Texas Law of Contracts Flashcards
(247 cards)
1
Q
Abstract of Title
A
Compressed history of title prepared by abstracter
2
Q
Deed of Trust
A
Temporary title
3
Q
Funding Fee
A
VA
4
Q
Joint Tenancy
A
Owned by two or more and have access to whole property. Upon death transfers to other tenants
5
Q
Lien Theory State
A
Texas interprets mortgage as lien and is removed once paid
6
Q
Power of Sale Clause
A
Allows lender to foreclosure
7
Q
Prepaid Item
A
Expense that seller has paid before closing that must be divided between buyer and seller at closing
8
Q
Real Property
A
Land, growth, buildings, crops. Doesn’t move and attached to land
9
Q
RESPA
A
Real Estate Settlement Procedures Act – disclosures necessary at closing
10
Q
Special Assessment
A
Tax on property for improvements – street repairs, lighting
11
Q
Tenants in Common
A
Multiple percentages of ownership with inheritance rights
12
Q
Title Theory State
A
Title is given to lender as security for loan – Texas is NOT
13
Q
TREC
A
9 members / 6 RE / 3 Public / 2 years
14
Q
Texas Legislature Meets
A
2nd Tuesday in January of each odd year – 140 calendar days
15
Q
Texas Association of Realtors
A
6 subcommittees (business issues, commercial, infrastructure & utilities, land use, property management and taxation
16
Q
Broker Lawyer Committee
A
13 members / 6 attorneys / 6 brokers / 1 public
17
Q
Option Fee
A
Non-refundable fee created by TREC which is clause in contract to negotiate time for buyer to fully evaluate property condition
18
Q
Promulgated forms
A
Intended to be “reasonable time” unless they specifically say “time is of the essence”
19
Q
Ernest Money
A
Must be deposited by close of business on 2nd day after contract execution
20
Q
Deceptive Trade Practices
A
Licensee could face damages of double or triple
21
Q
Prohibited Disclosures about a person
A
Familial status, race, handicap, religion, national origin and color. Ethnicity is not prohibited
22
Q
DTPA
A
Deceptive Trade Practices Act
23
Q
Allodial
A
Owning property independent of any superior landlord
24
Q
Feudalism
A
All land owned by the state (king, queen)
25
Fief
A portion of land under feudalism that was neither given nor sold to vassals but only loaned for use to provide a return to owner
26
Vassal
Peasants
27
Chattel
Personal Property / Personalty
28
Severance
Converting real property into personal property -- taking out a tree
29
Fixture
Formerly personal property and now is part of real property
30
Promissory Estoppel
Forces party to keep promise and not back out
31
Doctrine of Laches
Disallow aged claims
32
Parole Evidence Rule
Prevents consumer from using things outside of written contract to make a claim
33
Uniform Commercial Code
Regulates sale or transfer of personal property
34
Non Durable Power of Attorney
Effective immediately -- General Power of Attorney (grants agent broad decision making authority and Limited Power of Attorney for specific purposes
35
Durable Power of Attorney
Act for principal once he is not competent to make decisions
36
Springing Power of Attorney
When principal anticipates an event that will render him incapable of making decisions
37
Mutual Assent
Meeting of the Minds
38
Express Offer and Acceptance
No mistake as to whether parties agreed to an offer
39
Implied Acceptance
Implication of acceptance
40
Conditional Acceptance
Accept with conditions
41
Implied Contracts
Contracts that are inferred from the actions of parties
42
Express Contracts
Oral and written contracts in which parties express their intentions and expectations regarding the contract. Lease Agreement
43
Bi-Lateral Contracts
Both parties give consideration and promise to perform
44
Unilateral Contract
Only one party makes a promis
45
Unenforceable Contract
Statute of Limitations has expired. For collecting debt, it is 6 years
46
Doctrine of Laches
Use it or lose it
47
Executory Contract
Not completely executed or performed -- in process
48
Philosophy behind Consideration
A person cannot do something of value without receiving something in turn
49
Fee Simple Absolute
Greatest Interest in property
50
Joint Tenancy 4 unities of ownership
Time, Title, Interest, Possession
Each owner must:
Receive title at same time
Receive title via same deed or instrument
Receive same proportionate and equal share of ownership
Have identical right of possession
