Principles 1 Play2Learn

Paid employees of developers or builders do not need to be licensed.

Fee simple estate establishes complete ownership, may be inherited, gifted, or sold.

DO NOT CALL lists don't help when a business relationship within the last 18 mos has existed with the caller.

Is a written listing agreement required to sell property in TX?

Deceptive trade laws prohibit saying something is new when it is not.

What is an executory agreement?

The Co-ownership of joint tenancy has right of survivorship

What is "right of survivorship"?

A sponsored agent who commits an act of housing discrimination

When demand increases

MLS cannot refuse membership or require conditions

What can a broker do if his seller wants to challenge a low appraisal?

TX uses recorded subdivision plats (Lot/Blk) to describe land. What do the states that surround TX use?

What affects "Supply"?

What does real property include?

Tenants in common in a legal partnership, with land in the partnership name can sell if 1 partner signs.

How big is a section?

Govt. entities are not required to provide a property disclosure when selling a home.

How many sq. ft. in an acre?

Why does TREC require we use TREC promulgated contracts?

The owner of a sole proprietorship is not required to file as a business with the Sec of State Ofc

Terms used to describe an elevation point for the purpose of establishing air rights

What is a judgment lien?

When was the real estate license act passed?

What do govt. regulations do?

An agent authorized to perform a single transaction, ie. a listing is a

What are "metes and bounds"?

In trying to determine if something is a fixture or not, what is considered?

Why would a broker prefer to have a written listing agreement to sell property?

Which of the following are not permitted by Anti Trust Laws?

When selling a home, fixtures are

Citizenship is not a requirement for a valid real estate contract.

Real estate includes

How are rules and regulations adopted by govt agencies used?

Personal property is

If a contractor works at a owner's secondary home and does not get paid, he can file a lien against

What is an Exclusive Right to Sell listing?

If an agent discriminates against a buyer or tenant or an owner or landlord

What do improvements to land include

The amount of goods people are willing and able to buy at a given price is called "Demand"

Real estate agents can use an owner's tax bills to get an idea of the direction of property values

In real estate, supply and demand move in opposite directions

Nonhomogeneity is a physical characteristic of land

Who conducts investigations on licensees when complaints are filed against them?

If the market changes and it affects the price of your listing, what duty is required of you?

When 1 of the principles dies b4 a contract is signed it can be discharged for impossibility of performance

Why is it best to verify a seller's info about their property from an independent source?

City parks are not subject to ad valorem taxes

Deceptive trade practice law prohibits advertising a property for sale when it is not

What do Federal rules about hazards like lead based paint require?

Adjoining Sections of land can be blended/combined as long as the legal description is accurate.

The stage of a business cycle following a depression when there is renewed growth

The COURT, not TREC decides the amount to be paid from the RE Recovery Fund.

The right of a citizen to purchase and live in a home is the right of possession.

TREC administers the License Act.

Real property consists of the following:

Of the 13 members of the TX RE Broker Lawyer Committee, how many does TREC appoint?

What are monuments in land description?

Chattels are personal property

The Fair Housing Act of 1968

Deceptive trade laws prohibit

A seller that specifies the amount he requires from the sale of his property wants

Trade fixtures are personal property

Insurance policies with a co-ins. clause require the property to be insured for at least what %?

What is the asking price of a 2 acre piece of land offered at $4 per s/f?

The co-ownership of tenants in common does not have right of survivorship

What kind of insurance is required to cover injuries to neighbors on your property?

The US Constitution's basic purpose is

What is "Nonhomogeneity"?

What is the 1st step in setting up a sole proprietorship real estate brokerage?