Law of Contracts - Champions School of Real Estate Correctly Solved 2024/2025

Law of Contracts - Champions School of Real Estate Correctly Solved 2024 TERLA - Answer -- Texas Real Estate License Act - Created in 1939 TREC - Answer -- Texas Real Estate Commission - Created in 1949 to administer/enforce TERLA Real Estate Center - Answer -- Located at Texas A&M University - Created in 1970 TREC-Promulgated Forms/Leases (Residential): - Answer -- 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: - Answer -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 - Answer -- Indestructibility: cannot be destroyed - Immobility: cannot be moved - Non-homogeneity: no two parcels are the same Economic Characteristics of Land - Answer -- 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? - Answer -1 - College Degree 2 - 30 hours of Real Estate Principles only *3 - Show competency by passing the licensing exam* 4 - Must be Texan by birthAn active sales agent license may only be issued under __________. - Answer -1 - Court order *2 - The sponsorship of a licensed broker* 3 - The supervision of a fellow sales agent 4 - The Deceptive Trade Practice Act