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Texas real estate principles of real estate 1 questions with validated answers.
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Texas real estate principles of real estate1 questions with validated answers.
What is the name of the governing body for real estate in Texas? ANS -Texas Real Estate Commission
(TREC)
TREC has the authority under TRELA to suspend or even revoke a broker's license if: ANS -they conduct
the unlawful practice of law.
ESAC stands for: ANS -Education Standards Advisory Committee
What refers to a location from an economic rather than a geographic standpoint? ANS -situs
Which amendment guarantees that a citizen will not be deprived of property without due process of
law? ANS -5th amendment
CFPB is the acronym for: ANS -Consumer Financial Protection Bureau
A professional organization or association is usually a not-for-profit organization that seeks to: ANS -
Further a particular profession and the interests of individuals engaged in that profession
Which of these IS NOT a type of real property value? ANS -Future estimated value
A contraction or generally slowing down of the economy is a: ANS -Recession.
According to Sec. 1101.159, the commission must ensure that the public is able to interact with the
commission: ANS -internet
Which of these is NOT a type of real property? ANS -Forestry Maintenance
, Real property, often referred to as real estate, includes which of the following? ANS -All of the following
Land, structures attached directly to the land, natural resources like water, minerals and crops
Emblements" are best described by which of the following? ANS -harvestable plants, trees, and
cultivated vegetation.
A manufactured home can be considered real property if: ANS -All of the following a certified copy of
the "Statement of ownership and location" for the home has been filed by the owner in the real
property records of the county where the home is located, both the Texas Department of Housing and
Community Affairs and the home's county's chief tax appraiser have been notified of the filing, the
owner of the home has elected to treat the home as their real property
Which of these is not a classification of real property? ANS -Investment.
The number one reason that people move is: ANS -employment opportunity
How much money can a first time homebuyer draw from his or her own IRA without tax penalty for the
purchase? ANS -$10,000
According to the Texas Department of Insurance, most homeowners policies in Texas include which of
the following coverages? ANS -All of the following medical payments, loss of use, and dwelling
A C.L.U.E. report advises a consumer on: ANS -up to seven years of claims history on a property
Prior to the introduction of the condominium concept, property ownership had been limited to
ownership of... ANS -Land
Which of these IS NOT an event generally covered by a basic Texas homeowner's policy? ANS -
Earthquake
Which of these IS NOT one of the statutory classes of agent? ANS -Dual agent
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