2024 TEXAS PRINCIPLES OF REAL ESTATE I CLASS STUDY CARDS/ACTUAL EXAM WITH CORRECT DETAILED ANSWER/NEWESR 2024 The benefits of home ownership include: Answer - Pride of Ownership, Occupancy, Tax Benefits, Investment, Security: POOTIS=m Physical Characteristics of Land: Indestructibility Answer - Indestructibility refers to the fact that land cannot be destroyed. The other two characteristics are immobility and non-
homogeneity (uniqueness) Demand for real estate is affected by: Answer - 1. Growth in employment 2. Personal preference 3. Availability of credit as well as transportation systems and Federal government policy Common Law vs. Statutory Law Answer - Common Law was developed in England and based on common sense and local custom; under this system, a court looks to the findings of prior courts when rendering a decision Statutory law is enacted by federal and state legislative bodies What is the purpose of the Texas Real Estate Licensing Act (TRELA 1939)? Answer - The purpose of TRELA is to protect the public against unscrupulous brokers and sales agents. What is TREC (1949)? Answer - TREC was created by the state legislature in 1949. It has 9 members who carry out the provisions in TRELA. TREC has been granted powers by the Legislature to: Answer -File actions against a license holder on its own notion -Assess admin. penalties of up to $5k per day against offending licensed and unlicensed officials -Promulgate forms which are mandatory for license holders - Suspend or revoke licenses of violators -Subpoena books, records, witnesses and file suit with the AG to enforce subpoena as well as issue licenses, enact rules and regulations, place a license holder on probation, require education Land Answer - the surface of the earth extending downward to the center of the earth and upwards above the surface extending to infinity; includes trees, crops and water Rights to land are considered "severable"... Answer - the ability for different individuals to own the different rights of the same piece of land Surface Rights Answer - The owner of surface rights has the ability to develop (improve) the surface, and to use resources extracted from or near the surface including stone, gravel, water, and limestone. Improvements are: Answer - any man-made addition to the land that is permanent and considered to become part of the land Personal Property Answer - things of a temporary or movable nature that are not part of the real property; known as personalty or chattel. If personal property is being transferred with real property, a bill of sale is used to accomplish the transfer Fixtures are: Answer - Personal property that has become attached to the land. The process of attaching personal property so that it becomes real property is called: Answer - Annexation Severance Answer - removing fixtures to create personal property The courts apply 3 tests to determine if something is a fixture. These include: Answer - 1. The intention of the parties when the item was installed 2. The method of attachment 3 adaptation of the property Emblements Answer - Annual crops; considered personal property and may be harvested by the owner of the crop; ensures that the tenant will be allowed to harvest even if they lose possession of the property prior to harvest time brokerage Answer - the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction; a brokerage transaction may or may not involve agency relationships The role of a property manager Answer - Generally responsible for the day to day operations of the property, maintenance , and tenant relations How are home inspectors licensed? Answer - Home inspectors are licensed in Texas by TREC. Real Estate Development
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