Law Of Contracts Book Review Champions
Questions And Answers 2023
Government loans include - Correct Answer-FHA, VA, and USDA loans.
_____________________ means with actual awareness, or flagrant disregard of
prudent and fair business practices. - Correct Answer-Intentionally
What year was the Texas Real Estate License Act(TRELA) created? - Correct Answer-
1939
What year was the Texas Real Estate Commission(TREC) created? - Correct Answer-
1949
How many members make up TREC? - Correct Answer-9 members
TREC members serve what term limits? - Correct Answer-Six Year Terms except the
Chairman. The Chairman serves at the pleasure of the Governor
How is the members of TREC broken down into - Correct Answer-6 members are
brokers - must have been brokers for atleast 5 years
3 members are from the public - have nothing to do with real estate
TREC commission may do the following: - Correct Answer-• Issue sales agent and
broker licenses.
• Enact rules and regulations that have the full force and effect of the law and advise
with reference
to these rules and laws.
• Suspend or revoke licenses of those who violate the License Act.
• Place a license holder on probation, and require additional education.
• Subpoena books, records and witnesses, and if a license holder fails to respond to the
subpoena,
file suit with the Attorney General to enforce it.
• File an action against a license holder on its own motion.
• Assess administrative penalties of up to $5,000 per day against offending licensed and
unlicensed
individuals.
• Promulgate forms which are mandatory for license holders.
What is the main focus of TREC? - Correct Answer-To protect the public
How many education hours must a broker have? - Correct Answer-900 hours
,270 hours must be in qualifying real estate courses
Must be practicing sales agent in for of the preceding 5 years.
What is the purpose of the Real Estate Recovery Trust Account? - Correct Answer-is to
protect aggrieved individuals who suffer a monetary loss due to illegal acts of license
holders.
What is the maximum amount of money that can be withdrawn from the Real Estate
Recovery Trust Account? - Correct Answer-$50,000 is the maximum per transaction,
and $100,000 is the maximum on behalf on any one
license holder.
What is the minimum amount of money can the Real Estate Recovery Trust Account
have? - Correct Answer-$1 million. Once it is there they will charge all license holders
$10 to get the fund back to $1.7 million
What if the Real Estate Recovery Trust Account exceeds $3.5 million? - Correct
Answer-The excess will go into the general fund.
What does TREC invest money in? - Correct Answer-Treasury Bills & Notes
What are the exceptions to the unlawful practice of law are listed in 1101.654(b): -
Correct Answer-• Properly completing a form promulgated by the Commission is
acceptable and does not constitute
the unlawful practice of law.
• An attorney-prepared form is acceptable.
• A form required by the owner or an attorney is acceptable
the Broker-Lawyer Committee to write residential contract forms that, with few
exceptions, are mandatory for license holders. - Correct Answer-promulgated forms
The term promulgated means - Correct Answer-"to make known by open declaration;
publish."
How many members & who make up the BROKERS-LAWYER Committee? - Correct
Answer-13 members
6 members are appointed by TREC
6 members from the State Bar of Texas
1 public member appointed by the governor
, What are the term limits of the BROKERS-LAWYER Committee? - Correct Answer-6
year staggered terms for everyone except the public member who expires every 6
years.
TREC has promulgated sales contract forms for most residential properties including: -
Correct Answer-• One-to-Four Family Residential Contract (Resale)
• New Home Contract (Incomplete Construction)
• New Home Contract (Completed Construction)
• Unimproved Property Contract
• Residential Condominium Contract (Resale)
• Farm and Ranch
TREC has only two promulgated lease forms: - Correct Answer-1. Buyer's Temporary
Residential Lease
2. Seller's Temporary Residential Lease
for use when the buyer occupies the property for
no more than 90 days prior to closing. - Correct Answer-Buyer's Temporary Residential
Lease -
for use when the seller occupies the property for no
more than 90 days after closing. - Correct Answer-Seller's Temporary Residential Lease
-
giving the tenant the right to purchase the
leased property by matching or bettering any offer before the property will be sold to
someone else - Correct Answer-right of first refusal,
it gives the tenant occupancy in the present time and the right to purchase at a future
date. In an option to purchase, the price is set when the lease agreement is negotiated -
Correct Answer-lease-purchase agreement,
Does TREC have promulgated forms for right of first refusal or leases with option to
purchase? - Correct Answer-No
May license holders change the text of a promulgated form? - Correct Answer-No. If a
license holder changes the text of a promulgated form, he or she is engaging in the
unlawful practice of law.
it allows an aggrieved consumer to sue a seller of goods for damages. - Correct
Answer-Deceptive Trade Practices Act (DTPA)
are defined as tangible chattels - Correct Answer-Goods —
an individual, corporation, partnership, or government source who seeks to acquire or
purchase the goods or services. - Correct Answer-Consumer —
Questions And Answers 2023
Government loans include - Correct Answer-FHA, VA, and USDA loans.