Right of Survivorship
If a joint tenant sells or conveys interest to 3rd party, joint tenancy is broken and Tenancy in Common is deemed to have been created
51
Tenancy in Common
Hold one unity. Interest of deceased passes to heirs and can agree to have unequal shares
52
Possessory Interests
Most common form is leasehold estate
53
Leasehold Estate varieties
Tenancy for Years -- normal lease
Periodic Tenancy -- month-to-month
Tenancy at Will -- can be terminated by either party any time
Tenancy at Sufferance -- tenant wrongfully remains in possession after prior lawful possession expired
54
Tenancy for Years
Normal lease
55
Periodic Tenancy
Month-to-month
56
Tenancy at Will
Either party can terminate any time
57
Tenancy at Sufferance
Tenant wrongfully remains in possession after prior lawful possession expired
58
Government land use controls which are called "urban planning"
Zoning
Regulation of subdivisions
Building codes
Environmental protection laws
59
Police Power
State’s inherent right to regulate an individual’s conduct or property to protect the health, safety, welfare, and morals of the community
60
Final stage of subdivision development
Start-up or Disposition
When actual construction starts
Infrastructure is put into place -- roads, water, gas, electric routed to home sites and then lots are ready to be sold
61
Average density for subdivision
Gross Density
62
Plat
Detailed map that notes the property lines dividing individual lots
63
Plat Patterns
Gridiron and Curvilinear
64
Gridiron Pattern
Evolved from the government's rectangular survey system; it features large lots, wide streets, and some limited-use service alleys. Sidewalks usually run parallel to the street, possibly separated from the road by a small, grassy area. While the gridiron system makes a subdivision easy to navigate, its drawbacks include most homes being located on or near busy streets and a lack of open space
65
Curvilinear Pattern
Integrates major feeder roads with smaller streets and cul-de-sacs. Prevents monotony and increases open space, minimizes service alleys and the more complex road patterns can be difficult to navigate. Provides for quieter and safer neighborhoods
66
Eminent Domain
The power of the state to seize a citizen’s private property, or seize a citizen's rights in property (with compensation), but without the consent of the owner
67
Condemnation
Term used to describe formal act of eminent domain to transfer title to the property
68
Inverse Condemnation
Term to describe situation where government fails to pay just compensation
69
Government Power (PETE)
P for Police Power
E for Eminent Domain
T for Taxation
E for Escheat
70
Feet in a mile
5 Tomatoes -- 5,280
71
Square feet in an acre
43,560 -- Remember 7-11 (4+3=7) (5+6=11)
72
Freehold Estate Types
Fee Simple Absolute
| Life Estate
73
Life Estate
Owned for duration of life owner's life
74
Non-Freehold Estate
Leasehold estate
75
Mineral Rights in Texas
In Texas, a mineral estate and surface estate are separate that may be severed. One person may own the surface estate and another the mineral estate. Mineral estate is dominant.
76
Water Rights
```
Above surface water belongs to the State of Texas
Ground water (Percolating water) belongs to owner and can be captured and pumped regardless of the effects on neighboring wells
```
77
Riparian Doctrine
Water rights are controlled by land ownership bordering natural river or stream. Owner can use the water reasonably
78
Common Enemy Rule
Drainage water is common enemy . Law allows owner to take any measure to protect their property regardless of the consequences to other neighbors.
79
Civil Law Rule / Natural Flow
Landowner is entitled to rely upon continuation of natural flow of water. If landowner increases runoff causing flooding, he is liable for damages
80
Reasonable Flow
Allows landowner to divert water even if it harms adjoining neighbors as long as it is reasonable considering circumstances
81
Air Rights
Controlled by FAA. Though landowners own the air above their land, because of air travel and drones, the navigable airspace is set at 500 feet in urban or suburban areas and 300 in rural
82
Texas Homestead Act
Texas is a homestead state. When a married couple both occupy property that was once separate property, the non-owner acquires homestead rights.
