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Principles 1 Real Estate Champion School Exam Questions and Answers 2023
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Principles 1 Real Estate Champion School Exam Questions and Answers 2023
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Principles 1 Real Estate ChampionSchool Exam Questions and Answers
2023
What are the 4 economic Characteristics of land - -1,Scarcity, 2,
Modification, 3,Fixity 4, Situs
-Scarcity - -Supply and demand, When there is shortage of something that
and individual wants the price goes up.
-Situs - -The location of the property or land from an economic not
geographic viewpoint. Preference people have based on location. Location
Location Location....
-Ad Valorem Taxes - -Taxes on real properties (according to value)
-TRELA Texas Real Estate License Act - -The purpose is to protect the public
against unscrupulous brokers.
-TREC Texas Real Estate Commission - -Created in 1949 Can assess
administrative penalties of up to $5000 per day against offending licensed
and unlicensed individuals
-Improvement - -Any man made addition to the land that is permanent and
is considered to become part of the land. Building, landscaping, fences,
patios ect...
-Fixture - -Personal property that has become attached to the land in such a
way as to become real property
-Severance - -Removing fixtures by detaching them from real property or
uninstalling them
(should be removed prior to listing)..or 'does not convey'
-Intention of the Parties - -When an item was installed .. most important test
-Method of Attachment - -How the item was attached to the property
-Adaptation to the property - -How the item fits the property
-Emblements - -Annual crops produced with labor
Even though attached to the land the crop is personal property. Tenant will
still be allowed to harvest annual crop even if not in possession of the land
, -Townhomes - -Sold as distinct living unit individual lot share common walls.
Owner of the townhome owns the property beneath the structure.
-Homeowners Insurance - -A contract between the insurance company and
policyholder protection fire, wind, hail, theft, flood, vandalism, loss or
damage to contents, and personal liability (Hazards such as flood or
windstorms are additional)
-Factors that affect insurance premiums - -1;Age and Condition 2; The home
replacement cost 3; Location 4; Availability of local fire protection 5; The
policy claims history 6; The policyholder credit score
-Agency - -An agency relationship exists when one person (the agent) acts
for, or on-behalf of another person (the principal is known as the client). The
principal is one who hires the agent and gives authority to the agent. This
relationship is a fiduciary (trust) relationship
-Universal Agency - -Has full authority to conduct business on behalf of the
client. (power of Attorney
-General Agency - -Broker has agents that work for them. A general agent
may bind the principal, meaning that the agent may sign certain contracts
and agreements in the name of the principal. Agent can sign for the broker
-Special Agency - -(Most Limited) known as the 'limited agency'. The special
agent is NOT able to bind the principal because they are not allowed to sign
or accept any terms or conditions on behalf of the principal. A broker who
sells directly w/ a client (no agent under the broker). The listing agreement
establishes a special agency relationship between the broker and seller
-Agent Duties - -Obedience, Loyalty, Disclosure, Confidentiality, Accounting,
Reasonable care (OLD CAR)
-Trust - -Not A DUTY
-Customer - -When a potential buyer contacts an agent for information
regarding a property
-Client - -An agreement with broker and agency
-Intermediary Relationships - -Broker reps both the buyer and seller Broker
remains neutral and avoids negotiating. The broker must first get written
consent of both parties
-Intermediary with appointments - -The appointed associate will give advice
and opinion (which means negotiate) to their respective parties. The broker
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