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121 Principles of Real Estate I > TREC > Flashcards

TREC Flashcards

1
Q

TREC Stands for Texas Real Estate Commission Y/N

A

Y

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2
Q

What year was TREC Established

a 1941
b 1945
c 1949
d 1951

A

c 1949

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3
Q

How does Texas protect Consumers?

A TRELA
B TREC
C Fair Housing Act
D Civil Rights Act

A

B TREC

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4
Q

True of False

Members of TREC are made up of 9 Members. 6 brokers & 3 public,

A

True

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5
Q

True of False, TRELA Administers TREC

A

T

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6
Q

True of False TREC members serve 4 year staggered terms.

A

False, members serve 6-year staggered terms

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7
Q

Who appoints the TREC members?

A The Attorney General
B Governor
C Poice Chief
D State Trooper

A

B Governor

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8
Q

True or False the all of the following must be licensed in Texas.
Real Estate Brokers and Sales Agents (real estate brokerage)
Real Estate Inspectors
Education Providers for Real Estate and Inspection courses
Residential Service Companies (home warranty companies)
Timeshare Developers
Easement or Right-of-Way (ERW) agents

A

True

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9
Q

True or False

Real Estate is defined as Land, plus all manmade permanent improvements, buildings. Anything man can add and is permanently installed

A

True

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10
Q

True or False

Real Property is defined as Land plus all manmade permanent improvement and the Bundle of rights that comes with ownership

A

True

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11
Q

Real Estate is Conveyed by

A bill of sale
B sales contract
C Equitable Title
D by Deed

A

D by Deed

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12
Q

Personal Property is defined as Chattel (anything that is movable) and is transferred by

A Deed
B Sales Contract
C Bill of Sale
D Equitable Title

A

C Bill of Sale

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13
Q

True or False

Condemnation process or act of changing land from private to public

A

True

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14
Q

True of False Eminent Domain is the RIGHT of Gov to take privately held property and turn it into public use

A

True

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15
Q

True or False Land us is determined by Zones

A

True

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16
Q

True or False Public Gov Control is called Police Power

A

True

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17
Q

True or False Zones are enforced by Police Power

A

True

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18
Q

True or False, Private Gov Control is through Deeds Restrictions

A

True

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19
Q

True or False Deed restrictions are determined by the developer or local government.

A

True

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20
Q

True or False Deed restrictions are what you can do on your property.

A

True

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21
Q

True or False Zoning Permits are tools to enforce zoning codes and ordinances

A

True

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22
Q

True or False a variance can be requested when wishing to deviate from zoning.

A

True

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23
Q

True or False Residential Leases do not allow Leaseholders the right to change fixtures and if they do the fixtures legally stay wit the home

A

True

24
Q

True or False Commercial fixtures or trade fixtures installed by tenant remain with the A tenant who leases the space

A

True

25
Q

Test of trade fixture annexation include

A fitness or adaptation to the property
B Intention of the parties
C Method of annexation installing or uninstalling (glue, nails, screws
D All of the above

A

D All of the above

26
Q

True or False the purpose of a Homestead is to keep your property from being given to a creditor or payment.

A

True

27
Q

True of False urban homestead must be 10 contiguous acres

A

True

28
Q

True or False Rural Homestead can be 100 acres for a single or 200 acres for a married couple

A

True

29
Q

Monthly payments include

A Principle & Interest
B Taxes
C Insurance
D All of the above

A

D All of the above

30
Q 
Homeownership deductions include 
A Interest
B Property Tax 
C Principle
D A & B
A

D A & B

31
Q

True of False CLUE stands for comprehensive loss underwriting exchange

A

True

32
Q

True or False Agency = Relationship with a client and requires two parties

A

True

33
Q

True or False Principal or Client with Agent (broker or the salesperson)

A

True

34
Q

Discrimination is resolved
A Texas Workforce Commission which may tip off the TREC
B US Dept of Housing and Development Federal Crimes of Discrimination
C Local Court
D A & B

A

D A & B

35
Q

True or False disability is defined as

  • Physical, mental impairment
  • Record of the impairment (legal or medical)
  • Being Regarded as having a disability
A

True

36
Q

A service animal can be

A Dog
B Cat
C Miniature horse
D A and C

A

D A and C

37
Q

A service animal can be and must have proper documentation

A Dog
B Cat
C Miniature horse
D A and C

A

D A and C

38
Q

True or False Exempt from Fair Housing

Owner-occupied
Club member
Religious

A

True

39
Q

Ture of False TRELA or Texas Real Estate Licensing Act requires 180 Classroom hours = to 12 semester hours minimum

A

True

40
Q

Ture of False TRELA was originally called the Dealer Act of 1939

A

True

41
Q

True or False in 1949 TRELA as established and now TREC enforces the rules.

A

True

42
Q

First Renewal at 2 years, SAE (Sales, Apprentice, Education) including 98 hours of education including

A 3 x 30 courses
B 2 4 hour Legal 1 & 2
C more time for will cost $200 for 60 days
D all of the above

A

D all of the abov

43
Q

True or False Continuing Education is a 2-year renewal.
Salespersons require 18 hours
Brokers require 18 hours

A

True

44
Q 
True or False The following are exempt from holding a real estate license 
Attorney 
Public Official 
Auctioneer w/broker at the sale 
Builder Representative
Onsite apartment manager 
Hotel or Motel 
Cemetery Plot salesman
A

True

45
Q

True or False All TREC members must be a registered voter

A

True

46
Q 
True or False Broker-Lawyer Committee includes 
13 Members 
6 broker
6 lawyers
1 public
Appointed by gov
6-year staggered terms 
Draft and revise all of the contracts and addenda used by all

Promulgate and for all to use

A

True

47
Q

True or False, Residential Rental Locator must

All RESIDENTIAL RENTAL LOCATOR agents must display their license at all times

A

True

48
Q

Physical Characteristics of Real Estate include:

A immobile
B Indstructable
C Non Homogeniety
D all of the above

A

D all of the above

49
Q

Economic characteristics of Real Estate includes

A Scarcity
B Improvement & Permanent Investment
C Situs
D all of the above

A

D all of the above

50
Q

True of False Principle of Supply and Demand determine inventory

A

True

51
Q

True or False Water Accretion land increased due to water

A

True

52
Q

True or False Alluvion Land that has been created by accretion

A

True

53
Q

True or False Reliction is the dryland that results when water withdraws

A

True

54
Q

True or False Avulsion sudden loss of land by the action of water

A

True

55
Q

True or False Erosion Slow loss of land due to the water wearing

A

True

56
Q

True or False A township survey is defined as 36 sections / 36 sqr miles. A section equals 640 Acres, 1 section equals 1 sqr mile

A

true

57
Q

True or False one acre equals includes 43560 sq ft.

A

True

121 Principles of Real Estate I (17 decks)

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