Texas Pre-License - Principals of Real
Estate I (Aceable) Exam 2023/2024
commercial property - ANSWER-A real estate specialty. 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
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