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Principles of Texas Real Estate I questions & answers.
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Principles of Texas Real Estate I questions & answers.
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Principles of Texas Real Estate Iquestions & answers.
The Texas Real Estate Commission does NOT have authority to ANS - amend real estate laws.
What is the term given to property that is owned and used for habitation? ANS - Residential Property
What is included into real estate business? ANS - Every residence and business facility in the nation, as
well as all the undeveloped land in the country
Real estate professionals perform which of the following functions? ANS - Management and
maintenance
Why do many brokers restrict their business to representing either buyers or sellers exclusively? ANS -
Minimized conflicts of interest
Which action is often used to define specific aspects of newly created law? ANS - court decision
What is the most important aspect for an investor looking for capital gains? ANS - Finding properties
that are available at below market prices in increasing markets
Who appoints members of the Texas Real Estate Commission (TREC)? ANS - The Governor
Who is responsible for management of day to day operations? ANS - property managers
Which entity administered real estate law at the state level? ANS - Real Estate Commission
What types of relationship have many brokers specialized in recent years? ANS - advisory services
, Typically, brokers and agents do NOT specialize along which one of the following business lines? ANS -
futures
What are the surveyors required to identify? ANS - nature risks
Purchasing power is a component of ANS - value
What is not one of the forms of local government that would influence local real real estate markets?
ANS - changes in money supply
Which is one of real estate's unique traits? ANS - unique appeal of product
Absorption can be defined as ANS - the amount of available property that becomes occupied over a
period of time.
Value of something is based on 4 facts: utility, scarcity, purchasing power and ANS - desire to get the
object
Overhead expense is an example of what type of cost? ANS - Production cost
Which are the essential production costs? ANS - the costs of capital, materials, and supplies, labor,
management and overhead
What is a transaction arena? ANS - where the price mechanism is constantly defining and quantifying
the value
What type of real estate user would be highly concerned about the image and function of a property?
ANS - office user
What is the period of time called when a market adjustment is taking place? ANS - The equilibrium time
lag
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