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CHAMPIONS SCHOOL OF REAL ESTATE COMPLETE COMPILATION BUNDLE|ALL GRADED A|GUARANTEED SUCCESS
CHAMPIONS SCHOOL OF REAL ESTATE COMPLETE COMPILATION BUNDLE|ALL GRADED A|GUARANTEED SUCCESS
[Show more]CHAMPIONS SCHOOL OF REAL ESTATE COMPLETE COMPILATION BUNDLE|ALL GRADED A|GUARANTEED SUCCESS
[Show more]brokerage 
the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction; a brokerage transaction may or may not involve agency relationships 
 
 
 
The role of a property manager 
Generally responsible for the day to day operations of the p...
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Add to cartbrokerage 
the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction; a brokerage transaction may or may not involve agency relationships 
 
 
 
The role of a property manager 
Generally responsible for the day to day operations of the p...
appurtenance 
term used to describe rights, privileges or improvements that belong to and pass with the land 
 
 
 
improvements 
man's additions to the land such as building and landscaping 
 
 
 
 
 
 
00:00 
 
01:28 
personal property 
also called chattel or personalty; a right or interest in sm...
Preview 4 out of 35 pages
Add to cartappurtenance 
term used to describe rights, privileges or improvements that belong to and pass with the land 
 
 
 
improvements 
man's additions to the land such as building and landscaping 
 
 
 
 
 
 
00:00 
 
01:28 
personal property 
also called chattel or personalty; a right or interest in sm...
The minimum downpayment on a VA loan is: 
 
(a) 2% of the sales price 
 
(b) 0% of the sales price 
 
(c) 3.75% of the sales price 
 
(d) 1% of the sales price 
B 
 
 
 
_________ is the process of creating a new mortgage loan. 
 
(a) Origination 
 
(b) Funding 
 
(c) Underwriting 
 
(d) Servicing 
...
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Add to cartThe minimum downpayment on a VA loan is: 
 
(a) 2% of the sales price 
 
(b) 0% of the sales price 
 
(c) 3.75% of the sales price 
 
(d) 1% of the sales price 
B 
 
 
 
_________ is the process of creating a new mortgage loan. 
 
(a) Origination 
 
(b) Funding 
 
(c) Underwriting 
 
(d) Servicing 
...
a freeway has made commuting to a distant suburban neighborhood easier, resulting in an increase in new home sales. This increase in sales is an example of the economic characteristic of 
A.) scarcity 
B.) Fixity 
C.) Situs 
D.) Modification 
D.) Modification 
 
 
 
The supply of Real Estate is affe...
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Add to carta freeway has made commuting to a distant suburban neighborhood easier, resulting in an increase in new home sales. This increase in sales is an example of the economic characteristic of 
A.) scarcity 
B.) Fixity 
C.) Situs 
D.) Modification 
D.) Modification 
 
 
 
The supply of Real Estate is affe...
Buyer Representation Agreement 
An employment contract obligating a broker to act as a fiduciary to a buyer 
 
 
 
Implied Agency 
Agency as a result of customary, usual or typical conditions 
 
 
 
 
 
 
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01:28 
Broker 
A properly licensed party who serves a principal in an agency relations...
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Add to cartBuyer Representation Agreement 
An employment contract obligating a broker to act as a fiduciary to a buyer 
 
 
 
Implied Agency 
Agency as a result of customary, usual or typical conditions 
 
 
 
 
 
 
00:11 
 
01:28 
Broker 
A properly licensed party who serves a principal in an agency relations...
Loan-to-Value Ratio (LTV) 
The percentage of the lesser of the appraised value or sales price that the lender will lend. 
 
ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. 
 
 
 
Package Mortgage 
...
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Add to cartLoan-to-Value Ratio (LTV) 
The percentage of the lesser of the appraised value or sales price that the lender will lend. 
 
ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. 
 
 
 
Package Mortgage 
...
The principal is also known as 
client 
 
 
 
fiduciary relationship 
a relationship founded on trust and confidence 
 
 
 
 
 
 
00:02 
 
01:28 
Agency Relationship 
Exists when one person (the agent) acts for, or on 
behalf of another person (the principal). 
 
