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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

24
Q

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

25
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
D All of the above
26
True or False the purpose of a Homestead is to keep your property from being given to a creditor or payment.
True
27
True of False urban homestead must be 10 contiguous acres
True
28
True or False Rural Homestead can be 100 acres for a single or 200 acres for a married couple
True
29
Monthly payments include A Principle & Interest B Taxes C Insurance D All of the above
D All of the above
30
``` Homeownership deductions include A Interest B Property Tax C Principle D A & B ```
D A & B
31
True of False CLUE stands for comprehensive loss underwriting exchange
True
32
True or False Agency = Relationship with a client and requires two parties
True
33
True or False Principal or Client with Agent (broker or the salesperson)
True
34
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
D A & B
35
True or False disability is defined as - Physical, mental impairment - Record of the impairment (legal or medical) - Being Regarded as having a disability
True
36
A service animal can be A Dog B Cat C Miniature horse D A and C
D A and C
37
A service animal can be and must have proper documentation A Dog B Cat C Miniature horse D A and C
D A and C
38
True or False Exempt from Fair Housing Owner-occupied Club member Religious
True
39
Ture of False TRELA or Texas Real Estate Licensing Act requires 180 Classroom hours = to 12 semester hours minimum
True
40
Ture of False TRELA was originally called the Dealer Act of 1939
True
41
True or False in 1949 TRELA as established and now TREC enforces the rules.
True
42
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
D all of the abov
43
True or False Continuing Education is a 2-year renewal. Salespersons require 18 hours Brokers require 18 hours
True
44
``` 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 ```
True
45
True or False All TREC members must be a registered voter
True
46
``` 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
True
47
True or False, Residential Rental Locator must | All RESIDENTIAL RENTAL LOCATOR agents must display their license at all times
True
48
Physical Characteristics of Real Estate include: A immobile B Indstructable C Non Homogeniety D all of the above
D all of the above
49
Economic characteristics of Real Estate includes A Scarcity B Improvement & Permanent Investment C Situs D all of the above
D all of the above
50
True of False Principle of Supply and Demand determine inventory
True
51
True or False Water Accretion land increased due to water
True
52
True or False Alluvion Land that has been created by accretion
True
53
True or False Reliction is the dryland that results when water withdraws
True
54
True or False Avulsion sudden loss of land by the action of water
True
55
True or False Erosion Slow loss of land due to the water wearing
True
56
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
true
57
True or False one acre equals includes 43560 sq ft.
True

121 Principles of Real Estate I (17 decks)

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