TEST

Question 1

In the real estate, brokerage is the aspect the pertains

Answer 1

Overseeing the needs and completing a transaction

Question 2

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

Answer 2

Residential subdivisions

Question 3

Land that cannot be moved, is refer as

Answer 3

Immobility

Question 4

Land has three physical characteristics

Answer 4

1.indestructibility or durability
2.immobility
3.nonhomogeneity

Question 5

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

Answer 5

TRELA

Question 6

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

Answer 6

$5000 Per Day

Question 7

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

Answer 7

Surface rights

Question 8

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

Answer 8

Improvement

Question 9

Is it a Deck considered an improvement?

Answer 9

True

Question 10

Removing fixtures to create personal property is called?

Answer 10

Severance

Question 11

What is fixture?

Answer 11

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

Question 12

What is annexation?

Answer 12

Attaching personal property so that it becomes real property.

Question 13

Does the fixture convey to the new owner?

Answer 13

Yes

Question 14

Annual crops produced with labor are known as ?

Answer 14

Emblements

Question 15

Privately own land is also know as

Answer 15

Allodial system

Question 16

The action of taking the land is called?

Answer 16

Condemnation

Question 17

Eminent domain

Answer 17

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

Question 18

Property taxes are also know as

Answer 18

Ad valorem taxes

Question 19

Property taxes are

Answer 19

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

Question 20

What is fee simple absolute or fee simple?

Answer 20

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

Question 21

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

Answer 21

Tenancy for years or estate for years

Question 22

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

Answer 22

Periodic Estate

Question 23

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

Answer 23

Yes

Question 24

Homestead protection is automatic and cannot be _____

Answer 24

Waived

Question 25

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

Answer 25

Prescription

Question 26

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

Answer 26

Merger

Question 27

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

Answer 27

Merger

Question 28

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

Answer 28

Encroachments

Question 29

Riparian rights is the right to

Answer 29

To use the water from a river or stream

Question 30

Littoral rights is the right to

Answer 30

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

Question 31

When is a estate in severalty created?

Answer 31

When a individual or entity acquires real estate Single owner

Question 32

Tenancy in common is the most common form of?

Answer 32

Co-ownership

Question 33

The most common form of co-ownership is?

Answer 33

Tenancy in common

Question 34

What is community property?

Answer 34

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

Question 35

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

Answer 35

No

Question 36

Who hires and gives authority to the agent?

Answer 36

The principal

Question 37

The principal is also known as the

Answer 37

Client

Question 38

The agent working with the buyer is referred to as?

Answer 38

Selling agent

Question 39

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

Answer 39

In-house sale

Question 40

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?

Answer 40

Intermediary

Question 41

One broker and two clients is called

Answer 41

Intermediary

Question 42

Intermediary with appointment will give ________to their respective parties

Answer 42

Advice and opinions (meaning to negotiate)

Question 43

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

Answer 43

IABS- information about brokerage services

Question 44

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

Answer 44

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

Question 45

TEXAS REAL ESTATE LICENSE ACT(TRELA) was passed in

Answer 45

1939

Question 46

The purpose of the Act(TRELA) is to

Answer 46

Protect the public

Question 47

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

Answer 47

Licensed as a Broker

Question 48

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

Answer 48

Yes

Question 49

TREC may suspend or revoke your license if

Answer 49

You have violated the License Act

Question 50

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

Answer 50

Four years/anniversary of the date of the incident