Champion School of Real Estate-Law of Contracts with Accurate Answers 2024/

Champion School of Real Estate-Law of Contracts with Correct Answers 2024 Texas Real Estate Commission - Answer -TREC-created by the Legislature in 1949. 9 member commission whose primary purpose is to carry out the provision of the License Act Real Estate Recovery Trust Account - Answer -administered by TREC. the purpose of the account is to protect aggrieved individuals who suffer monetary loss due to illegal acts of license holders unlawful practice of law - Answer -license holder is not qualified to add provisions to contracts that go beyond factual business details. Promulgated Forms - Answer -residential contract forms that are mandatory for license holder Deceptive trade practices Act - Answer -Texas law that applies to trade and commerce that was passed in 1973. Part of the Texas Business and Commerce code Land - Answer -surface of the earth extending downward to the center and upward above the surface to infinity Real Estate - Answer -all that encompassed in land with the addition of all man-made additions to the land (improvements) Real Property - Answer -goes beyond physical real estate and includes the rights that a person has in the land. Bundle of Rights - Answer -rights that a person has in the land severable - Answer -different rights can be separate Surface Rights - Answer -the ability to develop the surface and to use resources extracted from or near the surface Subsurface Rights - Answer -rights to oil, gas and minerals, are commonly conveyed through a lease, mineral deed or reservation Air Rights - Answer -extend above the surface without limitations improvements - Answer -man-made additions to the land that is permanent and is considered to become part of the land personalty/chattel - Answer -personal property bill of sale - Answer -used to accomplish the transfer of personal property, accompanies the deedFixture - Answer -personal property that has become attached to the land annexation - Answer -personal property that becomes real property severance - Answer -removing fixtures to become personal property 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 Estate in Severalty - Answer -ownership by one individiual Co-Ownership - Answer -ownership by two or more Trust - Answer -ownership conveyed to a trustee for the benefit of others tenancy in common - Answer -ownership by 2 or more with undivided interests Partition - Answer -own a distinct tract of land Joint Tenacy - Answer -type of co-ownership with the right of surviorship Right of surviorship - Answer -when joint tenant dies right of property are equally divided among surviving owners community property - Answer -marriage is regarded as a partnership rather than husband and wife become one. separate property - Answer -property owned by a married person that is not community property steering/channeling - Answer -taking buyers or renters to or away from a particular area based on the race, religion, etc, of the buyer or renter. Blockbusting/panic peddling - Answer -attempt to induce panic selling in a neighborhood for financial gain. Contract - Answer -an agreement between 2 or more parties to do something or to refrain from doing ed contract - Answer -an agreement created by our behavior express contract - Answer -an agreement through negotiation of an agree price and terms between parties bilateral contract - Answer -contract of sale between a buyer and seller