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TX 30 Hour Principles of Real Estate I (REVISED) questions with actual answers.
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TX 30 Hour Principles of Real Estate I (REVISED) questions with actual answers.
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TX 30 Hour Principles of Real Estate I(REVISED) questions with actual
answers.
What activities require a license? ANS -performing real estate activities for others and for compensation
Common activities include: ANS -- Selling, buying, leasing, exchanging, listing properties (or offering to)
- Negotiating a sale, purchase, or exchange of real property
- Soliciting buyers, sellers, tenants, landlords, and listings
How many hours of coursework do you need to obtain your license? ANS -180 course hours required to
obtain a license in Texas
how many years as a sales agent does a broker need to have? ANS -Broker must have at least four years
of full time real estate experience out of the previous five
Licensees must follow the laws of... ANS -TRELA
TRELA ANS -Texas Real Estate License Act
A license will need to be renewed every... ANS -24 months
In order to renew a license how many hours of CE is required? ANS -18 hours
Violations of a sales agent include: ANS -- Trust fund violations (shortages, commingling, record keeping)
- Failure of brokers to properly supervise
- Unlicensed individuals (assistants) performing licensed activities
- Misrepresentation
,TREC ANS -Texas Real Estate Commission
How many members make up TREC? ANS -Nine members, appointed by the governor. Six must be
licensed brokers and three are members of the public
responsibilities of TREC ANS -- Enforces TRELA
- Authority to impose fees and fines
- Sponsoring broker is accountable for actions, good and bad, and can be held liable by TREC
- TREC has the authority to bring legal action and criminal charges for violations of TRELA
Broker-Lawyer Committee member make up ANS -- 13 members; Six lawyers, six brokers and one
member of the public
sales agent complaint process ANS -Complaint filed with TREC, investigation by TREC to determine if
there is a violation of TRELA, informal and formal hearings.
sales agent disciplinary actions ANS -- License revocation or suspension
- Fines, additional education or civil and criminal charges
recovery account ANS -Last resort for victims of licensee violations to obtain payment
NAR ANS -National Association of Realtors
what is the largest professional organization for real estate professionals? ANS -National Association of
Realtors
NAR members are bound by... ANS -both the NAR Code of Ethics and Standards of Practice and the code
of ethics enforced by the state in which they are licensed.
ESAC ANS -Education Standards Advisory Committee
, The Education Standards Advisory Committee consists of... ANS -12 members appointed to two-year
terms
The Texas legislature formed the ESAC to... ANS -improve the quality of real estate education
what does the ESAC do? ANS -reviews existing standards and courses, and makes recommendations to
the TREC for improvements to real estate education.
Economic characteristics of land include... ANS -its scarcity, improvements, permanence of investment,
and situs (location).
Physical characteristics of land include... ANS -its immobility, indestructibility and uniqueness
(nonhomogeneity).
topography ANS -the dimensions, physical features and contours of the land.
what impacts the value of land and how it can be used? ANS -community, utilities, topography, water
access, road access, view
depreciated value ANS -affects a property's tax basis
capitalization rate ANS -often used to determine investment value
assessed value ANS -used to calculate property taxes
Market value ANS -the price agreed to by the buyer and seller
List price ANS -the amount for which a property is offered for sale
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