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Real Estate > Principles of Real Estate 1 > Flashcards

Principles of Real Estate 1 Flashcards

questions answered wrong

1
Q

Location, location, location! Not from a geographic sense but from preference

A

Situs

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2
Q

Buying a lot on the lake is more expensive than the other lots in the subdivision

A

Scarcity

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3
Q

Land doesn’t pay for itself usually in a day. It takes a long time.

A

Fixity

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4
Q

Demand for real estate is primarily affected by:

A

Employment

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5
Q

A shed in the backyard

A

Real Property

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6
Q

The dining room chandelier

A

Real Property

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7
Q

A right given to certain creditors to have debts paid out of the property of a defaulting debtor.-

A

Lien

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8
Q

A private encumbrance placed on a property

A

Covenants, Conditions, and Restrictions

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9
Q

Abatement plan outlines

A

Asbestos

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10
Q

Mitigation

A

Radon

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11
Q

Also known as homeowners’ insurance, covers a private residence and can cover losses related to the main structure, outbuildings, contents, and personal liability.

A

Hazard Insurance

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12
Q

A standardized Texas insurance policy that provides limited, actual cash value coverage of a home and its contents.

A

HO-A Policy

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13
Q

The number of hours required for a broker or sales agent license is established by the:

A

State Legislative

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14
Q

The Commission consists of _____ members.

A

nine

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15
Q

The Commission has the authority to set fees for

  1. Filing an application for a broker license
  2. Branch office licenses
  3. Receiving training from a broker
  4. All of the above
A

Filing an application for a broker license

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16
Q

The Commission will investigate a complaint that is:

A

Written and signed

17
Q

(T or F) A residential apartment locator in Texas is not required to be a license holder

A

True

18
Q

The sales agent exam is divided into two parts. The state portion has ____ questions, and the national portion has ____ questions.

A

30, 80

19
Q

Which of the following is true regarding the imposition of an administrative penalty by TREC?

  1. The Commission may impose an administrative penalty on anyone, at any time, without notifying them
  2. The dollar amount of the administrative penalty may not exceed $10,000 per infraction, per day
  3. If the person does not pay the administrative fee, the administrator is authorized by
    the Commission to refer the matter to the attorney general for collection
  4. All of the Above
A

If the person does not pay the administrative fee, the administrator is authorized by the Commisson to refer the matter to the attorney general for collection

20
Q

Required to adopt procedures governing informal disposition of contested cases.

A

TREC

21
Q

The Texas Fair Housing Act was passed in…

A

1989

22
Q

All of the following are exempt from ADA except: (Private clubs, Single-family homes, Retail space, Historic buildings)

A

Retail Space

23
Q

The ____ prohibits discrimination in lending based on race, color, religion, national origin, sex, marital status, age of the receipt of income from a public assistance program.

A

ECOA (Equal Credit Opportunity Act)

24
Q

Surveys are used to _______ land or to divide a piece of property between multiple owners.

A

Partition

25
Q

Sets forth the definition for land surveying and its practices in the State of Texas

A

Professional Land Surveying Practices Act

26
Q

This method of describing property was adopted by Congress in 1785.

A

Rectangular Survey System

27
Q

Most often refers to a recorded map or plat

A

Lot and Block Method

28
Q

___________ are the lifeblood of any real estate operation.

A

Listings

29
Q

Which of the following seller is exempt from disclosing the known condition of the property? (An estate sale, A trustee in a foreclosure sale, a builder)

A

None, all must disclose

30
Q

Who promulgates contract forms for residential and farm and ranch real estate?

A

TREC

31
Q

(T or F) Only written offers must be presented to the intended party.

A

False

32
Q

(T or F) To be valid, a contract must be in writing.

A

False

Real Estate (1 decks)

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