Champions Real Estate - Principles 1 Exam 2024 Practice Questions and Answers
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Course
Champions Real Estate
Institution
Champions Real Estate
Champions Real Estate - Principles 1
Exam 2024 Practice Questions and
Answers
brokerage - ANSWER-the aspect of the real estate business that pertains to overseeing the needs of
the parties and completing a transaction; a brokerage transaction may or may not involve agency
relationships
The ro...
What is TREC (1949)? - ANSWER✔✔-TREC was created by the state legislature in 1949. It has 9 members
who carry out the provisions in TRELA.
TREC has been granted powers by the Legislature to: - ANSWER✔✔--File actions against a license holder
on its own notion
-Assess admin. penalties of up to $5k per day against offending licensed and unlicensed officials
-Promulgate forms which are mandatory for license holders
- Suspend or revoke licenses of violators
-Subpoena books, records, witnesses and file suit with the AG to enforce subpoena
as well as issue licenses, enact rules and regulations, place a license holder on probation, require
education
Land - ANSWER✔✔-the surface of the earth extending downward to the center of the earth and
upwards above the surface extending to infinity; includes trees, crops and water
Rights to land are considered "severable"... - ANSWER✔✔-the ability for different individuals to own the
different rights of the same piece of land
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