Exam (elaborations)
Texas Real Estate Principles 1 Exam/129 Questions And Answers
Texas Real Estate Principles 1 Exam/129 Questions And Answers
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Texas Real Estate Principles 1Exam/129 Questions And Answers
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 lawfully admitted alien
resident of the state
-A certificate is required seperate of the license when - -buying, selling or
leasing an easement pertaining to telecommunicaton, utility, railroad or
pipeline services.
-Payments into Trust Account - -ensures the availibility of a sufficient
amount to pay on anticipated claims on the trust account
-A commission may suspend or revoke a license for - -acting negligently or
incompetently, comingling money and soliciting or selling offers for the sale
of real estate by means of a lottery
-An appeal can be made on a decision by the commission - -it must be
taken to the district court in the county where the administrative hearing
was held.
-When dealing with a client it is mandatory to give them - -A copy of the
"Information about brokerage services" form
-The three Canons for professional ethics and conduct for Real Estate
Licensees - -Fidelity, Integrity, Competency
-Under what circumstances can a person be called a "Realtor?" - -That
agent has to join the "NAR" National Association of Realtors to be called a
"Realtor"
-What was the Fair Housing Laws or Civil Rights Act of 1866 - -FEDERAL
LAW that where the only protected class was Race. No one can discriminate
because of RACE.
-Civil Rights Act of 1968 - -Amended the Civil Rights Act of 1866 to include
race, color, national origin, religion,
, -Civil Rights Act of 1974 - -Amended to include Sex (Male or Female)
-Civil Rights Act of 1988 - -Amended to include Handicap and Familial status
-Define Handicapped - -having a physical or mental disability (including
hearing, mobility, visual impairment, chronic mental illness and AIDS) that
substantially limits one or more major life activities.
-Steering - -Illigal practice of directing home seekers to a particular
neighborhood based on fair housing protected classes. An agent cannot steer
even if asked to by their client.
-If a seller asks agent to discriminate - -agent must refuse to take the listing
-ADA Americans with Disabilities Act - -enacted in 1992 deals with
commercial property only
-Personal Property - -Things not attached to the land
-Chattel - -also known as Personal Property
-How is Personal Property sold - -Bill of Sale
-Classification of plants (Annual or fructus industrials or emblements) - -
Personal Property
-Appurtenances - -right or privilidge to land that goes with the land when
ownership changes such as parking lot spaces, easements, right or ways
-Fixture - -was personal property but then became real estate because it
has been attached to the land
-Tests of a fixture - -method of attachment (annexation)
Fitness or adaptation to property
Intention of the parties
-Trade fixture - -attached to the property under a commercial lease
-Riparian Rights - -rights to anothers land who borders a stream or river
-Littoral Rights - -rights to anothers land who borders a lake
-Accretion - -land is increased in size because of natural deposit of rock and
soil usually caused by water movement
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