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 (Incomplete Construction)
- Unimproved Property Contract
- Farm and Ranch
(Note: TREC has promulgated contract addenda and other forms, listed on Thepage 18)
Four categories of unlawful trade practices are:
1 - Misleading or deceptive conduct employed by any person that was relied upon by the consumer to
the consumer's detriment
2 - Breach of express or implied warranties
3 - Violation of the Texas Insurance Code (Chpt 51)
4 - An unconscionable action or course of action by any person
Physical Characteristics of Land
- Indestructibility: cannot be destroyed
- Immobility: cannot be moved
- Non-homogeneity: no two parcels are the same
Economic Characteristics of Land
- Scarcity: supply and demand
, - Modification: value is affected by man made changes
- Fixity: additions take long periods of time to pay
- Situs: location, location, location
Which of the following is a requirement for the Texas real estate sales agent license?
1 - College Degree
2 - 30 hours of Real Estate Principles only
3 - Show competency by passing the licensing exam
4 - Must be Texan by birth
An active sales agent license may only be issued under __________.
1 - Court order
2 - The sponsorship of a licensed broker
3 - The supervision of a fellow sales agent
4 - The Deceptive Trade Practice Act
A license holder must not prepare which of the following documents
1 - Option agreements
2 - Title commitments
3 - Wills
4 - A license holder must not prepare any of these documents
Improvements
- Any man-made additions to the land that are permanent
Surface rights
- The ability to use extracted resources such as stone, gravel, and limestone
Subsurface rights
- Includes the rights to deed oil, gas, and other minerals
Personal property
- Things of a temporary or movable nature
Emblements
- Annual crops that are considered personal property even though they are attached to the land
Statutory law
- the body of laws and regulations enacted by federal and state legislatures
Bill of Sale
- used to accomplish the transfer of personal property along with real property
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 (Incomplete Construction)
- Unimproved Property Contract
- Farm and Ranch
(Note: TREC has promulgated contract addenda and other forms, listed on Thepage 18)
Four categories of unlawful trade practices are:
1 - Misleading or deceptive conduct employed by any person that was relied upon by the consumer to
the consumer's detriment
2 - Breach of express or implied warranties
3 - Violation of the Texas Insurance Code (Chpt 51)
4 - An unconscionable action or course of action by any person
Physical Characteristics of Land
- Indestructibility: cannot be destroyed
- Immobility: cannot be moved
- Non-homogeneity: no two parcels are the same
Economic Characteristics of Land
- Scarcity: supply and demand
, - Modification: value is affected by man made changes
- Fixity: additions take long periods of time to pay
- Situs: location, location, location
Which of the following is a requirement for the Texas real estate sales agent license?
1 - College Degree
2 - 30 hours of Real Estate Principles only
3 - Show competency by passing the licensing exam
4 - Must be Texan by birth
An active sales agent license may only be issued under __________.
1 - Court order
2 - The sponsorship of a licensed broker
3 - The supervision of a fellow sales agent
4 - The Deceptive Trade Practice Act
A license holder must not prepare which of the following documents
1 - Option agreements
2 - Title commitments
3 - Wills
4 - A license holder must not prepare any of these documents
Improvements
- Any man-made additions to the land that are permanent
Surface rights
- The ability to use extracted resources such as stone, gravel, and limestone
Subsurface rights
- Includes the rights to deed oil, gas, and other minerals
Personal property
- Things of a temporary or movable nature
Emblements
- Annual crops that are considered personal property even though they are attached to the land
Statutory law
- the body of laws and regulations enacted by federal and state legislatures
Bill of Sale
- used to accomplish the transfer of personal property along with real property
