1. brokerage: the aspect of the real estate business that pertains to overseeing the
needs of the parties and completing a transaction; a brokerage transaction may or
may not involve agency relationships
2. The role of a property manager: Generally responsible for the day to day
operations of t...
1. brokerage: the aspect of the real estate business that pertains to overseeing th
needs of the parties and completing a transaction; a brokerage transaction may or
may not involve agency relationships
2. The role of a property manager: Generally responsible for the day to day
operations of the property, maintenance, and tenant relations
3. How are home inspectors licensed?: Home inspectors are licensed in Texas
by TREC.
4. Real Estate Development: most often involves the acquisition of land for deve
opment into residential subdivisions, retail centers and other commercial uses.
5. National Association of Realtors (NAR): the nationwide association is divided
into state associations, and further divided into local associations or boards. The
local associations or boards operate the MLS in markets throughout the US.
6. The benefits of home ownership include:: Pride of Ownership, Occupancy,
Tax Benefits, Investment, Security: POOTIS=m
7. Physical Characteristics of Land: Indestructibility: Indestructibility refers to
the fact that land cannot be destroyed. The other two characteristics are immobility
and non-homogeneity (uniqueness)
8. Demand for real estate is affected by:: 1. Growth in employment
2. Personal preference
3. Availability of credit
as well as transportation systems and Federal government policy
9. Common Law vs. Statutory Law: Common Law was developed in England
and based on common sense and local custom; under this system, a court looks
to the findings of prior courts when rendering a decision
Statutory law is enacted by federal and state legislative bodies
10. What is the purpose of the Texas Real Estate Licensing Act (TRELA
1939)?: The purpose of TRELA is to protect the public against unscrupulous
brokers and sales agents.
11. What is TREC (1949)?: TREC was created by the state legislature in 1949. It
has 9 members who carry out the provisions in TRELA.
12. TREC has been granted powers by the Legislature to:: -File actions agains
a license holder on its own notion
-Assess admin. penalties of up to $5k per day against offending licensed and
unlicensed officials
, Champions Real Estate - Principles 1 Exam
-Promulgate forms which are mandatory for license holders
- Suspend or revoke licenses of violators
-Subpoena books, records, witnesses and file suit with the AG to enforce subpoen
as well as issue licenses, enact rules and regulations, place a license holder on
probation, require education
13. Land: the surface of the earth extending downward to the center of the earth
and upwards above the surface extending to infinity; includes trees, crops and
water
14. Rights to land are considered "severable"...: the ability for different individ-
uals to own the different rights of the same piece of land
15. Surface Rights: The owner of surface rights has the ability to develop (im-
prove) the surface, and to use resources extracted from or near the surface
including stone, gravel, water, and limestone.
16. Improvements are:: any man-made addition to the land that is permanent and
considered to become part of the land
17. Personal Property: things of a temporary or movable nature that are not part
of the real property; known as personalty or chattel. If personal property is being
transferred with real property, a bill of sale is used to accomplish the transfer
18. Fixtures are:: Personal property that has become attached to the land.
19. The process of attaching personal property so that it becomes real
property is called:: Annexation
20. Severance: removing fixtures to create personal property
21. The courts apply 3 tests to determine if something is a fixture. These
include:: 1. The intention of the parties when the item was installed
2. The method of attachment
and adaptation of the property
22. Emblements: Annual crops; considered personal property and may be har-
vested by the owner of the crop; ensures that the tenant will be allowed to harvest
even if they lose possession of the property prior to harvest time
23. Rights that are associated with ownership of real property are referred to
as the owner's:: Bundle of rights
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