83
Possessory Estate
A tenant has a special kind of "possessory estate" in the property for the duration of his or her lease, as long as he or she honors the terms and conditions of the lease contract.
84
Holdover Tenancy
Tenant refuses to vacate the premises after the appropriate and legal termination of his or her lease.
85
Kick out contingency
Seller retains right to sell property to another party after giving buyer 72 hours notice to remove their contingency
86
Essential elements of valid contract
Competent Parties
Mutual Agreement
Lawful Objective
Consideration
87
Mutual Assent
Meeting of the minds
88
Unjust Enrichment
If someone receives something of value they aren't entitled to
89
Mutual Mistake
Either party can void contract if mutual mistake
90
Discharge of Contract
```
Termination of contractual obligations. Can be discharged by the following:
Performance -- most discharged this way
Contract by Substituted Agreement -- Novation
Lapse of Time
Operation of Law
Impossibility of Performance
Accord and Satisfaction
Breach
```
91
Discharge by Substituted Agreement types
Novation
Rescission
Alteration
Waiver
92
Discharge by Operation of Law types
Unauthorized material alteration of written document
Statutes of Limitations
Insolvency
Merger
93
Anticipatory Breach
Breach by Repudiation -- One party states they cannot carry out contractual obligations on agreed date or intends to perform differently
94
Discharge by Performance types
```
Partial performance
Substantial performance -- mostly performed
Non performance due to legal issues
Mutual agreement
Operation of Law
```
95
When Seller Defaults, Buyer can...
Rescind
Sue for specific performance
Sue for compensatory damages
Accept earnest money as liquidated damages
96
When Buyer Defaults, Seller can...
Rescind
Sue for specific performance
Sue for compensatory damages
Accept earnest money as liquidated damages
97
Rescission
Unilateral Rescission
| Mutual Rescission -- Terminating contract without suffering any consequences
98
Remedies for Breach
Actual damages
Liquidated damages
Exemplary damages -- for intentional fraud or gross negligence -- fines to punish and make example of
99
Discharge by Merger
If John has a lease that will not expire for six more months. John decided to purchase the property and closed yesterday. John’s lease was discharged by merger
100
Discharge by Impossibility
If a lot is under contract for a home builder to build a home on it and suddenly the zoning is upzoned to commercial property the contract will be discharged by the impossibility of performance.
101
Legal Property Description
Metes and Bounds
Rectangular Survey System
Recorded Plats -- lot and block
102
Ernest Money
Used for liquidated damages in case of default
103
Time is of the essence
Agents can NOT add this to any contract
104
Listing Agreement Types
Open Listing
Exclusive right-to-sell Listing
Exclusive Agency Listing
Net Listing
105
Open Listing
MLS does NOT accept) -- allow for a seller to list his or her property concurrently with a number of competing brokers
106
Exclusive Right-to-Sell Listing
Most preferred. Broker holds exclusive rights to commission. Even if owner sells themselves, they still owe commission to broker
107
Exclusive Listing
Named listing broker is owed commission only if the property is sold by anyone other than the owner
108
Net Listing
MLS does NOT accept -- will receive as commission the difference between the actual selling price and the seller’s desired net amount
109
Reasons for terminating listing agreement
```
Unilateral Revocation
Bankruptcy of Seller (court can block sale)
Destruction of property
Fulfillment of listing agreement
Death or incapacity of seller or broker
Mutual Agreement
Change in use of property
```
110
What entity has Listing Agreement
Texas Association of Realtors
111
Universal Agent
Has great deal of authority in principal's affairs
112
General Agent
Limited authority -- licensees usually also have a relationship of general agency with their sponsoring brokers
113
Special Agent
Most limited authority -- may not enter into or sign contracts on behalf of principal
114
Express Agreement
Most agency relationships are formed this way where principal appoints agent and agent accepts
115
Double Net Lease
Community area maintenance and property taxes in addition to base rent
116
Triple Net Lease
Tenant pays prorated portion of all operating expenses and sometimes even interest on lessor's loan
117
How long must broker maintain records of trust accounts
4 years
118
8 types of leases
```
Gross
Net
Percentage
Variable
Ground -- 30-99 years
Oil and Gas
Lease Purchase
Sale Leaseback
```
119
Net Listing
Employment contracts in which the seller pays any amount over the listing price set in the contract as commission. Net listings are illegal in some states and not recommended in many others because they tend to create tensions between a licensee's own interests and his or her obligations to serve clients' best interests.
