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Texas "Principles 1" (study & HW) Champions School of Real Estate study guide 100% Verified.
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Texas "Principles 1" (study & HW) ChampionsSchool of Real Estate study guide 100%
Verified.
Trec Commision Membership - -___________________ has 9 Members (6
brokers, 3 public) appointed by governor. They serve 6 year staggered term.
-Texas Real Estate Borker Lawyer Committee - -________________ has 13
Members (6 brokers, 6 lawyers, 1 public)
-Licensed by TREC - --18 years old
-a US citizen or lawfully admitted alien
resident of the state
Above are general Eligibility Requirements to be...
-buying, selling or leasing an easement pertaining to telecommunicaton,
utility, railroad or pipeline services. - -A certificate is required separate of
the license when...
-Payments into Trust Account - -________________ ensures the availability of a
sufficient amount to pay on anticipated claims on the trust account.
-acting negligently or incompetently, commingling money and soliciting or
selling offers for the sale of real estate by means of a lottery - -A
commission may suspend or revoke a license for...
-the district court in the county where the administrative hearing was held. -
-In order for an appeal to be made on a decision by the commission, it must
be taken to...
-"Information about brokerage services" form - -When dealing with a client
it is mandatory to give them a copy of the...
-Fidelity, Integrity, Competency - -The three Canons for professional ethics
and conduct for Real Estate Licensees are...
-That agent has to join the "NAR" National Association of Realtors - -Under
what circumstances can a person be called a "Realtor?"
-FEDERAL LAW where the only protected class was Race. No one can
discriminate because of RACE. - -What was the Fair Housing Laws or Civil
Rights Act of 1866?
, -Civil Rights Act of 1968 - -What amended the Civil Rights Act of 1866 to
include race, color, national origin, and religion?
-Civil Rights Act of 1974 - -What amended to include Sex (Male or Female)?
-Civil Rights Act of 1988 - -What amended to include Handicap and Familial
status?
-Handicapped - -having a physical or mental disability (including hearing,
mobility, visual impairment, chronic mental illness and AIDS) that
substantially limits one or more major life activities is defined as...
-Steering - -Illigal practice of directing home seekers to a particular
neighborhood based on fair housing protected classes.
-refuse to take the listing - -If a seller asks agent to discriminate, the agent
must...
-ADA Americans with Disabilities Act - -Enacted in 1992 and deals with
commercial property only
-Personal Property - -Things not attached to the land are considered...
-Chattel - -also known as Personal Property
-Bill of Sale - -How is Personal Property sold?
-Personal Property - -Plants (Annual or fructus industrials or emblements)
are classified as...
-Appurtenances - -right or privilege to land that goes with the land when
ownership changes such as parking lot spaces, easements, right or ways
-Fixture - -was personal property but then became real estate because it
has been attached to the land
-Tests of a fixture - -method of attachment (annexation)
Fitness or adaptation to property
Intention of the parties
-Trade fixture - -attached to the property under a commercial lease
-Riparian Rights - -What are rights to another's land who borders a stream
or river?
-Littoral Rights - -What are rights to another's land who borders a lake?
, -Accretion - -What is it called when land is increased in size because of
natural deposit of rock and soil usually caused by water movement?
-Alluvion - -the land that has been created by Accretion
-Reliction - -dry land that results when water withdraws from the land
-Avulsion - -sudden removal of land by water
-Erosion - -the gradual wearing away of land and rock by water
-Physical Characteristics of land - -immobility, indestructibility, and non-
homogeneity are all...
-economic characteristics of land - -scarcity, modification, improvements,
permanence of investment, area preference.
-Situs - -Area Preference is called ____________.
-Four types of legal descriptions of land - -Metes and Bounds, Rectangular
survey system, recorded plats, and reference to documents other than maps
are all...
-metes and bounds - -legal land description most used in the US using
distance and direction to define and describe the boundaries of a property
-Rectangular survey system - -legal land description using latitude,
longitude lines, standard parallels and base lines to divide the earth into ares
-640 - -How many acres in each square mile
-43560 - -How many square feet are in an acre?
-Recorded plat - -Legal land description which divides larger plats into
smaller plots when land is divided in lots.
-Police Power - -________________ in real estate applies to planning laws,
building codes, fire codes, rent control and health codes.
-Eminent Domain - -What is it called when government can take privately
owned real estate for public use?
-condemnation - -the process of eminent domain is called...
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