Law of Contracts Practice Exam Champions (100%
Correct)
In ______the Texas Real Estate Commission was established to administer and enforce the TRELA.
a. 1939
b. 1929
c. 1949
d. 1993 - (answers)c. 1949
TREC has only _______ promulgated lease forms.
a. 1
b. 2
c. 3
d. 4 - (answers)b. 2
In the TAR® Seller's Disclosure the seller should _______.
a. prepare the disclosure when the listing is taken
b. be the only one completing this form or any part of it
c. none of the above
d. both a and b - (answers)d. both a and b
Which of the following can result in a license revocation or suspension by TREC?
(a) Failure to use TRECs promulgated forms
,(b) Failure to use a form written by an attorney
(c) Failure to use a form required by a party
(d) all of the above - (answers)(d) all of the above
Which of the following does TREC have promulgated sales contract forms for?
(a) Lease purchase
(b) Right of First Refusal
(c) Lease option
(d) Homes and condos - (answers)(d) Homes and condos
If a client is interested in a lease with an option to purchase or a right of first refusal, the assistance of
a(n)_________ is required.
(a) Attorney
(b) Broker
(c) TREC Representative
(d) Subagent - (answers)(a) Attorney
The State of Texas requires that most sellers of residential property provide a _______ whether or not
the seller has ever occupied the property.
(a) Amendment to Contract
(b) Seller's Temporary Residential Lease
(c) Seller's Disclosure
(d) Seller Financing Addendum - (answers)(c) Seller's Disclosure
, TREC's residential contract forms, ______, are mandatory for license holders, with few exceptions.
(a) for optional use by real estate license holders
(b) drafted by the Broker Lawyer Committee
(c) promulgated by the Broker Lawyer Committee
(d) mandatory for all real estate transactions in Texas - (answers)(b) drafted by the Broker Lawyer
Committee
Which of the following are defined as tangible chattels?
(a) Consumers
(b) Services
(c) Goods
(d) Fixtures - (answers)(c) Goods
The _______ statute provides that the sender's message must contain clear and conspicuous notice that
the message is an advertisement or solicitation..
(a) CAN-SPAM
(b) Interstate Land Sales Full Disclosure Act
(c) Do Not Call
(d) Junk Fax Prevention Act - (answers)(a) CAN-SPAM
A ________ is a possible polluter who may be held liable under CERCLA for the contamination of a
property or resource.
Correct)
In ______the Texas Real Estate Commission was established to administer and enforce the TRELA.
a. 1939
b. 1929
c. 1949
d. 1993 - (answers)c. 1949
TREC has only _______ promulgated lease forms.
a. 1
b. 2
c. 3
d. 4 - (answers)b. 2
In the TAR® Seller's Disclosure the seller should _______.
a. prepare the disclosure when the listing is taken
b. be the only one completing this form or any part of it
c. none of the above
d. both a and b - (answers)d. both a and b
Which of the following can result in a license revocation or suspension by TREC?
(a) Failure to use TRECs promulgated forms
,(b) Failure to use a form written by an attorney
(c) Failure to use a form required by a party
(d) all of the above - (answers)(d) all of the above
Which of the following does TREC have promulgated sales contract forms for?
(a) Lease purchase
(b) Right of First Refusal
(c) Lease option
(d) Homes and condos - (answers)(d) Homes and condos
If a client is interested in a lease with an option to purchase or a right of first refusal, the assistance of
a(n)_________ is required.
(a) Attorney
(b) Broker
(c) TREC Representative
(d) Subagent - (answers)(a) Attorney
The State of Texas requires that most sellers of residential property provide a _______ whether or not
the seller has ever occupied the property.
(a) Amendment to Contract
(b) Seller's Temporary Residential Lease
(c) Seller's Disclosure
(d) Seller Financing Addendum - (answers)(c) Seller's Disclosure
, TREC's residential contract forms, ______, are mandatory for license holders, with few exceptions.
(a) for optional use by real estate license holders
(b) drafted by the Broker Lawyer Committee
(c) promulgated by the Broker Lawyer Committee
(d) mandatory for all real estate transactions in Texas - (answers)(b) drafted by the Broker Lawyer
Committee
Which of the following are defined as tangible chattels?
(a) Consumers
(b) Services
(c) Goods
(d) Fixtures - (answers)(c) Goods
The _______ statute provides that the sender's message must contain clear and conspicuous notice that
the message is an advertisement or solicitation..
(a) CAN-SPAM
(b) Interstate Land Sales Full Disclosure Act
(c) Do Not Call
(d) Junk Fax Prevention Act - (answers)(a) CAN-SPAM
A ________ is a possible polluter who may be held liable under CERCLA for the contamination of a
property or resource.
