Texas Real Estate Bundle Package

Trec Commission Membership CORRECT ANSWER 9 Members (6 brokers, 3 public) appointed by governor. They serve 6 year staggered term. Texas Real Estate Broker Lawyer Committee CORRECT ANSWER 13 Members (6 brokers, 6 lawyers, 1 public) General Eligibility Requirements to be Licensed by TREC CORREC...

Amortization CORRECT ANSWER The liquidation of a financial obligation on an installment basis; also, recovery over a period of cost or value. Area CORRECT ANSWER Two dimensional surface of an object Interest and how its calculated CORRECT ANSWER Total loan value * interest rate = Total Interes...

Apartment Locator CORRECT ANSWER a real estate license holder who locates dwelling units for prospective tenants Tenant CORRECT ANSWER one who possesses a property under lease without ownership Broker CORRECT ANSWER someone who assists in buying and selling to receive a commission Client CO...

Trec Commission Membership CORRECT ANSWER 9 Members (6 brokers, 3 public) appointed by governor. They serve 6 year staggered term. Texas Real Estate Broker Lawyer Committee CORRECT ANSWER 13 Members (6 brokers, 6 lawyers, 1 public) General Eligibility Requirements to be Licensed by TREC CORREC...

Trec Commission Membership CORRECT ANSWER ___________________ has 9 Members (6 brokers, 3 public) appointed by governor. They serve 6 year staggered term. Texas Real Estate Broker Lawyer Committee CORRECT ANSWER ________________ has 13 Members (6 brokers, 6 lawyers, 1 public) Licensed by TREC ...

Real Property CORRECT ANSWER land, Improvements attached to the land, and the rights to use them Personal Property CORRECT ANSWER right or interest in things of a temporary or movable nature chattel personalty. Ownership transferred by a BILL OF SALE Fixture CORRECT ANSWER Personal Property at...

The fact that an individual must go to the land describes which of the characteristics of land? CORRECT ANSWER IMMOBILITY John and Mary are co-owners of a property. John has 60% interest in the property and Mary has a 40% interest. What type of freehold estate do they have? CORRECT ANSWER TENANCY...

Who is responsible for any wrongs done by a salesperson while acting within the scope of the agency agreement? CORRECT ANSWER The broker is liable for the wrongdoing of his or her salespersons. The principal is liable for any wrongs committed by the broker while acting within the scope of the agency...

When was TREC created? CORRECT ANSWER 1947 TREC has the authority to.. CORRECT ANSWER make rules and regulations. It's rules and laws govern license holders TREC has how many commission members? CORRECT ANSWER 9 members, 3 represent the general public and 6 are real estate brokers TREC has...