Exam (elaborations)
Texas Real Estate Principles 1 questions & right answers.
- Course
- Institution
Texas Real Estate Principles 1 questions & right answers.
[Show more]
Seller
Follow
Content preview
Texas Real Estate Principles 1 questions& right answers.
Federal laws affect all states and are only superseded if: ANS - the state regulation on the same topic is
more restrictive
A sales agent is a licensee who: ANS - is employed by or associated with a broker, who conducts
brokerage activities on behalf of the broker in return for a fee or a commission.
Investment permanence is another term for: ANS - Fixity.
The condominium concept created a new way of thinking about property ownership, through the
ownership of: ANS - Airspace
shares ANS - Normally, people become members of a cooperative by purchasing:
What happens to any profit that is produced by a cooperative? ANS - It is distributed among the
members of the cooperative.
If a broker or sales agent discloses that their client will accept less than asking price: ANS - they must
have instruction from the client to do so in writing.
The term "fiduciary" originates from a Latin term which means: ANS - Trust
When filling in a form approved by the Texas Real Estate Commission, the license holder may make
changes to the printed contract language: ANS - as is necessary to conform the instrument to the intent
of the parties.
The DTPA is designed and directed to "be
to promote its underlying
, purposes, which are to protect consumers against false, misleading, and deceptive business practices".
ANS - Liberally construed and applied
What is the most significant law to the real estate profession in Texas? ANS - TRELA - The Real Estate
License Act
The Broker-Lawyer Committee does...? ANS - Drafts and revises contract forms for use by real estate
licensees.
The Clayton Antitrust Act of 1914 prohibited particular actions by a business if those actions threatened
to inhibit competition, including all of these: copyright infringement, price discrimination, price fixing
and unfair trade practices. Which one is incorrect? ANS - copyright infringement
Common law refers to a judicial system where: ANS - court decisions are based on the earlier decisions
of other courts, rather than legislation.
Defenses to DTPA claims include: ANS - 1) the statute of limitations, 2) contributory negligence, and 3)
lack of consumer status, among many others.
An aggrieved consumer who believes that they have been a victim of illegal discrimination has several
avenues of complaint, but must file: ANS - within one year of the alleged act
There are seven exemptions to the Fair Housing Act in regard to property transactions and the Act's
requirement of nondiscriminatory treatment... ANS - 1) Religious organizations (Sec. 301.042)
2) Private club (Sec. 301.042)
3) Occupancy standards
4) Drug conviction
5) Familial status/housing intended for and solely occupied by persons aged 62 or older/housing
intended and operated for occupancy by at least one person aged 55 or older in at least 80% of the
housing units
6) Single-family housing (Sec. 301.041)
7) Mrs. Murphy's exemption
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Professorkaylee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now