 
 
the principal 
is the one who hi...
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Add to cartThe principal is also known as 
client 
 
 
 
fiduciary relationship 
a relationship founded on trust and confidence 
 
 
 
 
 
 
00:02 
 
01:28 
Agency Relationship 
Exists when one person (the agent) acts for, or on 
behalf of another person (the principal). 
 
 
 
the principal 
is the one who hi...
TREC has received an application for a Texas Real Estate Sales License from Mary. 
 
Mary has completed all her educational requirements, and passed the state exam. At this point TREC will begin the background check. 
 
What is FALSE? 
 
(a) TREC has no time limit for determining integrity 
 
(b) TR...
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Add to cartTREC has received an application for a Texas Real Estate Sales License from Mary. 
 
Mary has completed all her educational requirements, and passed the state exam. At this point TREC will begin the background check. 
 
What is FALSE? 
 
(a) TREC has no time limit for determining integrity 
 
(b) TR...
This person hires an agent 
The Principal 
 
 
 
The agent works on behalf of this person 
the client (principal) 
 
 
 
 
 
 
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This type of agency allows for the greatest range of authority 
Universal 
 
 
 
This is provided to the agent when there is written documentation that the a...
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Add to cartThis person hires an agent 
The Principal 
 
 
 
The agent works on behalf of this person 
the client (principal) 
 
 
 
 
 
 
00:22 
 
01:28 
This type of agency allows for the greatest range of authority 
Universal 
 
 
 
This is provided to the agent when there is written documentation that the a...
Appraisal 
an appraiser's opinion of value, used to determine market value property to secure the loan 
 
 
 
Loan to Value Ratio 
Percentage of value or sales price that a lender is willing to finance 
 
 
 
 
 
 
00:35 
 
01:28 
Desk Review 
an appraisal that simply reviews a checklist of items a...
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Add to cartAppraisal 
an appraiser's opinion of value, used to determine market value property to secure the loan 
 
 
 
Loan to Value Ratio 
Percentage of value or sales price that a lender is willing to finance 
 
 
 
 
 
 
00:35 
 
01:28 
Desk Review 
an appraisal that simply reviews a checklist of items a...
Which of the following has the authority to suspend or revoke a Texas real estate license? 
TREC 
 
 
 
Which of the following is an element of a listing agreement? 
the agreement to pay a stated commission, usually a percentage of the sales price 
 
 
 
 
 
 
00:53 
 
01:28 
the IRS considers which...
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Add to cartWhich of the following has the authority to suspend or revoke a Texas real estate license? 
TREC 
 
 
 
Which of the following is an element of a listing agreement? 
the agreement to pay a stated commission, usually a percentage of the sales price 
 
 
 
 
 
 
00:53 
 
01:28 
the IRS considers which...
Physical Characteristics 
Non-homogeneity, immobility, and indestructibility 
 
 
 
Economic Characteristics 
scarcity, improvements, permanence of investment, area preference 
 
 
 
 
 
 
00:13 
 
01:28 
Scarcity 
A situation in which unlimited wants exceed the limited resources available to fulfil...
Preview 2 out of 5 pages
Add to cartPhysical Characteristics 
Non-homogeneity, immobility, and indestructibility 
 
 
 
Economic Characteristics 
scarcity, improvements, permanence of investment, area preference 
 
 
 
 
 
 
00:13 
 
01:28 
Scarcity 
A situation in which unlimited wants exceed the limited resources available to fulfil...
TREC has the power to order witnesses to appear and/or produce records of documents for its investigations and hearings. This is called subpoena power. If a license holder fails to respond to a subpoena, what can TREC do? 
 
(a) TREC can assess an administrative penalty against the license holder fo...
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Add to cartTREC has the power to order witnesses to appear and/or produce records of documents for its investigations and hearings. This is called subpoena power. If a license holder fails to respond to a subpoena, what can TREC do? 
 
(a) TREC can assess an administrative penalty against the license holder fo...
brokerage 
the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction. 
 
 
 
RMLOs 
Are also know as mortgage brokers 
 
 
 
 
 
 
00:12 
 
01:28 
NAR 
The largest trade organization representing real estate professionals 
 
 
 
Value 
A...
Preview 2 out of 5 pages
Add to cartbrokerage 
the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction. 
 
