Broker lawyer committee - Study guides, Class notes & Summaries

DEED - Answer The legal written document that conveys the intangible ownership rights (title) of a real estate property to another property. DEED OF TRUST - Answer A security instrument that places the deed to the property in a trust held by the lender until a mortgage is paid off, when the trustee will transfer the deed to the borrower. TRUSTEE VS TRUSTOR - Answer A trustee is an individual person given control of property in trust with a legal obligation to administer it solely for...

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...

When was TREC created? correct answer: 1947 TREC has the authority to.. correct answer: make rules and regulations. It's rules and laws govern license holders TREC has how many commission members? correct answer: 9 members, 3 represent the general public and 6 are real estate brokers TREC has the power to.. correct answer: subpoena books, records, and witnesses and issue and revoke real estate licenses If your license is revoked by TREC... correct answer: You can appeal the dec...

The only entity that can promulgate contract forms correct answersTexas Real Estate Commission (TREC) License holders are required to use contract forms prepared by the Texas Real Estate Broker-Lawyer Committee and approved by TREC, unless correct answers1) The form is prepared by a property owner, 2) government agencies, or 3) by an attorney on behalf of a property owner. Contracts that are created by the broker-lawyer committee are promulgated by correct answersTREC When negotiating r...

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...

When was TREC Created? - Answer- 1939 What Does TREC have the authority to do? - Answer- Make rules and regulations How many members are in TREC - Answer- 9 Members 6 Brokers 3 General Public How are TREC members appointed? - Answer- By the governor or senate What happens if a License Holder fails to respond to a subpoena - Answer- TREC can file a suit with the attorney general Who writes promulgated contract forms - Answer- The broker Lawyer Committee How many members are o...

The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - ANSWER-B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (d) Void - ANSWER-A In the business o...

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...

The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - ACCURATE ANSWERS B A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (d) Void - ACCURATE ANSWERS A ...

The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording - answer B;A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (d) Void - answer A;In the business of re...