Principles 1 Real Estate Champion School EXAM Questions With Correct Answers.
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Course
Texas Principles of Real Estate
Institution
Texas Principles Of Real Estate
Principles 1 Real Estate Champion School
EXAM Questions With Correct Answers.
What are the 4 economic Characteristics of land - answer1,Scarcity, 2, Modification, 3,Fixity
4, Situs
Scarcity - answerSupply and demand, When there is shortage of something that and
individual wants the price goes ...
Principles 1 Real Estate Champion School
EXAM Questions With Correct Answers.
What are the 4 economic Characteristics of land - answer✔✔1,Scarcity, 2, Modification, 3,Fixity
4, Situs
Scarcity - answer✔✔Supply and demand, When there is shortage of something that and
individual wants the price goes up.
Situs - answer✔✔The location of the property or land from an economic not geographic
viewpoint. Preference people have based on location. Location Location Location....
Ad Valorem Taxes - answer✔✔Taxes on real properties (according to value)
TRELA Texas Real Estate License Act - answer✔✔The purpose is to protect the public against
unscrupulous brokers.
TREC Texas Real Estate Commission - answer✔✔Created in 1949 Can assess administrative
penalties of up to $5000 per day against offending licensed and unlicensed individuals
Improvement - answer✔✔Any man made addition to the land that is permanent and is
considered to become part of the land. Building, landscaping, fences, patios ect...
Fixture - answer✔✔Personal property that has become attached to the land in such a way as to
become real property
Severance - answer✔✔Removing fixtures by detaching them from real property or uninstalling
them
(should be removed prior to listing)..or 'does not convey'
Intention of the Parties - answer✔✔When an item was installed .. most important test
Method of Attachment - answer✔✔How the item was attached to the property
Adaptation to the property - answer✔✔How the item fits the property
Emblements - answer✔✔Annual crops produced with labor
Even though attached to the land the crop is personal property. Tenant will still be allowed to
harvest annual crop even if not in possession of the land
Townhomes - answer✔✔Sold as distinct living unit individual lot share common walls. Owner
of the townhome owns the property beneath the structure.
Homeowners Insurance - answer✔✔A contract between the insurance company and policyholder
protection fire, wind, hail, theft, flood, vandalism, loss or damage to contents, and personal
liability (Hazards such as flood or windstorms are additional)
Factors that affect insurance premiums - answer✔✔1;Age and Condition 2; The home
replacement cost 3; Location 4; Availability of local fire protection 5; The policy claims history
6; The policyholder credit score
Agency - answer✔✔An agency relationship exists when one person (the agent) acts for, or on-
behalf of another person (the principal is known as the client). The principal is one who hires the
agent and gives authority to the agent. This relationship is a fiduciary (trust) relationship
Universal Agency - answer✔✔Has full authority to conduct business on behalf of the client.
(power of Attorney
General Agency - answer✔✔Broker has agents that work for them. A general agent may bind the
principal, meaning that the agent may sign certain contracts and agreements in the name of the
principal. Agent can sign for the broker
Special Agency - answer✔✔(Most Limited) known as the 'limited agency'. The special agent is
NOT able to bind the principal because they are not allowed to sign or accept any terms or
conditions on behalf of the principal. A broker who sells directly w/ a client (no agent under the
broker). The listing agreement establishes a special agency relationship between the broker and
seller
Customer - answer✔✔When a potential buyer contacts an agent for information regarding a
property
Client - answer✔✔An agreement with broker and agency
Intermediary Relationships - answer✔✔Broker reps both the buyer and seller Broker remains
neutral and avoids negotiating. The broker must first get written consent of both parties
Intermediary with appointments - answer✔✔The appointed associate will give advice and
opinion (which means negotiate) to their respective parties. The broker must make the
appointments in writing using the Intermediary Relationship Notice
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