Chapter 1 ( if you want to learn more in details) Flashcards
REDLA act 1939 was administered by
Secretary of state
Why TRELA was created ?
TRELA was created to protect the public from dishonest brokers and sales agents by establishing rules for obtaining and maintaining a real estate license.
Regulation of Third Party
Any salesperson is considered a third party and regulated by TREC.Sellers are the party of the first part, and buyers are the party of the second part
Forbearance Vs performance in contract
Doing something is known as performance. Refraining from doing is known as forbearance.
pacta sunt servanda
agreements are to be kept
Legal Age
To be of legal age in Texas, a person must be 18 or more years old, unless they are in the military or married. Adult status is not lost if a divorce takes place before reaching the age of 18. Minors may also be emancipated by the courts.
What group administers the Texas Real Estate License Act?
Texas Real Estate Commission
Court’s primary objective when interpreting a contract
to ascertain and give effect to the intent of the parties as it is expressed in the contract.
What is acceptance?
Acceptance must be absolute and must be entered into freely and voluntarily. The contract cannot contain:
Misrepresentation – an error
Fraud – intentional misrepresentation
Duress – use of force
Menace – threat of violence
Undue Influence – use of power
Limitations on Consideration
- Consideration must not be from the past.
- “A promise must not be to do something one is already obligated by the general law to do. For example, to not commit a crime or to give evidence in court.”
Arbitration
an arbitrator listens to both sides of the situation and makes a decision. In arbitration, the decision of the arbitrator is binding on both parties, and court action cannot be pursued.
Mediator Career
- 40 classroom hours of approved training in dispute resolution techniques
- For parent-child disputes, an additional 24 hours training in the fields of family dynamics, child development, and family law
(The Texas Mediator Credentialing Committee, a coalition of Texas mediator organizations, has a voluntary credentialing program.)
Arbitrator Career
An arbitrator must have a law degree or a master’s degree in law, public policy or a related field.
The arbitrator should know dispute-resolution methods and have writing and listening skills in their education
Definite and Certain means ?
The terms must be stated in a way that a reasonable person could understand them.
Void translates as
“absence of”, meaning the contract never existed.