120
Buyer may terminate the contract for any reason within how many days after receiving Seller's Disclosure Notice
7
121
If the cost of lender required repairs and treatment exceeds what percent of sales price may buyer terminate contract and be refunded earnest money
5%
122
If seller fails to complete agreed repairs before closing date, buyer may extend closing by up to how many days
5
123
Which Addenda include the words "time is of the essence"?
Addendum for Sale of Other Property by Buyer
Addendum for Back-Up Contract
Third Party Financing Addendum
Short Sale Addendum
124
TREC Promulgated forms for addendums
Third party financing
Release of Liability on an Assumed Loan and/or Restoration of VA Entitlement
Sale of Other Property by Buyer
Seller Financing, Environmental Assessment, Threatened or Endangered Species and Wetlands
Coastal Area Property
Property Located Seaward of the Gulf intra-coastal Waterway
Property Subject to Mandatory Membership in Owner's Association
Loan Assumption
Unimproved Property Located in a Certificated Service Area of a Utility Service Provider
Back-Up Contract
Reservation of Oil, Gas and other Minerals
Short Sale
Property in Propane Gas System Service Area
Buyer's Temporary Lease
Seller's Temporary Lease
125
Other Notices through TAR, etc...
Notice to Prospective Buyer
Seller's Disclosure of Property Condition
Texas Real Estate Consumer Notice concerning Hazards or Deficiencies
Information About Brokerage Services
Lead Based Paint Addendum
Non Realty Items Addendum
Disclosure of a Relationship with a Residential Service Company
126
USDA Loans
Borrowers living in rural and suburban communities in Texas -- 0 down and no mortgage insurance
127
Reverse Mortgage
```
For over 62
Large down payment
No monthly payments
Interest added to loan balance monthly
Can pass to heirs who can pay mortgage or let lender take it
```
128
Temporary Lease Agreement
For situations where the possession of the property is not the same as the closing and funding date of the sale. They can only be used in situations where the lease will be for less than 90 days.
129
Lien Theory State
the buyer holds the deed to the property during the mortgage term
130
Title Theory State
Mortgagee holds title until debt is paid
131
CFPB (Consumer Financial Protection Bureau)
Supervises financial institutions and consumer financial laws -- Know Before You Owe.
Doesn't cover Reverse Mortgages, home equity lines of credit or mobile home loans
132
CFPB Daily Penalties
$5,000 for failure to follow the law
$25,000 for gross negligence
$1 million for intentional violations
133
SAFE Act
Secure and Fair Enforcement of Mortgage Licencing Act establishes minimum standards for individual States to license and register mortgage loan originators. MLOs must be licensed in State and National, education, etc.
134
Secondary Mortgage Market
```
Fannie Mae
Freddie Mac
Ginnie Mae
FHLB -- Federal Home Loan Bank
Farmer Mac
```
135
REMICS (Real Estate Mortgage Investment Conduits
Investment vehicles hold mortgages in trust and issue securities, pass-thru certificates, multiclass bonds in them
136
Mortgage Backed Securities
Asset-backed security secured by collection of mortgages sold to a group of individuals (a government agency or investment bank) that packages the loans into a security that investors can buy
137
Judicial Foreclosure
Processed through court -- all creditors with a claim
138
Non Judicial Foreclosure
Some deeds of trust and mortgage documents contain a power-of-sale clause which allows lender to bypass courts. Texas allows
139
Auction
Lender bids first with outstanding balance and any fees
140
Deficiency Judgement
Unsecured money judgment against a borrower whose foreclosure sale did not produce sufficient funds to pay the loan, in full. Some states won't allow
141
Non-Recourse Financing
Where there is not Deficiency Judgement allowed, this is a loan secured by property. If the borrower defaults, the issuer can seize the collateral but cannot seek out the borrower for any further compensation, even if the collateral does not cover the full value of the defaulted amount.
