TEST Flashcards
In the real estate, brokerage is the aspect the pertains
Overseeing the needs and completing a transaction
If you are doing a real estate development, must likely you will be doing?
Residential subdivisions
Land that cannot be moved, is refer as
Immobility
Land has three physical characteristics
1.indestructibility or durability
2.immobility
3.nonhomogeneity
The purpose of ________ is to protect the public against unscrupulous broker and sales agents
TRELA
TREC can administrate penalties of up to _______ against offending licensing and unlicensed individuals
$5000 Per Day
Which right allows you to develop(improve) the surface and use the resources extracted from or near the surface?
Surface rights
Any man-made addition to the land is considered to become part of the land, this is know as
Improvement
Is it a Deck considered an improvement?
True
Removing fixtures to create personal property is called?
Severance
What is fixture?
Personal property that has become attached to the land and has become real property
What is annexation?
Attaching personal property so that it becomes real property.
Does the fixture convey to the new owner?
Yes
Annual crops produced with labor are known as ?
Emblements
Privately own land is also know as
Allodial system
The action of taking the land is called?
Condemnation
Eminent domain
Is the right of the government to take private land for public use
Property taxes are also know as
Ad valorem taxes
Property taxes are
Ad valorem
According to value-the greater the value of the property the higher the taxes
Create the highest priority lien
What is fee simple absolute or fee simple?
Is considered the best type of ownership
Places the least number of limitations on the owner.
Any lease that has a specific starting and ending date is know as?
Tenancy for years or estate for years
A least that automatically renews itself like periods is know as?
Periodic Estate
If you do not pay your Ad valorem, can your house go on foreclosure?
Yes
Homestead protection is automatic and cannot be _____
Waived
Continuous use of the land over some time without the owner’s permission is is called
Prescription
Easements can be terminated by which of the following.
Reservation
Prescription
Merger
Merger
If two properties become one, the easement can be terminated. This is called?
Merger
The intrusion of one’s property onto another’s property is called ?
Encroachments
Riparian rights is the right to
To use the water from a river or stream
Littoral rights is the right to
Use the water from a lake, oceans, and sea next to a property
When is a estate in severalty created?
When a individual or entity acquires real estate
Single owner
Tenancy in common is the most common form of?
Co-ownership
The most common form of co-ownership is?
Tenancy in common
What is community property?
Properties acquired during a marriage is owned equally by both spouses and cannot be conveyed or sold without the signature of both parties
Can Inherited property or property purchased with inherited funds be consider as community property?
No
Who hires and gives authority to the agent?
The principal
The principal is also known as the
Client
The agent working with the buyer is referred to as?
Selling agent
When a property is sold by the listing firm, this is referred to as an
In-house sale
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?
Intermediary
One broker and two clients is called
Intermediary
Intermediary with appointment will give ________to their respective parties
Advice and opinions (meaning to negotiate)
License holders should provide ______ to all potential parties to a transaction at the first substantive discussion of possible transaction
IABS- information about brokerage services
If a broker wishes to terminate a licensed sales agents sponsorship, he/she must
Notify the agent in writing
Return the agents’s license to TREC immediately
TEXAS REAL ESTATE LICENSE ACT(TRELA) was passed in
1939
The purpose of the Act(TRELA) is to
Protect the public
If you are going to have a Limited Liability Company (LLC)in Real Estate, you will need to be
Licensed as a Broker
Can an attorney license in the state of Texas sale real Estate without a license?
Yes
TREC may suspend or revoke your license if
You have violated the License Act
The commission may not conduct an investigation of a person licensed, if the complain is submitted later than
Four years/anniversary of the date of the incident
