LOA Chapter 11

Bill is a salesperson for ABC Realty. He is showing a residential property to a buyer today Bill knows nothing about the property but he will do almost anything to sell the property. The buyer asks him about the condition of the property. Bill claims he has had the property inspected by an inspector and the inspection report showed the property to be in excellent condition. Based on this information the buyer has entered into a contract to buy the property. Based on the information in Chapter 11, name four statements about this scenario.

1. Lied to a client to get them to enter into a contract to buy a property. 2. The lie was told with the intention of selling the house and collecting a commission. 3. The aggrieved party has the right to sue for damages. 4. The contract the party entered into is voidable.

______________________, the court is only allowed to award three times the amount if plaintiff proves the defendant's conduct was committed "intentionally."

After 1995

______________________________ can also be asserted via non-government organizations and individuals as consumer activism.

Consumer protection

______________________________ are a form of government regulation, which aim to protect the rights of consumers.

Consumer protection laws

Texas courts have consistently held that the One-to-Four Family Residential Real Estate Contract is not an as-is contract.

False

The Real Estate Licensing Act does not require the license holder to give their client advice and opinions.

False

The statute of limitations for a claim under the DTPA is four years from the date that the violation occurred or six years from the date the plaintiff discovered or should have discovered the violation.

False

There have been many DTPA lawsuits after 2011.

False

Chapter 531- Canons of Professional Conduct for Real Estate Licensees requires agents to remember:

Fidelity, integrity, and competency

The crime of using dishonest methods to take something valuable from another person is the definition of:

Fraud

The Texas Deceptive Trade Practices-Consumer Protection Act was enacted in 1973 and is known as the:

Texas Business and Commerce Code

_____________________ is frequently used by buyers of residential properties claiming to have been the victim of deception, abuse, fraud, or other injury by real estate agents, sellers, or inspectors.

The DTPA

It is important that when a listing agent enters information into the MLS or creates an advertisement, the information is accurate.

True

One can sue for fraudulent misrepresentation in a tort action.

True

One defense in a DTPA law suit would be to prove the agent relied on written information given to them by someone else.

True

The defendant in a DTPA complaint must be given 60 days in which to cure the complaint.

True

The purpose of the DTPA is to protect consumers from false, misleading, or deceptive business practices, unconscionable actions, and breaches of warranty.

True

Treble means triple or three times the amount.

True

In law, ____________ is a deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right.

fraud