Chapter 1 Flashcards
Professions that require a real estate license are:
A. Apartment locating, residential brokerage
B. Farm brokerage, commercial property manager
C. Inspector, appraiser
D. Both A and B
D. Both A and B
The Education Standard Advisory Committee was created in:
A. 2011
B. 2016
C. 1949
D. 1939
A. 2011
Formal valuation of a property is done by:
A. An appraiser
B. A licensee
C. Only the broker doing a BPO
D. A sales agent doing a CMA
A. An appraiser
All of the following are participants in the ‘market’ EXCEPT:
A. Owner
B. Renter
C. Developer
D. TREC
D. TREC
State laws are also called _______________.
A. Rules
B. Statutes
C. Constitutional law
D. Common laws
B. Statutes
Are mortgage brokers regulated by the Texas Real Estate Commission?
A. Yes
B. No
B. No
All of the following are regulated by TREC EXCEPT:
A. Title companies
B. Education providers for real estate
C. Inspection
D. Real estate brokerage
A. Title companies
The term REALTOR® applies to any:
A. Licensed real estate salesperson
B. Licensed real estate broker
C. Member of a state real estate commission
D. Member of the National Association of REALTORS®
D. Member of the National Association of REALTORS®
What is the purpose of the Texas Real Estate Commission?
A. To protect the public from dishonest and incompetent real estate agents
B. To control the Texas Realtors®
C. To refer agents to the public
D. To control the price of properties in Texas
A. To protect the public from dishonest and incompetent real estate agents
Who does not need a license?
A. A person who offers to lease real estate for compensation
B. A person who offers to sell her own property
C. A person who offers to exchange real estate for compensation
D. An apartment finder for compensation
B. A person who offers to sell her own property
