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Texas Real Estate Principles 1 - Unit 1 Exam
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Texas Real Estate Principles 1 - Unit 1 Exam
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Texas Real Estate Principles 1 - Unit 1 ExamThe Committee has _____ members appointed by the Commission. - -12
-The __________ is a statute that is administered and enforced by the Texas
Real Estate Commission (TREC), which is a state agency. - -Real Estate
License Act
-A successful career in real estate requires someone to: - -be a self-started.
-A peak is characterized as the __________ turning point of a business cycle. -
-upper
-To be eligible to get a Texas real estate sales agent or broker license, a
person must: - -All of the choices apply
-Which of the following is not a duty of TREC? - -Creates state laws, statues,
and rules
-What are changes in business and economic activity that occur within the
year? - -Short-term fluctuations.
-The majority of new licensees begin their careers with a __________ to help
homeowners sell and homebuyers purchase homes. - -residential brokerage
-Which of the following statements is true regarding NAR and TAR? - -All of
the choices apply.
-Any person who wants to engage in the real estate business and act as a
real estate broker or real estate sales agent within the state of Texas must
obtain a license from the: - -Texas Real Estate Commission.
-The Education Standards Advisory Committee is responsible for reviewing
and revising: - -All of the choices apply.
-A(n) __________ is a rule issued by an administrative agency to enforce or
amplify a statute. - -regulation
-A __________ is a voluntary nonprofit organization of independent and
competing business units engaged in the same industry or trade, formed to
help solve industry problems, promote progress, and enhance service. - -
trade association
-Which of the following is true regarding the employee tax status for real
estate sales agents or broker-sales agents? - -All of the choices apply.
, -Which of the following gives buyers the best opportunity to purchase real
estate? - -Trough
-In addition to the legal and ethical requirements, to be eligible to get a
Texas real estate sales agent or broker license, the applicant must: - -both
complete the required courses of study and pass the state licensing
examination.
-Real estate agents who do not comply with the duties and obligations
required by law may be subject to: - -All of the choices apply.
-Any form of online presence that allows end users to engage in multi-
directional conversations in or around the content on the website is referred
to as: - -Social Media
-Advertisements must include a designation, such as __________, that
identifies the advertiser as a real estate agent. - -all of the choices apply
-The two main types of real estate licenses are the: - -broker's license and
sales agent's license.
-__________ is written law enacted by state (or federal) legislative bodies. - -
Statutory law
-What encompasses the activities a sales agent performs in order to seek
out potential clients? - -Prospecting
-The Education Standards Advisory Committee was created in: - -2012.
-If a real estate salesperson closes on a transaction, who pays the
salesperson their commission? - -The salesperson's sponsoring broker
-A means of comparing similar type properties, which have recently sold, to
the subject property is known as the? - -Market Comparison Approach
-The market comparison approach is commonly used for this property type?
- -Residential
-The amount of goods offered for sale within a given market at a given price
during a given time period is known as? - -Supply
-A real estate agent is an example of what type of agent? - -Special agent
-A refrigerator is typically considered? - -Personal Property
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