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Principles of Real Estate 1 Flashcards | StudBud
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Principles of Real Estate 1
Principles of Real Estate 1
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Review of Day 1
Flashcards
31 cards
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Practice quiz
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Questions
31
Answers
1
A broker wishing to terminate the sales agent's sponsorship should do what?
Return to Broker Lawyer Committee
Return to Sender
Dispose of it immediately
Return the license to the TREC immediately
2
A legal description based on a recorded plat?
Public Survey System
Government Survey System
Lot and Block
Metes and Bounds
3
Taking a person away from an area based on protected categories is called?
Redlining
Block Busting
Blockbusting
Steering
4
Permanent Man-Made Additions to Land are called?
Improvements
Chattel
Fixtures
Emblements
5
The relationship between the broker,as well as the sales agent, and client is always?
Universal
Amazing
General
Special
6
The main purpose of the Texas Real Estate License Act is what?
To collect fees
Create Rules
To protect the public
To Sue them
7
By far the number one indicator in a growing real estate market would be?
The Rodeo
The size of the employment arena
Mexican Food Restaurants
The size of the shopping centers
8
What is it called if a business brings the parties together to complete a transaction?
Insanity
Brokerage
Acrimony
Agency
9
In order for an attorney from another state to receive commission in Texas they must have what?
A Texas Law License
A Texas Legal Law License
A Texas Real Estate License
A Texas National Real Estate License
10
I give what notice at the first substantive discussion of a real estate transaction?
Management Agreement
Listing Agreement
Buyer/Tenant Rep Agreement
Information About Brokerage Services (IABS)
11
What is integrity as described in TRELA?
Exercise skill and judgment
Acceptance
Competency
Employing prudence and caution
12
My license can be revoked or suspended if I what?
All of the above
Sell property by lottery
Offer a property for sale without owner's consent
Guaranteeing a Profit
13
A license holder must represent the best interest of his/her client which describes what?
Competency
Fidelity
Prudence
Integrity
14
A broker representing both the seller client and buyer client in a single in-house transaction?
Indemnification
Ideal
Special Agent
Intermediary
15
Protecting people from discrimination based on race,familial status, religion & national origin
Civil Rights Act of 1988
Civil Rights Act of 1988
Civil Rights act of 1974
Civil Rights Act of 1968
16
Under CRA, Banks can be guilty if they will not lend in the area they are chartered?
Redlining
Unfair treatment
Outlawing
Cheating
17
An economic principle that we see often in real estate is called?
Inflation
Recession
Principle of Regression
Supply and Demand
18
A property owner can use water from lake, ocean or sea that borders his land he has what?
Riparian Rights
Easement Rights
Littoral Rights
Encroachment Rights
19
Removing my fancy light fixtures before closing because they were excluded from sale is called?
Sufferance
Sublime
Subletting
Severance
20
A consumer has how long to file a written and signed complaint with TREC against an agent?
Ten Years
Seven Years
Four Years
Two Years
21
In order to be the designated officer of a licensed real estate corporation . . .
The person must have a real estate license
They must be certifiable
They need a securities license
They must have corporate's license
22
Largest Professional Organization for real estate professionals is called what?
NAR
TAR
FAR
BAR
23
The Definition of a Fixture is best described as what?
Chattel or Personalty
An Easement
An Emblement
Personal property become part of real estate thru annexation
24
An association that promotes the shopping center industry is called what?
NAR
SIOR
IBAD
ICSC
25
Who drafts and revises the promulgated contract forms and addenda which are mandatory for use?
National Association of Realtors
The Broker-Lawyer Committee
The Texas Real Estate Commission
RMLO
26
The Recovery Trust Account is what amount?
$75,000 per transaction and $150,000 for subsequent ones
Over $150,000 if you know right people
$50,000 per transaction and $100,000 per license holder
$25,000 per transaction and $50,000 per license holder
27
What do I disclose when I first meet someone?
How much money I make
Who I represent
How long in business
Who is my broker
28
Developing the surface and using the resources extracted near the surface is called?
Surface rights
Freehold rights
Subsurface rights
Air rights
29
Who hires an agent and gives authority to that agent?
Customer
Broker
Principal
Subagent
30
Annual crops are called?
Landscaping
Farmer Food
Emblements
Aloe Vera
31
If a Texas real estate license holder is in inactive status they must still
Pay their renewal fees
Receive a commission on the sale of the property
Go to Jail
Retest before being active