AYPO Real Estate Law of Contracts Final Exam Review
UPDATED ACTUAL Questions and CORRECT Answers
Forms published and promoted by the TREC for use in Promulgated forms
the Texas real estate profession are referred to as:
The Texas Real Estate Commission (TREC) is a ___-member 9, 6
commission appointed by the governor with the advice
and consent of the senate for overlapping ___-year terms.
Contract law presents a particularly high risk of the Create their own contract forms.
unauthorized practice of law when a licensee chooses to
do which of the following?
The Broker-Lawyer Committee: Drafts and revises contract forms for use by real estate licensees.
The TREC Promulgated One to Four Family Residential Date in the upper right corner and the ID number in the lower right corner.
Contract (Resale) can be identified by the:
In order to recover damages under the DTPA, the With intent to induce the consumer into a transaction.
consumer has to show that the information was withheld:
Which of these is a common type of law encountered in 1. Real property vs. personal property
the real estate profession? 2. Fiduciary duties and handling of client finances
3. Consumer protection
, The term real property refers to: 1. Earth's surface
2. Airspace
3. Subsurface
Which of these IS NOT one of the basic five tests to Size of the object
determine if an object or item is a fixture?
Which of these is not a physical characteristic of real Scarcity
property?
Which of these forms of ownership allows for unequal Tenancy in Common
interests between the owners?
Which of these forms of business provide protection 1. Corporations
from personal liability? 2. LLCs
A housing cooperative is a co-op that: Owns real property, usually residential
Which of these professions is NOT regulated by the Home mortgage lenders
TREC?
Which of these is an element necessary to form a 1. Legal Purpose
contract? 2. Offer
3. Consideration
A contract often created by a court based on the actions Implied contract
of the parties and not on a written agreement is called
a(n):
Once a party has purchased an option to buy: They have the choice to complete the purchase within the option period or to
pass without further obligation.
Which of these contracts is voidable, and not void? A contract with a minor (under 18 years of age) for something not considered a life
necessity.
Contracts for deed, lease-purchases, and lease-options 180
for longer than _ days are legally defined as executory
contracts.
The bundle of rights includes: 1. Right of Enjoyment
2. Right of Disposition
3. Right of Possession
Which of these IS NOT a power held by the government Eminent Domain for private use
in Texas?
UPDATED ACTUAL Questions and CORRECT Answers
Forms published and promoted by the TREC for use in Promulgated forms
the Texas real estate profession are referred to as:
The Texas Real Estate Commission (TREC) is a ___-member 9, 6
commission appointed by the governor with the advice
and consent of the senate for overlapping ___-year terms.
Contract law presents a particularly high risk of the Create their own contract forms.
unauthorized practice of law when a licensee chooses to
do which of the following?
The Broker-Lawyer Committee: Drafts and revises contract forms for use by real estate licensees.
The TREC Promulgated One to Four Family Residential Date in the upper right corner and the ID number in the lower right corner.
Contract (Resale) can be identified by the:
In order to recover damages under the DTPA, the With intent to induce the consumer into a transaction.
consumer has to show that the information was withheld:
Which of these is a common type of law encountered in 1. Real property vs. personal property
the real estate profession? 2. Fiduciary duties and handling of client finances
3. Consumer protection
, The term real property refers to: 1. Earth's surface
2. Airspace
3. Subsurface
Which of these IS NOT one of the basic five tests to Size of the object
determine if an object or item is a fixture?
Which of these is not a physical characteristic of real Scarcity
property?
Which of these forms of ownership allows for unequal Tenancy in Common
interests between the owners?
Which of these forms of business provide protection 1. Corporations
from personal liability? 2. LLCs
A housing cooperative is a co-op that: Owns real property, usually residential
Which of these professions is NOT regulated by the Home mortgage lenders
TREC?
Which of these is an element necessary to form a 1. Legal Purpose
contract? 2. Offer
3. Consideration
A contract often created by a court based on the actions Implied contract
of the parties and not on a written agreement is called
a(n):
Once a party has purchased an option to buy: They have the choice to complete the purchase within the option period or to
pass without further obligation.
Which of these contracts is voidable, and not void? A contract with a minor (under 18 years of age) for something not considered a life
necessity.
Contracts for deed, lease-purchases, and lease-options 180
for longer than _ days are legally defined as executory
contracts.
The bundle of rights includes: 1. Right of Enjoyment
2. Right of Disposition
3. Right of Possession
Which of these IS NOT a power held by the government Eminent Domain for private use
in Texas?
