Law of Contracts - Champions School of Real Estate
TERLA (Ans-
- Texas Real Estate License Act
- Created in 1939
TREC (Ans-
- Texas Real Estate Commission
- Created in 1949 to administer/enforce TERLA
Real Estate Center (Ans-
- Located at Texas A&M University
- Created in 1970
TREC-Promulgated Forms/Leases (Residential):
(Ans-
- One-to-Four Family Residential Contract (Resale)
- New Home Contract (Completed Construction)
- Residential Condo Contract (Resale)
- New Home Contract (Incomplete Construction)
- Unimproved Property Contract
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- Farm and Ranch
(Note: TREC has promulgated contract addenda and other forms, listed on
The page 18)
Four categories of unlawful trade practices are:
(Ans-
- - Misleading or deceptive conduct employed by any person that was
relied upon by the consumer to the consumer's detriment
- - Breach of express or implied warranties
- - Violation of the Texas Insurance Code (Chpt 51)
- - An unconscionable action or course of action by any person
Physical Characteristics of Land (Ans-
- Indestructibility: cannot be destroyed
- Immobility: cannot be moved
- Non-homogeneity: no two parcels are the same
Economic Characteristics of Land (Ans-
- 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
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