7/28/26, 7:49 AM Principles 1 Real Estate Champion school Exam (Latest Update 2026) UPDATE!! (Recent exam) Fully solved & updated 2026 Most…
Principles 1 Real Estate Champion school Exam
(Latest Update 2026) UPDATE!! (Recent exam) Fully
solved & updated 2026 Most TESTED (2026
Add to calendar
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (60)
What are the 4 economic 1,Scarcity, 2, Modification, 3,Fixity 4, Situs
Characteristics of land
Scarcity Supply and demand, When there is shortage of
something that and individual wants the price goes
up.
Situs The location of the property or land from an
economic not geographic viewpoint. Preference
people have based on location. Location Location
Location....
https://quizlet.com/1196797900/principles-1-real-estate-champion-school-exam-latest-update-2026-update-recent-exam-fully-solved-updated-2026-mo… 1/8
, 7/28/26, 7:49 AM Principles 1 Real Estate Champion school Exam (Latest Update 2026) UPDATE!! (Recent exam) Fully solved & updated 2026 Most…
Ad Valorem Taxes Taxes on real properties (according to value)
TRELA Texas Real Estate License Act The purpose is to protect the public against
unscrupulous brokers.
TREC Texas Real Estate Commission Created in 1949 Can assess administrative penalties of
up to $5000 per day against offending licensed and
unlicensed individuals
Improvement Any man made addition to the land that is permanent
and is considered to become part of the land.
Building, landscaping, fences, patios ect...
Fixture Personal property that has become attached to the
land in such a way as to become real property
Severance Removing fixtures by detaching them from real
property or uninstalling them
(should be removed prior to listing)..or 'does not
convey'
Intention of the Parties When an item was installed .. most important test
Method of Attachment How the item was attached to the property
Adaptation to the property How the item fits the property
https://quizlet.com/1196797900/principles-1-real-estate-champion-school-exam-latest-update-2026-update-recent-exam-fully-solved-updated-2026-mo… 2/8
Principles 1 Real Estate Champion school Exam
(Latest Update 2026) UPDATE!! (Recent exam) Fully
solved & updated 2026 Most TESTED (2026
Add to calendar
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (60)
What are the 4 economic 1,Scarcity, 2, Modification, 3,Fixity 4, Situs
Characteristics of land
Scarcity Supply and demand, When there is shortage of
something that and individual wants the price goes
up.
Situs The location of the property or land from an
economic not geographic viewpoint. Preference
people have based on location. Location Location
Location....
https://quizlet.com/1196797900/principles-1-real-estate-champion-school-exam-latest-update-2026-update-recent-exam-fully-solved-updated-2026-mo… 1/8
, 7/28/26, 7:49 AM Principles 1 Real Estate Champion school Exam (Latest Update 2026) UPDATE!! (Recent exam) Fully solved & updated 2026 Most…
Ad Valorem Taxes Taxes on real properties (according to value)
TRELA Texas Real Estate License Act The purpose is to protect the public against
unscrupulous brokers.
TREC Texas Real Estate Commission Created in 1949 Can assess administrative penalties of
up to $5000 per day against offending licensed and
unlicensed individuals
Improvement Any man made addition to the land that is permanent
and is considered to become part of the land.
Building, landscaping, fences, patios ect...
Fixture Personal property that has become attached to the
land in such a way as to become real property
Severance Removing fixtures by detaching them from real
property or uninstalling them
(should be removed prior to listing)..or 'does not
convey'
Intention of the Parties When an item was installed .. most important test
Method of Attachment How the item was attached to the property
Adaptation to the property How the item fits the property
https://quizlet.com/1196797900/principles-1-real-estate-champion-school-exam-latest-update-2026-update-recent-exam-fully-solved-updated-2026-mo… 2/8
