AND OF TREC, IS TO PROTECT THE __________________. PUBLIC TREC ESTABLISHED THE _____________________________________ TO WRITE THE RESIDENTIAL CONTRACT FORMS THAT ARE THEN PROMULGATED BY TREC. BROKER LAWYER COMMITTEE ___________________________ MEANS PUBLISHED, OR MADE OF PUBLIC RECORD, AND THESE FORMS ARE THEN MANDATORY FOR AGENTS TO USE, WITH JUST A FEW EXCEPTIONS. PROMULGATED FAILURE...

Law of Contracts - CHAMPIONS TEST|Latest Update Graded A+ The TREC residential contract forms are: Drafted by the Broker Lawyer Committee Wrongful or criminal deception intended to result in financial or personal gain is called: fraud Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. goods If a seller will continue to occupy the property for one month after the closing, the buyer and seller should: Enter into a Seller's Temporary Residenti...

PROMULGATED CONTRACTS QUESTIONS AND ANSWERS GRADED A+. Contract: - correct answer. A legally binding and enforceable agreement to do or not to do a specific thing Promulgated Contract: - correct answer. A contract that has been approved and is required to be used by license holders In Texas, what are the two entities that promulgate contracts? - correct answer. TREC and TAR In a real estate sale, the license holder must use the appropriate TREC-promulgated...

For a sum of money negotiated between the parties, the buyer has a time period, stated in this paragraph, for the "unrestricted right" to terminate. Which paragraph does this reference? : A. Sales price paragraph B. Earnest money paragraph C. Option money paragraph D. Repairs escrow paragraph - ANSWERSC. Option money paragraph With regard to common mistakes on contracts, it is recommended that the seller's name be used on the contract as it is named in the ____________. A. Deed ...

unlawful practice of law correct answersWhen license holders add provisions to contracts that go beyond factual business details. Texas Real Estate Commission correct answersTexas 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 Comm...