Law Of Contracts Champions Exam With
100% Correct Answers 2023
'1101' laws are associated with... - Correct Answer-TRELA
'535' laws are associated with... - Correct Answer-TREC
TRELA was established in... - Correct Answer-1939
TREC was established in... - Correct Answer-1949
The Real Estate Recovery Trust Account is used to... - Correct Answer-Protect
aggrieved individuals who suffer a monetary loss due to illegals acts of license holders.
The maximum amount per transaction for Real Estate Recovery is... - Correct Answer-
$50,000
The maximum amount on behalf of any one license holder is... - Correct Answer-
$100,000
Promulgated forms means... - Correct Answer-To make known by open declaration;
publish.
The Texas Real Estate Broker-Lawyer Committee consists of... - Correct Answer-13
members.
Of the 13 Lawyer-Broker Committee members, how many are appointed by TREC? -
Correct Answer-6
Of the 13 Lawyer-Broker Committee members, how many are members from the State
Bar of Texas? - Correct Answer-6
How many public members are appointed to the Lawyer-Broker Committee? - Correct
Answer-1
A licensed agent may not give this type of advice... - Correct Answer-Legal.
How many types of promulgated lease forms does TREC provide? - Correct Answer-2
What are the names of the promulgated lease forms? - Correct Answer-Buyer's and
Seller's Temporary Residential Lease
, This gives 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.
A residential lease may contain a Right of... - Correct Answer-First Refusal.
"Goods" means... - Correct Answer-tangible or real property purchased or leased for
use.
"Services" means... - Correct Answer-work, labor, or services purchased or leased.
What is the DTPA? - Correct Answer-Deceptive Trade Practices Act
When a license holder is sued, it tends to be due to an action under the... - Correct
Answer-DTPA
If the judge or jury rule that the licensed agent knowingly or intentionally deceived the
consumer, damages have the potential be... - Correct Answer-three times the offense.
A seller of residential property must provide what type of document to a buyer? -
Correct Answer-Seller's Disclosure Notice
Who completes the Seller's Disclosure Notice? - Correct Answer-The seller should be
the ONLY one completing the seller's disclosure notice.
If the seller has never occupied the property, do they still have to fill out the disclosure?
Yes, or no? - Correct Answer-Yes.
What is the body of law developed in England and based upon "common sense"? -
Correct Answer-Common Law
These court judgments are referred to as __________ and used as guidance in
common law. - Correct Answer-Precedents
What is the body of laws and regulations enacted by federal and state legislatures? -
Correct Answer-Statutory Law
These rights extend above the surface without limitation... - Correct Answer-Air Rights
These rights allow an owner to develop the surface, and to use resources extracted
from or near the surface including stone, gravel, water, and limestone. - Correct
Answer-Surface Rights
These rights include oil, gas and other minerals, and are commonly conveyed through a
lease, mineral deed or by reservation. - Correct Answer-Subsurface Rights
100% Correct Answers 2023
'1101' laws are associated with... - Correct Answer-TRELA
'535' laws are associated with... - Correct Answer-TREC
TRELA was established in... - Correct Answer-1939
TREC was established in... - Correct Answer-1949
The Real Estate Recovery Trust Account is used to... - Correct Answer-Protect
aggrieved individuals who suffer a monetary loss due to illegals acts of license holders.
The maximum amount per transaction for Real Estate Recovery is... - Correct Answer-
$50,000
The maximum amount on behalf of any one license holder is... - Correct Answer-
$100,000
Promulgated forms means... - Correct Answer-To make known by open declaration;
publish.
The Texas Real Estate Broker-Lawyer Committee consists of... - Correct Answer-13
members.
Of the 13 Lawyer-Broker Committee members, how many are appointed by TREC? -
Correct Answer-6
Of the 13 Lawyer-Broker Committee members, how many are members from the State
Bar of Texas? - Correct Answer-6
How many public members are appointed to the Lawyer-Broker Committee? - Correct
Answer-1
A licensed agent may not give this type of advice... - Correct Answer-Legal.
How many types of promulgated lease forms does TREC provide? - Correct Answer-2
What are the names of the promulgated lease forms? - Correct Answer-Buyer's and
Seller's Temporary Residential Lease
, This gives 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.
A residential lease may contain a Right of... - Correct Answer-First Refusal.
"Goods" means... - Correct Answer-tangible or real property purchased or leased for
use.
"Services" means... - Correct Answer-work, labor, or services purchased or leased.
What is the DTPA? - Correct Answer-Deceptive Trade Practices Act
When a license holder is sued, it tends to be due to an action under the... - Correct
Answer-DTPA
If the judge or jury rule that the licensed agent knowingly or intentionally deceived the
consumer, damages have the potential be... - Correct Answer-three times the offense.
A seller of residential property must provide what type of document to a buyer? -
Correct Answer-Seller's Disclosure Notice
Who completes the Seller's Disclosure Notice? - Correct Answer-The seller should be
the ONLY one completing the seller's disclosure notice.
If the seller has never occupied the property, do they still have to fill out the disclosure?
Yes, or no? - Correct Answer-Yes.
What is the body of law developed in England and based upon "common sense"? -
Correct Answer-Common Law
These court judgments are referred to as __________ and used as guidance in
common law. - Correct Answer-Precedents
What is the body of laws and regulations enacted by federal and state legislatures? -
Correct Answer-Statutory Law
These rights extend above the surface without limitation... - Correct Answer-Air Rights
These rights allow an owner to develop the surface, and to use resources extracted
from or near the surface including stone, gravel, water, and limestone. - Correct
Answer-Surface Rights
These rights include oil, gas and other minerals, and are commonly conveyed through a
lease, mineral deed or by reservation. - Correct Answer-Subsurface Rights
