AYPO Real Estate Principles of Real Estate I Exam Study Guide with Complete Solutions!

TREC has the authority under TRELA to suspend or even revoke a broker's license if: - ANSWER-They conduct the unlawful practice of law ESAC stands for: - ANSWER-Education Standards Advisory Committee What refers to a location from an economic rather than a geographic standpoint? - ANSWER-Situs. Which amendment guarantees that a citizen will not be deprived of property without due process of law? - ANSWER-5th Amendment. The CFPB is the: - ANSWER-Consumer Financial Protection Bureau A professional organization or association is usually a not-for-profit organization that seeks to: - ANSWER-further a particular profession and the interests of individuals engaged in that profession. A contraction or generally slowing down of the economy is a: - ANSWER-Recession. What is the primary purpose for real estate licensing laws? - ANSWER-1. To protect the general public during real estate transactions from dishonest or incompetent brokers and sales agents. 2. To set out minimum standards and qualifications for licensing brokers and sales agents. 3. To protect licensed brokers and sales agents from unfair or improper competition. Per 1101.2051(b), information or material prepared or compiled by the commission in connection with a complaint, investigation, or audit may be disclosed: - ANSWER-to the respondent of the complaint. What type of property category includes churches, other places of worship, schools and colleges, cemeteries and certain government-held properties? - ANSWER-Special-purpose. Emblements are best described by which of the following? - ANSWER-Harvestable plants, trees, and uncultivated vegetation. A manufactured home can be considered real property if: - ANSWER-1. both the Texas Department of Housing and Community Affairs and the home's county's chief tax appraiser have been notified of the filing 2. a certified copy of the "Statement of ownership and location" for the home has been filed by the owner in the real property records of the county where the home is located 3. the owner of the home has elected to treat the home as their real property The number one reason that people move is: - ANSWER-Employment opportunity How much money can a first time homebuyer draw from his or her own IRA without tax penalty for the purchase? - ANSWER-$10,000 According to the Texas Department of Insurance, most homeowners policies in Texas include which of the following coverages? - ANSWER-1. Loss of use. 2. Medical payments. 3.