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 TO USE A __________________________________, A FORM PREPARED BY A TEXAS
ATTORNEY FOR A SPECIFIC TRANSACTION, OR A FORM REQUIRED BY THE PROPERTY OWNER, SUCH
AS A BUILDER'S REQUIRED CONTRACT CAN RESULT IN SUSPENSION OR REVOCATION OF YOUR
LICENSE.
(also, PREPARING A DEED, DEED OF TRUST, SOMEONE'S WILL OR ANY OTHER DOCUMENT THAT
AFFECTS TITLE TO LAND OR AN INTEREST IN LAND CAN ALSO PUT YOUR LICENSE AT RISK.
TREC PROMULGATED FORM
TREC HAS 6 DIFFERENT PROMULGATED CONTRACTS FOR RESIDENTIAL TRANSACTIONS, BUT THEY DO
NOT HAVE ANY PROMULGATED FORMS FOR:
COMMERICAL, COOPERATIVES, OR MOBILE HOMES
TREC HAS 2 PROMULGATED RESIDENTIAL LEASE AGREEMENTS THAT ARE ONLY USED AS PART OF A
CONTRACT NEGOTIATION:
ONE FOR BUYERS WHO MOVE IN BEFORE CLOSING, AND ONE FOR SELLERS WHO STAY IN POSSESSION
AFTER CLOSING. THEY ARE ONLY TO BE USED FOR UP TO ______________ BEFORE CLOSING OR
AFTER CLOSING.
90 DAYS
A ____________________________________ CLAUSE IN A LEASE AGREEMENT GIVES THE TENANT
THE RIGHT TO PURCHASE THE PROPERTY BY MATCHING WHAT SOMEONE ELSE HAS OFFERED THE
LANDLORD OR BY MAKING A BETTER OFFER.
RIGHT OF FIRST REFUSAL
goods
define as tangible chattels (real property is tangible)
DTPA (Deceptive Trade Practices Act)
services
means work, labor, or repair of goods. Brokerage is a service.
DTPA (Deceptive Trade Practices Act)
, consumer
an individual, corporation or partnership who seeks to purchase the goods or services.
DTPA (Deceptive Trade Practices Act)
a license holder must not prepare these documents
option agreements, title commitments, wills
THERE ARE ________ MAIN SOURCES OF LAW
TWO
______________ LAW IS BASED ON COMMON SENSE AND LOCAL CUSTOMS, MAINLY DEVELOPED IN
ENGLAND AND BROUGHT TO THIS COUNTRY WHEN WE SETTLED HERE.
COMMON
_______________ LAW INCLUDES ANY LAW OR REGULATION ENACTED BY EITHER THE FEDERAL OR
STATE LEGISLATURE. WHENEVER THERE IS A CONFLICT BETWEEN FEDERAL LAW AND STATE LAW, THE
U.S. CONSTITUTION IS DOMINANT OVER A STATE CONSTITUTION WHEN IT DEALS WITH FEDERAL
ISSUES.
STATUTORY
_________________ INCLUDES ALL THAT IS ENCOMPASSED IN LAND, ALONG WITH ALL MAN-MADE
ADDITIONS TO THE LAND (IMPROVEMENTS) SUCH AS ROADS, HOUSES OR COMMERCIAL BUILDINGS
REAL ESTATE
______________________________ IS OF A TEMPORARY OR MOVABLE NATURE AND ALSO KNOWN
AS PERSONALTY OR CHATTEL AND IS NOT PART OF THE REAL PROPERTY.
PERSONAL PROPERTY
IF PERSONAL PROPERTY IS BEING TRANSFERRED WITH REAL PROPERTY, A _______________________
IS GENERALLY USED TO ACCOMPLISH THE TRANSFER.
BILL OF SALE
SOMETIMES PERSONAL PROPERTY BECOMES ATTACHED TO THE REAL PROPERTY SO THAT IT
BECOMES A FIXTURE THROUGH ________________________.
ANNEXATION
REMOVING FIXTURES, BY DETACHING THEM FROM REAL PROPERTY OR UNINSTALLING THEM, TO
CREATE PERSONAL PROPERTY IS CALLED _______________________
TO DO THIS, THE SELLER SHOULD LIST THESE ITEMS ON THE CONTRACT AS
_______________________ TO THE SALE.
SEVERANCE, EXCLUSIONS
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 TO USE A __________________________________, A FORM PREPARED BY A TEXAS
ATTORNEY FOR A SPECIFIC TRANSACTION, OR A FORM REQUIRED BY THE PROPERTY OWNER, SUCH
AS A BUILDER'S REQUIRED CONTRACT CAN RESULT IN SUSPENSION OR REVOCATION OF YOUR
LICENSE.
