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Texas Principles of Real Estate Express Exam|242 Questions and Answers
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Texas Principles of Real Estate ExpressExam|242 Questions and Answers
What kind of professionals manage the legal aspects of a development
project? - -Real Estate attorneys, title companies, surveyors, property
insurance companies and government regulatory officials
-What types of professionals are involved in the transfer of rights and
interest in Real Estate? - -Titles companies, Real Estate Brokers/ Sales
Persons, Mortgage Brokers, Mortgage Bankers, Appraisers, Insurers
-Property is classified into what three types? - -Residential, Commercial,
and Investment properties
-Real Estate Agents in Texas would benefit from belonging to which two
trade organizations? - -NAR - National Association of Realtors
Texas Assoc. of Realtors
-If a broker chooses to specialize by geographic area, how might the area be
defined? - -Natural Barriers, Streets/ Highways, By a certain set of Sub
Divisions
-What are some of the individual brokerage services that one might perform
for a pre-set fee? - -Comparative price analysis, prospect screening, site
analysis, Database search
-The laws most relevant to agents and brokers relate to what topics? - -
Agency, Contracts, Disclosure, Environmental, Impact, Fair housing,
-What are the four sources of real estate law? - -FederalGovernment, State
Government, Local Government, Courts
-Members of NAR (National Association of Realtors) Are Known as?? - -
Realtors
-What are the two types of Real Estate Managers? - -Property Managers and
Asset Managers
-Which action is often used to define specific aspects of newly created law? -
-Court Decision
-Market Equilibrium: - -a market tends toward a state of equilibrium in
which supply equals demand, and price, cost, and value are identical.
, -Absorption - -the amount of available property that becomes occupied over
a period of time.
-What is the definition of value as it applies to real estate? - -The present
worth of future benefits that would be gained from owning real property
-How do elements of supply, demand and price interact in the market? - -In
a continuous manner
-What type of Real Estate User would be interested in the level of trade area
competition? - -Retail User
-If Price Decreases? - -Demand is declining in relation to supply
-Types of Real Estate Users - -Residential, Retail Industrial, office
-Residential User:
Retail User:
Office:
Industrial User: - -1) Quality of life, neighborhood, amenities,price
2) Trade, area, sales, competition
3)Efficiency, costs of Occupancy, Functionality
4) Labor pool, availability, supplies, Distribution Channels
-How Many members in TREC ( Texas Real Estate Commission) - -Nine
members - six licensed brokers and 3 members of the public
-How long are the terms of TREC commission Members? - -Staggerd 6 Year
Terms,
-How long does the term of a commission member last and when does a
term expire? - -Commission members serve staggered six-year terms with
the terms of three members expiring January 31 of each odd-numbered year.
-When will a court order a payment to an aggrieved party from the Recovery
Fund? - -If a licensee cannot pay the full amount of the judgment ordered by
the court, the party may apply to the court in which the judgment was
rendered for an order to pay the balance due from the real estate recovery
fund.
-Three parties that don't need a license to sell Real Estate - -Attorneys at
law, An Auctioneer, Receivers/ trustees of Bankruptcy working under court
order
-Which of these persons would need a real estate license?
, • A college graduate advertises he will sell properties of other students to
raise tuition money for college.
• A person receives and delivers a $500,000 deposit to her principal broker
from a buyer.
• A company vice president leases one of the company's warehouses to a
storage firm - -A college graduate advertises he will sell properties of other
students to raise tuition money for college.
-Which of these persons would need a real estate license?
• A homeowner advertises to lease his improved basement to a college
student.
• A senior citizen charges an advance fee for referring an individual to her
son who owns a leasing office in town.
• An attorney licensed in Texas advises a client about how to minimize
liability in an upcoming Texas real estate transaction. - -A senior citizen
charges an advance fee for referring an individual to her son who owns a
leasing office in town
-What is the experience requirement for an applicant for a broker's license?
- -At least four years of active experience in Texas as a license holder during
the 60 months preceding the date the application is filed
-How many members in TREC Commission? - -9 board members: 6
members from real estate industry, 3 members from general public
• Appointed by governor
6 year terms
-Payments from the Trust Account may not exceed?
(For claims arising out of a single transaction)/ (Against a single Licensee) - -
50,000 and 100,000
-broker - -an individual who performs certain real estate services for
another party for compensation. The broker is
-The Education Standards advisory committee has how many members? - -
12, (appointed by the commission) Serve 2 year terms
-Payments from the trust account for claims based on judgements against a
single licensee may not exceed a total of what amount? - -$100,000
-A licensee applicant must provide fingerprints to the DPS within? - -6
months of filing
-The TREC consists of? - -9 members
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