Principles 1 Play2Learn

When was the real estate license act passed?

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

How are rules and regulations adopted by govt agencies used?

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

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

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

What is an Exclusive Right to Sell listing?

Real property consists of the following:

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

What is "Nonhomogeneity"?

City parks are not subject to ad valorem taxes

Trade fixtures are personal property

What does real property include?

When demand increases

What are monuments in land description?

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

How many sq. ft. in an acre?

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

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

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

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 are "metes and bounds"?

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

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

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

How big is a section?

Why does TREC require we use TREC promulgated contracts?

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

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

When selling a home, fixtures are

The US Constitution's basic purpose is

What is an executory agreement?

A sponsored agent who commits an act of housing discrimination

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

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

Chattels are personal property

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

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

In real estate, supply and demand move in opposite directions

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

The Fair Housing Act of 1968

The Co-ownership of joint tenancy has right of survivorship

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

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

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

Nonhomogeneity is a physical characteristic of land

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

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

What do govt. regulations do?

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

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

What is a judgment lien?

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

What do improvements to land include

MLS cannot refuse membership or require conditions

What is "right of survivorship"?

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

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

What affects "Supply"?

Deceptive trade laws prohibit

TREC administers the License Act.

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

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

Real estate includes

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

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

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

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

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