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Texas Principles of Real Estate Express Exam questions & answers.
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Texas Principles of Real Estate Express Exam questions & answers.
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Texas Principles of Real Estate ExpressExam questions & answers.
What kind of professionals manage the legal aspects of a development project? ANS -Real Estate
attorneys, title companies, surveyors, property insurance companies and government regulatory officials
What types of professionals are involved in the transfer of rights and interest in Real Estate? ANS -Titles
companies, Real Estate Brokers/ Sales Persons, Mortgage Brokers, Mortgage Bankers, Appraisers,
Insurers
Property is classified into what three types? ANS -Residential, Commercial, and Investment properties
Real Estate Agents in Texas would benefit from belonging to which two trade organizations? ANS -NAR -
National Association of Realtors
Texas Assoc. of Realtors
If a broker chooses to specialize by geographic area, how might the area be defined? ANS -Natural
Barriers, Streets/ Highways, By a certain set of Sub Divisions
What are some of the individual brokerage services that one might perform for a pre-set fee? ANS -
Comparative price analysis, prospect screening, site analysis, Database search
The laws most relevant to agents and brokers relate to what topics? ANS -Agency, Contracts, Disclosure,
Environmental, Impact, Fair housing,
What are the four sources of real estate law? ANS -FederalGovernment, State Government, Local
Government, Courts
Members of NAR (National Association of Realtors) Are Known as?? ANS -Realtors
What are the two types of Real Estate Managers? ANS -Property Managers and Asset Managers
,Which action is often used to define specific aspects of newly created law? ANS -Court Decision
Market Equilibrium: ANS -a market tends toward a state of equilibrium in which supply equals demand,
and price, cost, and value are identical.
Absorption ANS -the amount of available property that becomes occupied over a period of time.
What is the definition of value as it applies to real estate? ANS -The present worth of future benefits
that would be gained from owning real property
How do elements of supply, demand and price interact in the market? ANS -In a continuous manner
What type of Real Estate User would be interested in the level of trade area competition? ANS -Retail
User
If Price Decreases? ANS -Demand is declining in relation to supply
Types of Real Estate Users ANS -Residential, Retail Industrial, office
Residential User:
Retail User:
Office:
Industrial User: ANS -1) Quality of life, neighborhood, amenities,price
2) Trade, area, sales, competition
3)Efficiency, costs of Occupancy, Functionality
4) Labor pool, availability, supplies, Distribution Channels
How Many members in TREC ( Texas Real Estate Commission) ANS -Nine members - six licensed brokers
and 3 members of the public
, How long are the terms of TREC commission Members? ANS -Staggerd 6 Year Terms,
How long does the term of a commission member last and when does a term expire? ANS -Commission
members serve staggered six-year terms with the terms of three members expiring January 31 of each
odd-numbered year.
When will a court order a payment to an aggrieved party from the Recovery Fund? ANS -If a licensee
cannot pay the full amount of the judgment ordered by the court, the party may apply to the court in
which the judgment was rendered for an order to pay the balance due from the real estate recovery
fund.
Three parties that don't need a license to sell Real Estate ANS -Attorneys at law, An Auctioneer,
Receivers/ trustees of Bankruptcy working under court order
Which of these persons would need a real estate license?
• A college graduate advertises he will sell properties of other students to raise tuition money for
college.
• A person receives and delivers a $500,000 deposit to her principal broker from a buyer.
• A company vice president leases one of the company's warehouses to a storage firm ANS -A college
graduate advertises he will sell properties of other students to raise tuition money for college.
Which of these persons would need a real estate license?
• A homeowner advertises to lease his improved basement to a college student.
• A senior citizen charges an advance fee for referring an individual to her son who owns a leasing office
in town.
• An attorney licensed in Texas advises a client about how to minimize liability in an upcoming Texas
real estate transaction. ANS -A senior citizen charges an advance fee for referring an individual to her
son who owns a leasing office in town
What is the experience requirement for an applicant for a broker's license? ANS -At least four years of
active experience in Texas as a license holder during the 60 months preceding the date the application is
filed
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