Texas Pre-License - Principals Of Real Estate I (A
Texas Pre-License - Principals of Real Estate I (A
Exam (elaborations)
Texas Pre-License - Principals of Real Estate I (Aceable) Questions and Answers(SCORED A+)
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Texas Pre-License - Principals of Real Estate I (A
Institution
Texas Pre-License - Principals Of Real Estate I (A
Home inspector - ANSWER-A professional (that requires their own licensing) who performs a visual assessment of a property's physical condition for a buyer or seller. Prepares report of findings.
Indestructibility - ANSWER-(Physical durability) Land is permanent. It can not be destroyed.
Fixit...
Texas Pre-License - Principals of Real
Estate I (Aceable) Questions &
Answers(SCORED A+)
Commercial property includes: Office buildings, Retail Stores, gas stations
Industrial property - ANSWER-Includes commercial property used for: manufacturing,
storage, distribution centers, research, warehousing
Home inspector - ANSWER-A professional (that requires their own licensing) who
performs a visual assessment of a property's physical condition for a buyer or seller.
Prepares report of findings.
Indestructibility - ANSWER-(Physical durability) Land is permanent. It can not be
destroyed.
Fixity - ANSWER-Land can not be moved. Geographic characteristic.
situs - ANSWER-Desirability of a location. Economic preference for a location.
Real Estate Law basis - ANSWER-All RE law begins with the constitution. First with the
U.S. constitution and then by state constitution.
Who needs a real estate license? - ANSWER-Brokers, agents, and apartment locators
Who does NOT need a real estate license? - ANSWER-New home builders, attorneys,
people who are selling or renting their own home, employees selling or renting for their
employer
TRELA stands for - ANSWER-Texas Real Estate License Act
What is TRELA? - ANSWER-TRELA is one part of the Texas Occupations code.
Chapter 1101 pertains to real estate agents and brokers, Chapter 1102 pertains to
inspectors.
Who enforces TRELA? - ANSWER-TREC (Texas Real Estate Commission)
ENFORCES TRELA (Texas Real Estate License Act)
Main objectives of the Texas License Laws - ANSWER-- Protect the public from
incompetence by requiring a test for licensing
- set minimum standards
- maintain high ethical standards
, Sunset Act - ANSWER-This act establishes a review of all agencies every 12 years to
see if they're needed
professional organization - ANSWER-Trade organizations : NAR (National association
of realtors) REALTOR is trademarked. Their role is to provide education and guidance
for members.
DIY contracts - ANSWER-only an owner or a buyer can draft their own contract. Brokers
and agents CAN NOT draft their own contracts- considered an unauthorized practice of
law.
TREC on Discipline - ANSWER-An employee of the commission specifically authorized
by it pursuant to the Act, to conduct hearings and render final decisions in contested
cases may suspend or revoke a license or reprimand or place on probation a licensee
for a violation of the Act or a rule of the commission.
Appraiser - ANSWER-An individual qualified by education, training, and experience to
estimate the value of real property and personal property. Although some appraisers
work directly for mortgage lenders, most are independent.
Economic Scarcity - ANSWER-The wants and desires of people outweigh the resources
(land) available
Real Estate license eligibility - ANSWER--18 years of age
-Texas Resident
- A US citizen or lawful alien
-good moral character
-sponsoring broker
Land - ANSWER-Tract of earth that includes ownership of the surface, subsurface, and
air rights
Real estate - ANSWER-land and anything that is attached to it
Real Property - ANSWER-includes the real estate and the bundle of rights.
Bundle of rights - ANSWER-Right of exclusion
right of possesion
right of disposition
right of quiet enjoyment
Improvements - ANSWER-Permanent human- made addition. Ex: fence, deck, raods
Subsurface Rights - ANSWER-aka mineral rights - rights to natural resources lying
below the earth's surface. May be owned separately
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