Texas Law of Contracts - Chp. 1 Texas Contract Law

The requirements to become a licensed real estate agent in Texas are described in which of the following documents...?

Texas Real Estate Certification Act

Texas Real Estate License Act

Texas Employment Act

Texas Independent Contractor Act

Texas Real Estate License Act

Who is responsible for enforcing the Texas Real Estate License Act...?

Texas Real Estate Commission

Texas Bureau of Real Estate

Texas Congress

Governor of Texas

Texas Real Estate Commission

The Texas Real Estate Commission was created in what year...?

1931

1949

1988

2001

1949

The Texas Real Estate License Act was formally known as the...?

Real Estate Practice Act

Real Estate Commission Act

Real Estate Certification Act

Real Estate Dealers License Act

Real Estate Dealers License Act

The acronym TRELA refers to which of the following...?

The Real Estate License Administration

The Real Estate Legal Act

Texas Real Estate License Act

Texas Real Estate Legal Administration

Texas Real Estate License Act

Ethics

Moral principles that govern a person's or group's behavior.

Real estate agents are not permitted to practice which of the following...?

Marketing

Real estate sales

Law

Advertising

Law

According to TRELA, real estate brokers are unauthorized to do which of the following...?

Provide legal advice

Market properties

Advertise properties

Earn a commission from the sale of a property

Provide legal advice

Real estate brokers are permitted to do which of the following...?

Draft a contract

Market a property

Provide legal advice

All of the above

Market a property

Real estate brokers are NOT permitted to do which of the following...?

Draft new contracts

Provide legal advice

Revise the Texas promulgated contract forms

All of the above

Draft new contracts

Provide legal advice

Revise the Texas promulgated contract forms

All of the above

A real estate broker's license may be revoked for which of the following acts...?

Drafting a new deed for a client

Marketing a property on the MLS

Advertising a property on Facebook

Entering into a listing contract with a seller

Drafting a new deed for a client

Real estate brokers are allowed to do which of the following...?

Complete the Special Provisions section of a contract

Revise the promulgated contract forms

Draft a deed

All of the above

Complete the Special Provisions section of a contract

The Broker/Lawyer Committee is responsible for which of the following...?

Issuing a license to an agent or broker

Editing the promulgated contract forms

Suspending or revoking a real estate license

All of the above

Editing the promulgated contract forms

The Broker/Lawyer Committee consists of how many real estate brokers...?

1

6

11

13

6

The Broker/Lawyer Committee consists of how many members...?

3

7

11

13

13

The Broker/Lawyer Committee consists of how many attorneys...?

1

6

11

13

6

The Broker/Lawyer Committee consists of how many people from the public...?

1

6

11

13

1

Promulgated forms are considered...?

Custom forms

Standard forms

Adaptable forms

Basic form

Standard forms

When is a seller's property disclosure NOT required...?

When a two family residence is being sold

When any single family home is being sold

When property is being sold as a result of a court order

When the seller elects to pay a fee instead of providing a disclosure

When property is being sold as a result of a court order

(T/F) As an agent to the seller, the broker should fill out the seller disclosure form on behalf of the seller...?

T (True)

F (False)

F (False)

(T/F) A seller can limit their liability by completing the seller disclosure form...?

T (True)

F (False)

T (True)

The TREC form OP-H is used for which of the following reasons...?

Agent disclosure

Seller disclosures

Buyer disclosure

Attorney disclosures

Seller disclosures

Punitive Damages

Damages simply for the purpose of punishment.

DTPA (Deceptive Trade Practices Act)

A Texas law that was passed in 1973 that allows an aggrieved consumer to sue a seller of goods for damages. Part of the Texas Business and Commerce Code.It lists over 30 practices that are considered.

The DTPA is an acronym for which of the following Acts...?

Deceptive Trade Practices Act

Detrimental Trade Production Act

Deceptive Trade Professionals Act

Dishonest Trade Practices Act

Deceptive Trade Practices Act

The DTPA was enacted to...?

Protect sellers

Protect agents

Protect principals

Protect the public

Protect the public

The DTPA helps ensure agents do not do which of the following...?

Help sellers market their property

Discriminate against buyers

Take advantage of a buyer's lack of knowledge

All of the above

Take advantage of a buyer's lack of knowledge

If an agent is sued under the DTPA, they may be sued for up to how many times the actual damages...?

2x

3x

4x

10x

3x

What is the maximum fine an agent can receive for punitive damages...?

3x the actual damages

10x the actual damages

$50,000

Unlimited damages

3x the actual damages

Lisa was found guilty under the DTPA. Lisa may be subject to which of the following...?

Suspension of her real estate license

Revocation of her Association of Realtors membership

Punitive damages

All of the above

Suspension of her real estate license

Revocation of her Association of Realtors membership

Punitive damages

All of the above

Broker Lawyer Committee

6 attorneys appointed by the president of the State Bar, 6 brokers appointed by TREC and 1 public member appointed by the Governor- they write the Texas contract forms

Section 1101.155 of the Texas Real Estate License Act deals with which of the following...?

ARules regarding the Texas contract forms

BRules regarding broker conduct

CRules regarding agency relationships

DRules regarding independent contractors

Rules regarding the Texas contract forms

Who oversees the Broker/Lawyer Committee...?

AThe Texas Real Estate Commission

BThe Texas Bureau of Real Estate

CThe Texas Governor

DThe Texas Attorney General

The Texas Real Estate Commission

Who is authorized to provide legal advice to sellers...?

AAttorneys

BAgents

CBrokers

DAll of the above

AAttorneys

How can an agent avoid the unauthorized practice of law...?

AAll of the above

BRefer their client to an attorney for legal advice

CRefuse to provide legal advice

DHave their client's attorney perform any edits to the contract form

All of the below

Refer their client to an attorney for legal advice

Refuse to provide legal advice

Have their client's attorney perform any edits to the contract for

In order to help prevent the buyer from withdrawing their offer, when should a seller provide a prospective buyer with the property disclosure form...?

ABefore the prospective buyer makes an offer

BAfter the contract is signed with the prospective buyer

CAfter the prospective buyer's offer is accepted

DAfter the prospective buyer's home inspector conducts their inspection of the property

Before the prospective buyer makes an offer

The DTPA helps protect...?

Sellers

Consumers

Attorneys

Agents

Consumers

The duties and powers of TREC are described in which of the following documents...?

RESPA

NAR

DTPA

TRELA

TRELA

Once TREC approves a form drafted or edited by the Broker/Lawyer Committee, the form is considered...?

Reviewed

Recorded

Void

Promulgated

Promulgated