Principles of Real Estate 1 Flashcards
questions answered wrong
Location, location, location! Not from a geographic sense but from preference
Situs
Buying a lot on the lake is more expensive than the other lots in the subdivision
Scarcity
Land doesn’t pay for itself usually in a day. It takes a long time.
Fixity
Demand for real estate is primarily affected by:
Employment
A shed in the backyard
Real Property
The dining room chandelier
Real Property
A right given to certain creditors to have debts paid out of the property of a defaulting debtor.-
Lien
A private encumbrance placed on a property
Covenants, Conditions, and Restrictions
Abatement plan outlines
Asbestos
Mitigation
Radon
Also known as homeowners’ insurance, covers a private residence and can cover losses related to the main structure, outbuildings, contents, and personal liability.
Hazard Insurance
A standardized Texas insurance policy that provides limited, actual cash value coverage of a home and its contents.
HO-A Policy
The number of hours required for a broker or sales agent license is established by the:
State Legislative
The Commission consists of _____ members.
nine
The Commission has the authority to set fees for
- Filing an application for a broker license
- Branch office licenses
- Receiving training from a broker
- All of the above
Filing an application for a broker license
The Commission will investigate a complaint that is:
Written and signed
(T or F) A residential apartment locator in Texas is not required to be a license holder
True
The sales agent exam is divided into two parts. The state portion has ____ questions, and the national portion has ____ questions.
30, 80
Which of the following is true regarding the imposition of an administrative penalty by TREC?
- The Commission may impose an administrative penalty on anyone, at any time, without notifying them
- The dollar amount of the administrative penalty may not exceed $10,000 per infraction, per day
- 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 - All of the Above
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
Required to adopt procedures governing informal disposition of contested cases.
TREC
The Texas Fair Housing Act was passed in…
1989
All of the following are exempt from ADA except: (Private clubs, Single-family homes, Retail space, Historic buildings)
Retail Space
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.
ECOA (Equal Credit Opportunity Act)
Surveys are used to _______ land or to divide a piece of property between multiple owners.
Partition
Sets forth the definition for land surveying and its practices in the State of Texas
Professional Land Surveying Practices Act
This method of describing property was adopted by Congress in 1785.
Rectangular Survey System
Most often refers to a recorded map or plat
Lot and Block Method
___________ are the lifeblood of any real estate operation.
Listings
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)
None, all must disclose
Who promulgates contract forms for residential and farm and ranch real estate?
TREC
(T or F) Only written offers must be presented to the intended party.
False
(T or F) To be valid, a contract must be in writing.
False
