Chapter 1

Question 1

the aspect of real estate that pertains to overseeing the needs of the parties and completing a transaction.

Answer 1

Brokerage

Question 2

most often involves the acquisition of land for development into residential subdivisions, retail centers and other commercial uses

Answer 2

Real Estate Development

Question 3

Indestructibility

Answer 3

Physical Characteristic of Land (one of 3)

Question 4

Immobility

Answer 4

Physical Characteristic of Land (one of 3)

Question 5

Nonhomogeneity

Answer 5

Physical Characteristic of Land (one of 3)

Question 6

TREC may assess up to $5000 per day against offending licensed and unlicensed individuals.

Answer 6

Administrative Penalties

Question 7

providing a professional opinion of the value of real property

Answer 7

Appraisal is the business of

Question 8

A professional association whose local affiliates own and operate MLS systems throughout the US

Answer 8

NAR

Question 9

Statutory Law

Answer 9

A license holder was tried in a stqte district court on a complaint arising from a real estate transaction. The court ruled that, among other transgressions, the defendant had violated the Texas Real Estate License Act. This decision of the judge was based up on.