142
Equitable Redemption
Right of a mortgagor in law to redeem his or her property once the debt secured by the mortgage has been discharged
143
Statutory Redemption
Period in which debtors have a specified length of time to recover their property
144
Trustee Deed / Sheriff's Deed
If debtor doesn't come forward, purchaser gets deed
145
Housing Affordability Index
If over 100, the median income family could qualify for an 80% loan, if under 100, cannot qualify
146
Inflation Predictors
Exchange Rate
GDP
Unemployment
147
Inflation and Interest
When inflation is low, so is interest and visa versa
148
Property Tax Incentives (exemptions, deductions, credits)
Homestead Exemption
Disability Exemption
Senior Citizen Exemption
149
Tax Deductions in Texas
```
Mortgage Interest
Real Estate Taxes
Discount points paid at closing
Loan origination fees
Married couple exempt from capital gains tax up to $500,000
Single owners up to $250,000
```
150
Float-To-Fixed Rate Loans
Initial interest rates determined by a margin and an index. After the initial float rate period (one or two years, typically) the loan converts to a fixed-rate loan. These loans allow borrowers to take advantage of the lower earlier rates but avoid the risk of later rate increases
151
80-10-10 Piggyback Loans
2 mortgages in 1. Loan for 80 percent of the sale price at the market rate and a smaller loan for 10 percent of the sale price at a higher interest rate. No PMI. Interest on 2nd is not tax deductible
152
Growth Equity Mortgage
Increasing payment schedule to principal. Tied to index and not interest rate
153
Blanket Mortgage
Has more than one collateral property
154
Package Mortgage
Includes personal property as collateral
155
Open End Mortgage
Allows borrower additional funds at a later date
156
FHA 203K Property Rehabilitation Program
Facilitating renovation and restoration
157
Equity Participation Mortgage
Lender has partial equity interest in income producing property
158
Computerized Loan Origination
Origination of a mortgage loan, usually by someone who is not a loan officer, with the assistance of specialized computer software that ties the originator to one or more mortgage lenders
159
Desktop Underwriter
Fannie Mae encourages lenders to use its automated electronic underwriting system based on formulas
160
Mortgage Insurance
PMI for conventional and MIP for FHA
161
Know before you owe
Dodd-Frank
162
Deed of Trust
Three party instrument and is the most commonly used form in mortgages in Texas: the borrower, the lender, and the trustee. The borrower gets title to the property at the time of purchase
163
Real Estate Liens
In Texas a mortgage is regarded as a lien, not a complete transfer of title, and if not repaid the debt is recovered by foreclosure and sale of the real estate
164
Title
Evidence of and right to ownership and bundle of rights
165
Deed
Written instrument to legally transfer title
166
Title Process
```
Title Abstract
Survey
Property Taxes
Title Insurance
Loan docs for closing
Closing
Docs recorded in courthouse
```
167
Representations and Warranties
Representations and Warranties. A representation is an assertion as to a fact, true on the date the representation is made, that is given to induce another party to enter into a contract or take some other action. A warranty is a promise of indemnity if the assertion is false
168
Contract for Deed
Use for Seller Financing because seller retains the deed until the purchase price has been paid in full -- A new Texas law says that if a contract for deed is recorded (filed) in the deed records of the county where the property is located, it is treated the same as deed with a vendor's lien. That means the seller can no longer rescind, forfeit, or accelerate payments on the contract
169
Gift Deed
Voluntary transfer without exchange of money
170
Guardians Deed
Original owner is incapable of making decisions
171
Involuntary Alienation
```
Foreclosure
Adverse possession
Eminent Domain
Erosion
Avulsion
```
172
Avulsion
Sudden separation of land from one property and its attachment to another, especially by flooding or a change in the course of a river
173
Option Check
