Texas Real Estate Principles Tests Compilation Bundle

Mixed Numbers correct answer: A number containing both a whole number and a fraction (examples: 1⅓; 9⅞) Improper Fractions correct answer: a fraction with its numerator equal to or greater than its denominator Commission Calculation correct answer: Sales price X rate of commission = tot...

Trec Commision Membership correct answer: 9 Members (6 brokers, 3 public) appointed by governor. They serve 6 year staggered term. Texas Real Estate Borker Lawyer Committee correct answer: 13 Members (6 brokers, 6 lawyers, 1 public) General Eligibility Requirements to be Licensed by TREC cor...

The amount of goods offered for sale within a given market at a given price during a given time period. correct answer: supply A property manager is an example of what type of agent? correct answer: General Agent A real estate agent is an example of what type of agent? correct answer: Speci...

Amortization correct answer: The liquidation of a financial obligation on an installment basis; also, recovery over a period of cost or value. Area correct answer: Two dimensional surface of an object Interest and how its calculated correct answer: Total loan value * interest rate = Total I...

A person or an organization acting as the agent for others in negotiating the purchase and sale of real property or other commodities for a fee. correct answer: Real Estate Broker A person performing any of the acts included in the definition of real estate broker but while associated with and s...

Apartment Locator correct answer: a real estate license holder who locates dwelling units for prospective tenants Tenant correct answer: one who possesses a property under lease without ownership Broker correct answer: someone who assists in buying and selling to receive a commission Cli...

The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate is known as...? Agency Brokerage Trading Appraising correct answer: Brokerage Property that produces rental income or that is used in business is known as...? Commerci...

Salesperson's Sponsoring Broker correct answer: a real estate salesperson closes on a transaction, who pays the salespersons commission? General Agent correct answer: An agent with full authority over one property of the principle. EX: Property Manager. Supply correct answer: Te amount of ...

The approach used as the best indicator of value for existing properties. a. functional obsolescence b. sales comparison c. highest and best use d. market value e. external obsolescence correct answer: B Refers to the loss in desirability of the style, layout, or function of an element of...

The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate. correct answer: brokerage A person or an organization acting as the agent for others in negotiating the purchase and sale of real property or other commodities for a fee corre...

Under what conditions can a supervising broker appoint a license holder associated with the broker to represent one party to a real estate transaction? correct answer: With written consent of all parties When must a seller's agent provide a written statement about brokerage services to a party?...

If a real estate salesperson closes on a transaction, who pays the salesperson their commission? correct answer: The salesperson's sponsoring broker A means of comparing similar type properties, which have recently sold, to the subject property is known as the? correct answer: Market Compariso...

Which act was passed to regulate appraisal? correct answer: in 1989, Congress passed the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) in response to the savings and loan crisis. What does Title XI of FIRREA require? correct answer: competent individuals whose professiona...

Courses for the renewal of an active real estate broker or sales agent license are called correct answer: continuing education (CE) What is the maximum amount that the Commission will pay from the real estate recovery trust account for claims against any one license holder, until the account has...