 
 
RMLOs 
Are also know as mortgage brokers 
 
 
 
 
 
 
00:12 
 
01:28 
NAR 
The largest trade organization representing real estate professionals 
 
 
 
Value 
A...
Real Property 
Consists or land, improvements attached to the land, benefits, rights and ownership interests that go with the land. 
 
 
 
Appurtenance 
Used to describe rights, privileges or improvements that belong to and pass with the land. 
 
 
 
Personal Property 
a right or interest in things ...
Preview 3 out of 20 pages
Add to cartReal Property 
Consists or land, improvements attached to the land, benefits, rights and ownership interests that go with the land. 
 
 
 
Appurtenance 
Used to describe rights, privileges or improvements that belong to and pass with the land. 
 
 
 
Personal Property 
a right or interest in things ...
Wrongful or criminal deception intended to result in financial or personal gain is called: 
fraud 
 
 
 
The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: 
90 days 
 
 
 
__________ extend above the surface without limitation. 
air rights 
 
 
 
An ...
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Add to cartWrongful or criminal deception intended to result in financial or personal gain is called: 
fraud 
 
 
 
The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: 
90 days 
 
 
 
__________ extend above the surface without limitation. 
air rights 
 
 
 
An ...
Brokerage 
overseeing the needs of the parties to a real estate transaction and seeing it to its completion 
 
 
 
Property Management 
management of residential and commercial properties on behalf of investor-owner; day-to-day operations, maintenance, tenant relations 
 
 
 
Real Estate Development...
Preview 2 out of 5 pages
Add to cartBrokerage 
overseeing the needs of the parties to a real estate transaction and seeing it to its completion 
 
 
 
Property Management 
management of residential and commercial properties on behalf of investor-owner; day-to-day operations, maintenance, tenant relations 
 
 
 
Real Estate Development...
Brokerage 
overseeing the needs of the parties to a real estate transaction and seeing it to its completion 
 
 
 
Property Management 
management of residential and commercial properties on behalf of investor-owner; day-to-day operations, maintenance, tenant relations 
 
 
 
Real Estate Development...
Preview 2 out of 5 pages
Add to cartBrokerage 
overseeing the needs of the parties to a real estate transaction and seeing it to its completion 
 
 
 
Property Management 
management of residential and commercial properties on behalf of investor-owner; day-to-day operations, maintenance, tenant relations 
 
 
 
Real Estate Development...
TREC (Texas Real Estate Commission) 
-created in 1949 
-protect the public 
-authority to make rules and regulations 
-consists of 9 commission members, 3 represent the general public & 6 are real estate brokers. All appointed by the governor and approved by the Senate. Serve 6 year terms. 
 
 
 
Br...
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Add to cartTREC (Texas Real Estate Commission) 
-created in 1949 
-protect the public 
-authority to make rules and regulations 
-consists of 9 commission members, 3 represent the general public & 6 are real estate brokers. All appointed by the governor and approved by the Senate. Serve 6 year terms. 
 
 
 
Br...
TREC 
The Texas real estate commission - 6 broker members and 3 public members - they promulgate contract forms for licensees 
 
 
 
TRELA 
The Texas real estate license act - passed by legislation to protect the public 
 
 
 
 
 
 
00:20 
 
01:28 
Broker Lawyer Committee 
6 attorneys appointed by t...
Preview 2 out of 14 pages
Add to cartTREC 
The Texas real estate commission - 6 broker members and 3 public members - they promulgate contract forms for licensees 
 
 
 
TRELA 
The Texas real estate license act - passed by legislation to protect the public 
 
 
 
 
 
 
00:20 
 
01:28 
Broker Lawyer Committee 
6 attorneys appointed by t...
What contract form would you use if you're an agent selling a townhome 
1-4 family 
 
 
 
What type of transaction are TRECS contract promulgated forms used for 
Residential 
 
 
 
Who are buyers supposed to hire for inspections 
TREC licensed Inspectors 
 
 
 
What % does the lender required repai...
Preview 2 out of 15 pages
Add to cartWhat contract form would you use if you're an agent selling a townhome 
1-4 family 
 
 
 