Delivered to the Seller within 3 days after executed contract
174
Title Company
In most transactions, title company acts as escrow agent
175
How many days after getting title commitment does seller have to deliver to buyer
20 days
176
ABCs of a Title Commitment
Schedules A-D
A -- Actual Facts-Names, Legal, Price, Lender
B -- Buyers Notice of items not covered by the title policy
C -- Closing -- Things that have to be resolved prior to
D -- Disclosure of all parties who will share part of the title insurance premium
177
General Home Inspector
Generalist looking for red flags. The inspector may recommend the buyer have a roofer or a structural engineer or an electrician do an inspection because he has identified a red flag. Non-invasive
178
Loan approval consists of 2 approvals
Approval of buyer and approval of the property
179
RESPA Requirement
RESPA requires the loan estimate must be provided to the consumer within three days after receiving the loan application and the closing disclosure and must be delivered to the consumer three days prior to closing
180
Actual Damages
Compensated damages
181
Adhesion Contract
One-sided contract favoring the party who drafted it. Contains fine print or unethically biased tactics
182
Aleatory Contract
Performance by one party is contingent upon a certain event like getting an insurance policy
183
Anticipatory Breach
Words of one part convey intent not to perform
184
Antitrust Laws
Laws preserving free enterprise of the open marketplace that minimize unfair competition by making conspiracies illegal -- price fixing, boycotting competitors
185
Appurtenance
Pass with property but not necessarily part of property -- rights-of-way, easements, water rights and property improvements
186
Assignment
Method of transferring rights and obligations to a 3rd party without canceling contract
187
Boilerplate
Standard language in a contract
188
Forbearance
One party doesn't take actions legally entitled to take
189
Subagent
Represent principal through principal's agent but is not affiliated with that agency
190
When a court orders a party to uphold a verbal contract, it is known as
Promissory Estoppel
191
What is the statute of limitations for a written real estate contract in the State of Texas?
4 years
192
Within the State of Texas, where can you find the Statute of Frauds?
Uniform Commercial Code
| Texas Commerce Business Handbook
193
If a lender accepts a deed in lieu of foreclosure from a mortgagor, which of the following disadvantages could occur?
A guarantees or FHA insurance is lost
194
When two associate are appointed by a broker to represent each principal in a transaction:
Each associate represents one principal
195
Under Texas regulations, which of the following can cause civil action in the absence of a written contract?
promissory estoppel
196
Which of the following is allowed to purpose a change in a TREC Statutory Form?
Texas Real Estate Broker Lawyer Committee
197
When TREC issues an order for a hearing to a licensee, TREC must give how many days notice?
14 days
198
What is the maximum fine amount charged as a penalty against a licensee for one offense?
$5,000
199
Under Texas community property laws, when the 1st spouse dies:
50% of the property can be passed by will to heirs
200
If a licensee is involved with a serious wrong, TREC is allowed to:
treat each day of the violation as separate wrongs for fining purposes
201
Lenders with a specific lien on a property:
have a higher priority in the event of foreclosure
202
have a higher priority in the event of foreclosure
seek a deficiency judgment
203
In practice, a broker functioning as an intermediary is functioning as:
In practice, a broker functioning as an intermediary is functioning as:
204
Which of the following is correct about the Texas Statute of Frauds?
leases less than 1 year do not have to be in writing
205
The advantage of a lender accepting a "deed in lieu of foreclosure" is:
less legal costs
206
Which of the following could be ruled exempt from continuing education requirement when renewing a license?
brokers (not agents) licensed prior to Oct 31, 1991
207
How many hours of continuing education are required for well established licensees?
