Trec purpose - Study guides, Class notes & Summaries

Texas Law of Contracts Practice Questions with solutions 2024 The purpose of the TRELA is to... protect the public protect real estate brokers from unscrupulous salespeople keep the cost of real estate services under control protect real estate license holders protect the public The DPTA is a consumer protection law which protects the public from false or misleading acts deceptive acts unconscionable acts all of these all of these Which action might leave...

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...

Champions School of Real Estate: Law of Contracts|208 Questions & Answers 100% Correct!.Texas Real Estate Commission - ANSWER-Created by the legislature in 1949 to carry out the provisions of TRELA Unauthorized Practice of Law - ANSWER-When license holders add provisions to contracts that go beyond the factual business details they are engaging in.. Deceptive Trade practices act - ANSWER- Real Estate Recovery Trust account - ANSWER-Administered by TREC, the purpose of the account is to ...

Law of Agency - Champions School of Real Estate Latest Update Graded A+ The principal is also known as client fiduciary relationship a relationship founded on trust and confidence Agency Relationship Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA Was passed 1939. The purpose is to protect the public against unscrupulous brokers and sales agents...

Cashiers check or wire transfer - ANSWER-Good Funds What does a buyer need to bring to closing? - ANSWER-Good Funds Where is Good Funds in the TREC promulgated form? - ANSWER-Paragraph 9.B(2) T/F Title companies may accept a small personal check from a buyer as part of the good funds if their policy allows it. - ANSWER-True Created to draft and revise contract forms capable of standardization for use by real estate holders - ANSWER-Texas Real Estate Broker-Lawyer Committee What is...

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...

Principles of Real Estate 1 – Champions Latest Update 100% Pass Leasehold Estates possession and use of property without ownership Estate for years (tenancy for years) any lease with a specific starting and ending date. Survives the death or sale of the property Periodic Tenancy/periodic estate lease that automatically renews itself for like periods. example month to month. Requires notice to terminate Estate at Will Very loose agreement, terminates on death or sale of the pro...

Promulgated Contracts (Course 6) Questions with 100% Correct Answers Which of these materials would be considered part of a property's mineral estate? - answerOil What information does the Disclosure of Relationship with Residential Service Company form convey? - answerthat it is a violation of RESPA for license holder to receive a referral fee for passing on a name to service provider A seller is selling a property that is under a lease. When does the seller have to deliver a copy of t...

TREC Purpose - Answer- To protect general public in dealing with licensee TREC composition - Answer- 9 members appointed by the governor, 6 must be licensed brokers, 3 must be members who represent the public, all must be voters, public members may not be associate with the commission, they serve six year staggered terms TREC does not - Answer- Mediate disputes among and between licensees, involve itself with compensation disputes among licensees, recommend certain licensees to the public ...

The principal is also known as - correct answer client fiduciary relationship - correct answer a relationship founded on trust and confidence Agency Relationship - correct answer Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal - correct answer is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA - correct answer Was passed 1939. The purpose is to protect the public against unscr...