_____________________ means with actual awareness, or flagrant disregard of
prudent and fair business practices. - Correct Answer-Intentionally
What year was the Texas Real Estate License Act(TRELA) created? - Correct Answer-
1939
What year was the Texas Real Estate Commission(TREC) created? - Correct Answer-
1949
How many members make up TREC? - Correct Answer-9 members
TREC members serve what term limits? - Correct Answer-Six Year Terms except the
Chairman. The Chairman serves at the pleasure of the Governor
How is the members of TREC broken down into - Correct Answer-6 members are
brokers - must have been brokers for atleast 5 years
3 members are from the public - have nothing to do with real estate
TREC commission may do the following: - Correct Answer-• Issue sales agent and
broker licenses.
• Enact rules and regulations that have the full force and effect of the law and advise
with reference
to these rules and laws.
• Suspend or revoke licenses of those who violate the License Act.
• Place a license holder on probation, and require additional education.
• Subpoena books, records and witnesses, and if a license holder fails to respond to the
subpoena,
file suit with the Attorney General to enforce it.
• File an action against a license holder on its own motion.
• Assess administrative penalties of up to $5,000 per day against offending licensed and
unlicensed
individuals.
• Promulgate forms which are mandatory for license holders.
What is the main focus of TREC? - Correct Answer-To protect the public
How many education hours must a broker have? - Correct Answer-900 hours
,270 hours must be in qualifying real estate courses
Must be practicing sales agent in for of the preceding 5 years.
What is the purpose of the Real Estate Recovery Trust Account? - Correct Answer-is to
protect aggrieved individuals who suffer a monetary loss due to illegal acts of license
holders.
What is the maximum amount of money that can be withdrawn from the Real Estate
Recovery Trust Account? - Correct Answer-$50,000 is the maximum per transaction,
and $100,000 is the maximum on behalf on any one
license holder.
What is the minimum amount of money can the Real Estate Recovery Trust Account
have? - Correct Answer-$1 million. Once it is there they will charge all license holders
$10 to get the fund back to $1.7 million
What if the Real Estate Recovery Trust Account exceeds $3.5 million? - Correct
Answer-The excess will go into the general fund.
What does TREC invest money in? - Correct Answer-Treasury Bills & Notes
What are the exceptions to the unlawful practice of law are listed in 1101.654(b): -
Correct Answer-• Properly completing a form promulgated by the Commission is
acceptable and does not constitute
the unlawful practice of law.
• An attorney-prepared form is acceptable.
• A form required by the owner or an attorney is acceptable
the Broker-Lawyer Committee to write residential contract forms that, with few
exceptions, are mandatory for license holders. - Correct Answer-promulgated forms
The term promulgated means - Correct Answer-"to make known by open declaration;
publish."
How many members & who make up the BROKERS-LAWYER Committee? - Correct
Answer-13 members
6 members are appointed by TREC
6 members from the State Bar of Texas
1 public member appointed by the governor
, What are the term limits of the BROKERS-LAWYER Committee? - Correct Answer-6
year staggered terms for everyone except the public member who expires every 6
years.
TREC has promulgated sales contract forms for most residential properties including: -
Correct Answer-• One-to-Four Family Residential Contract (Resale)
• New Home Contract (Incomplete Construction)
• New Home Contract (Completed Construction)
• Unimproved Property Contract
• Residential Condominium Contract (Resale)
• Farm and Ranch
TREC has only two promulgated lease forms: - Correct Answer-1. Buyer's Temporary
Residential Lease
2. Seller's Temporary Residential Lease
for use when the buyer occupies the property for
no more than 90 days prior to closing. - Correct Answer-Buyer's Temporary Residential
Lease -
for use when the seller occupies the property for no
more than 90 days after closing. - Correct Answer-Seller's Temporary Residential Lease
-
giving the tenant the right to purchase the
leased property by matching or bettering any offer before the property will be sold to
someone else - Correct Answer-right of first refusal,
it gives the tenant occupancy in the present time and the right to purchase at a future
date. In an option to purchase, the price is set when the lease agreement is negotiated -
Correct Answer-lease-purchase agreement,
Does TREC have promulgated forms for right of first refusal or leases with option to
purchase? - Correct Answer-No
May license holders change the text of a promulgated form? - Correct Answer-No. If a
license holder changes the text of a promulgated form, he or she is engaging in the
unlawful practice of law.
it allows an aggrieved consumer to sue a seller of goods for damages. - Correct
Answer-Deceptive Trade Practices Act (DTPA)
are defined as tangible chattels - Correct Answer-Goods —
an individual, corporation, partnership, or government source who seeks to acquire or
purchase the goods or services. - Correct Answer-Consumer —
