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Principal Of Real ESTATE 1 > TEST > Flashcards

TEST Flashcards

1
Q

In the real estate, brokerage is the aspect the pertains

A

Overseeing the needs and completing a transaction

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2
Q

If you are doing a real estate development, must likely you will be doing?

A

Residential subdivisions

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3
Q

Land that cannot be moved, is refer as

A

Immobility

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4
Q

Land has three physical characteristics

A

1.indestructibility or durability
2.immobility
3.nonhomogeneity

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5
Q

The purpose of ________ is to protect the public against unscrupulous broker and sales agents

A

TRELA

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6
Q

TREC can administrate penalties of up to _______ against offending licensing and unlicensed individuals

A

$5000 Per Day

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7
Q

Which right allows you to develop(improve) the surface and use the resources extracted from or near the surface?

A

Surface rights

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8
Q

Any man-made addition to the land is considered to become part of the land, this is know as

A

Improvement

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9
Q

Is it a Deck considered an improvement?

A

True

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10
Q

Removing fixtures to create personal property is called?

A

Severance

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11
Q

What is fixture?

A

Personal property that has become attached to the land and has become real property

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12
Q

What is annexation?

A

Attaching personal property so that it becomes real property.

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13
Q

Does the fixture convey to the new owner?

A

Yes

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14
Q

Annual crops produced with labor are known as ?

A

Emblements

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15
Q

Privately own land is also know as

A

Allodial system

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16
Q

The action of taking the land is called?

A

Condemnation

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17
Q

Eminent domain

A

Is the right of the government to take private land for public use

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18
Q

Property taxes are also know as

A

Ad valorem taxes

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19
Q

Property taxes are

A

Ad valorem
According to value-the greater the value of the property the higher the taxes
Create the highest priority lien

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20
Q

What is fee simple absolute or fee simple?

A

Is considered the best type of ownership
Places the least number of limitations on the owner.

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21
Q

Any lease that has a specific starting and ending date is know as?

A

Tenancy for years or estate for years

22
Q

A least that automatically renews itself like periods is know as?

A

Periodic Estate

23
Q

If you do not pay your Ad valorem, can your house go on foreclosure?

A

Yes

24
Q

Homestead protection is automatic and cannot be _____

A

Waived

25
Q

Continuous use of the land over some time without the owner’s permission is is called

A

Prescription

26
Q

Easements can be terminated by which of the following.
Reservation
Prescription
Merger

A

Merger

27
Q

If two properties become one, the easement can be terminated. This is called?

A

Merger

28
Q

The intrusion of one’s property onto another’s property is called ?

A

Encroachments

29
Q

Riparian rights is the right to

A

To use the water from a river or stream

30
Q

Littoral rights is the right to

A

Use the water from a lake, oceans, and sea next to a property

31
Q

When is a estate in severalty created?

A

When a individual or entity acquires real estate
Single owner

32
Q

Tenancy in common is the most common form of?

A

Co-ownership

33
Q

The most common form of co-ownership is?

A

Tenancy in common

34
Q

What is community property?

A

Properties acquired during a marriage is owned equally by both spouses and cannot be conveyed or sold without the signature of both parties

35
Q

Can Inherited property or property purchased with inherited funds be consider as community property?

A

No

36
Q

Who hires and gives authority to the agent?

A

The principal

37
Q

The principal is also known as the

A

Client

38
Q

The agent working with the buyer is referred to as?

A

Selling agent

39
Q

When a property is sold by the listing firm, this is referred to as an

A

In-house sale

40
Q

What is the process that is a set of rules that make it possible to bring client buyers and sellers together, while at the same time representing their best interest?

A

Intermediary

41
Q

One broker and two clients is called

A

Intermediary

42
Q

Intermediary with appointment will give ________to their respective parties

A

Advice and opinions (meaning to negotiate)

43
Q

License holders should provide ______ to all potential parties to a transaction at the first substantive discussion of possible transaction

A

IABS- information about brokerage services

44
Q

If a broker wishes to terminate a licensed sales agents sponsorship, he/she must

A

Notify the agent in writing
Return the agents’s license to TREC immediately

45
Q

TEXAS REAL ESTATE LICENSE ACT(TRELA) was passed in

A

1939

46
Q

The purpose of the Act(TRELA) is to

A

Protect the public

47
Q

If you are going to have a Limited Liability Company (LLC)in Real Estate, you will need to be

A

Licensed as a Broker

48
Q

Can an attorney license in the state of Texas sale real Estate without a license?

A

Yes

49
Q

TREC may suspend or revoke your license if

A

You have violated the License Act

50
Q

The commission may not conduct an investigation of a person licensed, if the complain is submitted later than

A

Four years/anniversary of the date of the incident

Principal Of Real ESTATE 1 (1 decks)

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