TEXAS PRINCIPLES 1 Q & A CHAMPIONS SCHOOL OF REAL ESTATE
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TEXAS PRINCIPLES 1
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TEXAS PRINCIPLES 1
i. How much is the largest fine for any single violation of the Fair Housing Act? $110,000
ii. What is a point? 1% of the loan amount
iii. states what the title covers and does not cover? title commitment
iv. policy that will insure against losses from title defects and against errors in t...
TEXAS PRINCIPLES 1 Q & A - CHAMPIONS SCHOOL OF
REAL ESTATE
i. How much is the largest fine for any single violation of the Fair Housing Act? $110,000
ii. What is a point? 1% of the loan amount
iii. states what the title covers and does not cover? title commitment
iv. policy that will insure against losses from title defects and against errors in title
examination? title insurance
v. Part / the percentage(%) = total
vi. Areas of earth = 36 Sq. Miles ? townships
vii. claimant can track the time they had possessed the property onto the time the prior
claimant possessed the property? Tracking
viii. attached to the property under a commercial lease? Trade fixture
ix. has 9 Members (6 brokers, 3 public) appointed by governor. They serve 6 year staggered
term ? Trec Commision Membership
x. gross, necessity, prescription, and appurtenant are all...? types of easements
xi. -mortgage, property tax lien, mechanics lien, judgement -can be voluntary or involuntary
-are either specific or general? Types of liens
xii. a promise in exchange for an act (option paragraph in a sales contract)? unilateral contract
xiii. 1 sq. mile or 640 acres = unit
xiv. When an agent has unlimited authority to act on behalf of the client it is called... ?
, TEXAS PRINCIPLES 1 Q & A - CHAMPIONS SCHOOL OF
REAL ESTATE
universal authority
xv. homestead limited to 10 acres? Urban homestead
xvi. percent (%) x total area = usable area
xvii. Easement in gross is a(n) easement? utility
xviii. If you believe you are a victim of discrimination under the Federal Fair Housing laws,
how long do you have to file a complaint? 1 year
xix. What is the sentence that is used to remember how many sq. ft. are in one acre? 4 nuns
driving 35 in a 60 mph
xx. How long does a consumer have to file a complaint with TREC against a licensee? 4 years
xxi. interest rate x loan amount = yearly interest
xxii. TREC Commission members serve year terms. 6 year staggered
xxiii. The TREC Commission consists of how many members? How many of them are brokers?
How many of them are public? 9, 6, 3
xxiv. The Texas Real Estate Broker-Lawyer Committee consists of how many members? How
many of them are brokers? How many of them are lawyers? How many of them are public? 13,
6, 6, 1
xxv. What are the general Eligibility Requirements to be Licensed by TREC? 18 years old, a
US citizen or lawfully admitted alien resident of the state
xxvi. 1 acre= how many sq ft? 43,560
xxvii. How do you calculate Appreciated Value? 13. 100% - commission rate x sales price: How
, TEXAS PRINCIPLES 1 Q & A - CHAMPIONS SCHOOL OF
REAL ESTATE
do you calculate Seller's Net? 100% + appreciation % x original cost
xxviii. How do you calculate Depreciated Value? 100% - depreciation % x original cost:
xxix. A contract that can be canceled by one of the parties is called? voidable:
xxx. A complete history of the title of a piece of property is called an? abstract
xxxi. Condensed history of all docs that have been recorded affecting the title of the property?
abstract title
xxxii. What is it called when land is increased in size because of natural deposit of rock and soil
usually caused by water movement? Accretion
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