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Texas Pre-License - Principals of Real Estate I (Aceable) Questions with correct answers
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Texas Pre-License - Principals of Real Estate I (Aceable) Questions with correct answers
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Texas Pre-License - Principals of Real Estate I(Aceable) Questions with correct answers
commercial property Correct Answer-A real estate specialty.
Commercial property includes: Office buildings, Retail Stores, gas
stations
Industrial property Correct Answer-Includes commercial property used
for: manufacturing, storage, distribution centers, research, warehousing
Home inspector Correct 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 Correct Answer-(Physical durability) Land is
permanent. It can not be destroyed.
Fixity Correct Answer-Land can not be moved. Geographic
characteristic.
situs Correct Answer-Desirability of a location. Economic preference for
a location.
Real Estate Law basis Correct 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? Correct Answer-Brokers, agents, and
apartment locators
Who does NOT need a real estate license? Correct Answer-New home
builders, attorneys, people who are selling or renting their own home,
employees selling or renting for their employer
TRELA stands for Correct Answer-Texas Real Estate License Act
What is TRELA? Correct 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? Correct Answer-TREC (Texas Real Estate
Commission) ENFORCES TRELA (Texas Real Estate License Act)
Main objectives of the Texas License Laws Correct Answer-- Protect the
public from incompetence by requiring a test for licensing
- set minimum standards
- maintain high ethical standards
Sunset Act Correct Answer-This act establishes a review of all agencies
every 12 years to see if they're needed
, professional organization Correct Answer-Trade organizations : NAR
(National association of realtors) REALTOR is trademarked. Their role
is to provide education and guidance for members.
DIY contracts Correct 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 Correct 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 Correct 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 Correct Answer-The wants and desires of people
outweigh the resources (land) available
Real Estate license eligibility Correct Answer--18 years of age
-Texas Resident
- A US citizen or lawful alien
-good moral character
-sponsoring broker
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