Texas Principles of Real Estate 1 Q&A Exam Mastery Bundle

Listing Contract A contract in which a property owner employs a real estate broker to market the property described in the contract is known as the... Special Agent A real estate agent is an example of what type of agent...? Market Comparison Approach A means of comparing similar type properti...

supply The amount of goods offered for sale within a given market at a given price during a given time period. General Agent A property manager is an example of what type of agent? Special Agent A real estate agent is an example of what type of agent? Residential, Commercial, and Industrial...

Who routinely pass rules and regulations by, in addition to the federal and state agencies? Local agencies Which entity administered real estate law at the state level? Real Estate Commission What are the two types of real estate managers? Property managers and Asset managers What qualities...

A portion of Lance's property can be used by the local utility company to maintain its power lines. What is this an example of? Easement Several brokerages in a certain area agree to stop running advertisements in a local publication. What type of antitrust violation is this? Group boycotting ...

When may the meaning of law be expanded? A. Only by means of referendum B. After government voting C. When the president signs the law D. When a court hands down a decision regarding a particular law D. When a court hands down a decision regarding a particular law What type of payment may a...

Salesperson's Sponsoring Broker a real estate salesperson closes on a transaction, who pays the salespersons commission? General Agent An agent with full authority over one property of the principle. EX: Property Manager. Supply Te amount of goods offered for sale within a given market at a...

Courses for the renewal of an active real estate broker or sales agent license are called continuing education (CE) What is the maximum amount that the Commission will pay from the real estate recovery trust account for claims against any one license holder, until the account has been repaid in f...

The purpose of the Texas Real Estate License Act is: A. to regulate the sale of real property in Texas B. to prevent commission splits among licensees C. To protect the public against unscrupulous brokers and salesmen D. to define the rule of agents in real estate transactions C Climate, vi...

The purpose of the TRELA is to... protect the public against unscrupulous brokers and salespersons. What is required to obtain a license in Texas? be a resident of Texas at least 18 yrs of age at the time of application, be of good moral character, must show competency by passing the exam If t...

Real Estate Broker A person or an organization acting as the agent for others in negotiating the purchase and sale of real property or other commodities for a fee. Real Estate Salesperson A person performing any of the acts included in the definition of real estate broker but while associated wit...

If a real estate salesperson closes on a transaction, who pays the salesperson their commission? The salesperson's sponsoring broker A means of comparing similar type properties, which have recently sold, to the subject property is known as the? Market Comparison Approach The market compari...

Under what conditions can a supervising broker appoint a license holder associated with the broker to represent one party to a real estate transaction? With written consent of all parties When must a seller's agent provide a written statement about brokerage services to a party? At the time of...

Special Agent A real estate agent is an example of what type of agent...? Universal Agent General Agent Special Agent Specific Agent Market Comparison Approach A means of comparing similar type properties, which have recently sold, to the subject property is known as the...? Cost Approac...

Trec Commision Membership 9 Members (6 brokers, 3 public) appointed by governor. They serve 6 year staggered term. Texas Real Estate Borker Lawyer Committee 13 Members (6 brokers, 6 lawyers, 1 public) General Eligibility Requirements to be Licensed by TREC 18 years old a US citizen or lawfull...