What type of transaction are TRECS contract promulgated forms used for 
Residential 
 
 
 
Who are buyers supposed to hire for inspections 
TREC licensed Inspectors 
 
 
 
What % does the lender required repai...
General Lien (also Statatory) 
attaches to all the property of the debtor, not exempt from forced sale (Example: a judgment or IRS lien) 
 
 
 
Diplomacy 
the ability to handle clients and situations in a sensitive and effective way - is critical in commercial real estate, and a lack of it can expos...
Preview 4 out of 49 pages
Add to cartGeneral Lien (also Statatory) 
attaches to all the property of the debtor, not exempt from forced sale (Example: a judgment or IRS lien) 
 
 
 
Diplomacy 
the ability to handle clients and situations in a sensitive and effective way - is critical in commercial real estate, and a lack of it can expos...
Real Property 
consists of land, improvements, attached to the land, benefits, rights, and ownership interests that go with the land. 
 
 
 
Appurtenance 
is often used to describe rights, privileges, and improvements that belong to and pass with the land 
 
 
 
 
 
 
00:02 
 
01:28 
Improvements 
m...
Preview 4 out of 49 pages
Add to cartReal Property 
consists of land, improvements, attached to the land, benefits, rights, and ownership interests that go with the land. 
 
 
 
Appurtenance 
is often used to describe rights, privileges, and improvements that belong to and pass with the land 
 
 
 
 
 
 
00:02 
 
01:28 
Improvements 
m...
Appointed by governor. Consists of 9 commission members- 3 for general public, 6 for real estate brokers. 
TREC 
 
 
 
Created in 1949; Has the authority to make rules and regulations. Has the power to subpoena books, records, and witnesses. 
TREC 
 
 
 
 
 
 
00:00 
 
01:28 
If a license holder fai...
Preview 3 out of 25 pages
Add to cartAppointed by governor. Consists of 9 commission members- 3 for general public, 6 for real estate brokers. 
TREC 
 
 
 
Created in 1949; Has the authority to make rules and regulations. Has the power to subpoena books, records, and witnesses. 
TREC 
 
 
 
 
 
 
00:00 
 
01:28 
If a license holder fai...
What are the 4 economic Characteristics of land 
1,Scarcity, 2, Modification, 3,Fixity 4, Situs 
 
 
 
Scarcity 
Supply and demand, When there is shortage of something that and individual wants the price goes up. 
 
 
 
 
 
 
00:14 
 
01:28 
Situs 
The location of the property or land from an econom...
Preview 3 out of 16 pages
Add to cartWhat are the 4 economic Characteristics of land 
1,Scarcity, 2, Modification, 3,Fixity 4, Situs 
 
 
 
Scarcity 
Supply and demand, When there is shortage of something that and individual wants the price goes up. 
 
 
 
 
 
 
00:14 
 
01:28 
Situs 
The location of the property or land from an econom...
Brokerage 
the aspect of the real estate business that pertains to overseeing the needs of the parties and COMPLETING A TRANSACTION. Not the same as agency; a brokerage transaction may or may not involve agency relationships. 
 
 
 
Appraisal 
the business of providing a professional opinion of valu...
Preview 3 out of 17 pages
Add to cartBrokerage 
the aspect of the real estate business that pertains to overseeing the needs of the parties and COMPLETING A TRANSACTION. Not the same as agency; a brokerage transaction may or may not involve agency relationships. 
 
 
 
Appraisal 
the business of providing a professional opinion of valu...
Broker 
A Properly Licensed party who serves a principal in an agency relationship 
 
 
 
Agency 
A fiduciary relationship between a broker and a principal or a broker and a client 
 
 
 
 
 
 
00:13 
 
01:28 
Fiduciary 
A Party acting for another in a position of trust-a broker or agent 
 
 
 
Fidu...
Preview 4 out of 37 pages
Add to cartBroker 
A Properly Licensed party who serves a principal in an agency relationship 
 
 
 
Agency 
A fiduciary relationship between a broker and a principal or a broker and a client 
 
 
 
 
 
 
00:13 
 
01:28 
Fiduciary 
A Party acting for another in a position of trust-a broker or agent 
 
 
 
Fidu...
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