Texas Real Estate Principles 1 (Chapter 1-6)
Brokerage - answerThe aspect of real estate that pertains to overseeing the needs of parties
and completing a transaction
Appraisal - answerThe business of providing a professional opinion of the value of real
property
Mortgage Lending - answerThe b...
Brokerage - answer✔✔The aspect of real estate that pertains to overseeing the needs of parties
and completing a transaction
Appraisal - answer✔✔The business of providing a professional opinion of the value of real
property
Mortgage Lending - answer✔✔The business of providing money to individuals or corporation
for the conditional transfer or pledge of real estate as security for the payment of debt
IREM - answer✔✔Institute of Real Estate Management
CCIM - answer✔✔Certified Commercial Investment Member (Gold Standard for commercial
real estate)
SIOR - answer✔✔Society of Industrial and Office Realtors
ICSC - answer✔✔International Council of Shopping Centers
BOMA - answer✔✔Building Owners and Managers Association
non-homogeneity - answer✔✔A lack of uniformity; dissimilarity. Because no two parcels of
land are exactly alike, real estate is said to be non-homogeneous.
Common Law - answer✔✔A body of law developed in England and based upon "common
sense" and local custom
Statutory Law - answer✔✔Law passed by the U.S. Congress or state legislatures
TRELA (and date passed) - answer✔✔Texas Real Estate License Act (1939)
TREC (and date passed) - answer✔✔Texas Real Estate Commission (1949)
What is the MAX fine against offending licensed and unlicensed individuals PER DAY? -
answer✔✔5000
Define and give examples of a Severable Property Right - answer✔✔Your ability to sell property
rights to individuals and companies.
You can sell your subsurface rights to a oil/gas/coal/gold to companies too.
Some severable rights are Surface rights, Subsurface rights, Air rights, and mineral rights
Improvement - answer✔✔A man-made addition to a piece of land
Define Accession - answer✔✔If your fixtures are not removed prior to lease expiration they
become property of the landlord.
Emblement - answer✔✔Trees or crops that are cultivated annually; the rights of a tenant to
harvest the annual crop even after his tenancy has ended.
TDHCA - answer✔✔Texas Department of Housing and Community Affairs
HUD - answer✔✔Housing and Urban Development
Allodial System - answer✔✔The system of land ownership where anyone can privately own
land.
What is Police Power? - answer✔✔The right of the government to regulate and control the way
land is used.
What should you do if you get a letter saying the zone your business is on will be changing.
Example) your gas station is now going to be in a R-1 zone (residential single family only zone)
what do you do? - answer✔✔Do nothing. You'll be grandfathered in.
What is a variance request? - answer✔✔It is a request to break the rules for a business to be
somewhere, asked before construction starts.
What is a buffer zone? - answer✔✔A area of land separating one land use from another. EX)
residential then trees then commercial.
What is condemnation? - answer✔✔When the government exercises its right of eminent domain.
they have to pay for the value of the land and not the amount for business lossed.
What is inverse condemnation? - answer✔✔Asking/Suing the government to buy your whole
property instead of just a portion of it. useful for cattle ranchers they don't want to send their
cattle across the highway for new grazing land.
What is the process if you don't pay your taxes? - answer✔✔1) You get 1 year and then you owe
the IRS + interest.
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