(also, PREPARING A DEED, DEED OF TRUST, SOMEONE'S WILL OR ANY OTHER DOCUMENT THAT
AFFECTS TITLE TO LAND OR AN INTEREST IN LAND CAN ALSO PUT YOUR LICENSE AT RISK.
TREC PROMULGATED FORM
TREC HAS 6 DIFFERENT PROMULGATED CONTRACTS FOR RESIDENTIAL TRANSACTIONS, BUT THEY DO
NOT HAVE ANY PROMULGATED FORMS FOR:
COMMERICAL, COOPERATIVES, OR MOBILE HOMES
TREC HAS 2 PROMULGATED RESIDENTIAL LEASE AGREEMENTS THAT ARE ONLY USED AS PART OF A
CONTRACT NEGOTIATION:
ONE FOR BUYERS WHO MOVE IN BEFORE CLOSING, AND ONE FOR SELLERS WHO STAY IN POSSESSION
AFTER CLOSING. THEY ARE ONLY TO BE USED FOR UP TO ______________ BEFORE CLOSING OR
AFTER CLOSING.
90 DAYS
A ____________________________________ CLAUSE IN A LEASE AGREEMENT GIVES THE TENANT
THE RIGHT TO PURCHASE THE PROPERTY BY MATCHING WHAT SOMEONE ELSE HAS OFFERED THE
LANDLORD OR BY MAKING A BETTER OFFER.
RIGHT OF FIRST REFUSAL
goods
define as tangible chattels (real property is tangible)
DTPA (Deceptive Trade Practices Act)
services
means work, labor, or repair of goods. Brokerage is a service.
DTPA (Deceptive Trade Practices Act)
, consumer
an individual, corporation or partnership who seeks to purchase the goods or services.
DTPA (Deceptive Trade Practices Act)
a license holder must not prepare these documents
option agreements, title commitments, wills
THERE ARE ________ MAIN SOURCES OF LAW
TWO
______________ LAW IS BASED ON COMMON SENSE AND LOCAL CUSTOMS, MAINLY DEVELOPED IN
ENGLAND AND BROUGHT TO THIS COUNTRY WHEN WE SETTLED HERE.
COMMON
_______________ LAW INCLUDES ANY LAW OR REGULATION ENACTED BY EITHER THE FEDERAL OR
STATE LEGISLATURE. WHENEVER THERE IS A CONFLICT BETWEEN FEDERAL LAW AND STATE LAW, THE
U.S. CONSTITUTION IS DOMINANT OVER A STATE CONSTITUTION WHEN IT DEALS WITH FEDERAL
ISSUES.
STATUTORY
_________________ INCLUDES ALL THAT IS ENCOMPASSED IN LAND, ALONG WITH ALL MAN-MADE
ADDITIONS TO THE LAND (IMPROVEMENTS) SUCH AS ROADS, HOUSES OR COMMERCIAL BUILDINGS
REAL ESTATE
______________________________ IS OF A TEMPORARY OR MOVABLE NATURE AND ALSO KNOWN
AS PERSONALTY OR CHATTEL AND IS NOT PART OF THE REAL PROPERTY.
PERSONAL PROPERTY
IF PERSONAL PROPERTY IS BEING TRANSFERRED WITH REAL PROPERTY, A _______________________
IS GENERALLY USED TO ACCOMPLISH THE TRANSFER.
BILL OF SALE
SOMETIMES PERSONAL PROPERTY BECOMES ATTACHED TO THE REAL PROPERTY SO THAT IT
BECOMES A FIXTURE THROUGH ________________________.
ANNEXATION
REMOVING FIXTURES, BY DETACHING THEM FROM REAL PROPERTY OR UNINSTALLING THEM, TO
CREATE PERSONAL PROPERTY IS CALLED _______________________
TO DO THIS, THE SELLER SHOULD LIST THESE ITEMS ON THE CONTRACT AS
_______________________ TO THE SALE.
SEVERANCE, EXCLUSIONS
