Texas Pre-License - Principals Of Real Estate I (A
Texas Pre-License - Principals of Real Estate I (A
Exam (elaborations)
Texas Pre-License - Principals of Real Estate I (Aceable) Questions and Answers(SCORED A+)
17 views 0 purchase
Course
Texas Pre-License - Principals of Real Estate I (A
Institution
Texas Pre-License - Principals Of Real Estate I (A
Home inspector - ANSWER-A professional (that requires their own licensing) who performs a visual assessment of a property's physical condition for a buyer or seller. Prepares report of findings.
Indestructibility - ANSWER-(Physical durability) Land is permanent. It can not be destroyed.
Fixit...
Texas Pre-License - Principals of Real
Estate I (Aceable) Questions &
Answers(SCORED A+)
Commercial property includes: Office buildings, Retail Stores, gas stations
Industrial property - ANSWER-Includes commercial property used for: manufacturing,
storage, distribution centers, research, warehousing
Home inspector - ANSWER-A professional (that requires their own licensing) who
performs a visual assessment of a property's physical condition for a buyer or seller.
Prepares report of findings.
Indestructibility - ANSWER-(Physical durability) Land is permanent. It can not be
destroyed.
Fixity - ANSWER-Land can not be moved. Geographic characteristic.
situs - ANSWER-Desirability of a location. Economic preference for a location.
Real Estate Law basis - ANSWER-All RE law begins with the constitution. First with the
U.S. constitution and then by state constitution.
Who needs a real estate license? - ANSWER-Brokers, agents, and apartment locators
Who does NOT need a real estate license? - ANSWER-New home builders, attorneys,
people who are selling or renting their own home, employees selling or renting for their
employer
TRELA stands for - ANSWER-Texas Real Estate License Act
What is TRELA? - ANSWER-TRELA is one part of the Texas Occupations code.
Chapter 1101 pertains to real estate agents and brokers, Chapter 1102 pertains to
inspectors.
Who enforces TRELA? - ANSWER-TREC (Texas Real Estate Commission)
ENFORCES TRELA (Texas Real Estate License Act)
Main objectives of the Texas License Laws - ANSWER-- Protect the public from
incompetence by requiring a test for licensing
- set minimum standards
- maintain high ethical standards
, Sunset Act - ANSWER-This act establishes a review of all agencies every 12 years to
see if they're needed
professional organization - ANSWER-Trade organizations : NAR (National association
of realtors) REALTOR is trademarked. Their role is to provide education and guidance
for members.
DIY contracts - ANSWER-only an owner or a buyer can draft their own contract. Brokers
and agents CAN NOT draft their own contracts- considered an unauthorized practice of
law.
TREC on Discipline - ANSWER-An employee of the commission specifically authorized
by it pursuant to the Act, to conduct hearings and render final decisions in contested
cases may suspend or revoke a license or reprimand or place on probation a licensee
for a violation of the Act or a rule of the commission.
Appraiser - ANSWER-An individual qualified by education, training, and experience to
estimate the value of real property and personal property. Although some appraisers
work directly for mortgage lenders, most are independent.
Economic Scarcity - ANSWER-The wants and desires of people outweigh the resources
(land) available
Real Estate license eligibility - ANSWER--18 years of age
-Texas Resident
- A US citizen or lawful alien
-good moral character
-sponsoring broker
Land - ANSWER-Tract of earth that includes ownership of the surface, subsurface, and
air rights
Real estate - ANSWER-land and anything that is attached to it
Real Property - ANSWER-includes the real estate and the bundle of rights.
Bundle of rights - ANSWER-Right of exclusion
right of possesion
right of disposition
right of quiet enjoyment
Improvements - ANSWER-Permanent human- made addition. Ex: fence, deck, raods
Subsurface Rights - ANSWER-aka mineral rights - rights to natural resources lying
below the earth's surface. May be owned separately
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller IMORA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.19. You're not tied to anything after your purchase.