15
208
An unlicensed office worker would be allowed to:
install For Sale signs and lock boxes
209
In order to lock a tenant out of his/her lease premise, the landlord must give how many days notice?
5
210
The term that describes a party held liable for "enjoying the services of another" is called:
vicarious liability
211
The affiliated licensees (the salespersons) represents:
Their broker and not principals
212
A leasehold estate for years can be created by:
Express contract
213
Johnstone, Inc. subleased its building to another business without the landlord's consent as stated in its lease. The sublease is:
voidable by the landlord
214
Under Texas Environmental laws, if property with tenancy in common with 4 owners has toxic waste on it, how would the clean-up responsibility be determined?
each owner is responsible for 100% of the clean-up cost
215
A good lawyer would establish a/an ____________ for his/her client as a buyer of property with possible future tenant claims against the property.
estoppel certificate
216
Who establishes the maximum license renewal fee charged by TREC?
by legislative statute
217
The type of lease when a tenant pays the owner $1500 a month PLUS property taxes, utilities, insurance, and maintenance is most likely a:
net lease
218
What is the fee TREC will charge you for a moral character determination?
$50
219
Who is allowed to issue final decisions in contested cases?
Specified TREC employees
220
Salesperson Jana has a buyer who wants to buy a house listed with another broker. If the transaction goes forward Jana would be a/an:
Sub agent
221
Bobbi listed her house with broker Sam at Sam's Realty. Bobbi has appointed Sam as her:
Special agent
222
Vi is being hired by a seller and buyer as an intermediary with both parties giving written intermediary permission. Another broker is handling the sale. Vi is:
a dual agent involving the intermediary action
| and not an agent of the sale
223
Which of the following is not a standard exclusion for title insurance?
claims of encroachment by neighbors
224
Who usually pays for the title insurance as specified on the Residential (resale) Contract?
The buyer
225
The TREC "Notice To Prospective Buyer" is designed to inform the buyer of his/her rights regarding:
hiring an attorney
| notice of the property tax indebtedness and rate
226
In order to lock a tenant out of his/her lease premise, the landlord must give how many days notice?
5
227
A lease can stipulate that eviction proceeding can begin once a full rent payment is how many days late?
7
228
If a tenant does not pay his/her rent, after what period of time can a landlord can lock the tenant out?
12
229
The burden of proof in a dispute between the landlord and tenant for repairs is required of the:
Tenant
230
When a tenant is locked out and pays the rent, a key must be made available by the landlord within:
2 hours
231
To be classified a subagent, a salesperson must:
work with a principal with the consent of the principal's broker
232
The Deceptive Trade Practices Act is a:
State of Texas act
233
If a consumer appears to be pursuing a frivolous claim against a licensee, the State can:
bill the consumer for legal expenses
234
What is the maximum fine for one unintentional violation of the Deceptive Trade Practices Act?
$20,000
235
What would be the maximum civil penalty if the State of Texas determined that the firm committed a fraud against a consumer?
$250,000
236
The main reason that the Deceptive Trade Practices Act was put in place was to:
allow buyers to receive satisfaction without having to go to court
237
The Community Reinvestment Act was devised by:
Federal Government
238
Which of the following agencies is the regulatory arm of the Community Reinvestment Act?
Federal Reserve Board
239
How could you benefit a client with information about the Community Reinvestment Act?
explaining the program for a possible buyer of a low income apartment
240
Each Commission appointee must take the constitutional oath of office not later than what day after the date of their appointment?
1 month
241
Who enforces the TREC discriminatory program?
The administrator
242
Who determines the salaries of the administrator, officers, and employees of the Commission?
The Commission
243
The administrator of the Commission is an employee of TREC.
true
244
Who enforces legal action taken against a licensee by the Commission?
the Attorney General's Office
245
What is the fee for the broker's license application?
$310
246
If a complaint is lodged against a licensee, the Texas Real Estate Commission must update its records at least:
Quarterly
247
Once a complaint is lodged against a licensee, TREC must launch an investigation within:
4 years
