Real Estate Exam: Principles of Real Estate 1 questions with correct answers
The purpose of the TRELA is to... CORRECT ANSWER protect the public against unscrupulous brokers and salespersons. What is required to obtain a license in Texas? CORRECT ANSWER be a resident of Texas at least 18 yrs. of age at the time of application, be of good moral character, must show competency by passing the exam If the licensee pays a commission to any unlicensed person, places a sign offering a property without the written permission of the owner, sells real estate by lottery this can happen.... CORRECT ANSWER A license can be revoked or suspended by the TREC How long does a consumer have to file a complaint with TREC against a licensee? CORRECT ANSWER Four years Who promulgates real estate contract forms in Texas? CORRECT ANSWER The Broker Lawyer Committee Which economic characteristic of land describes location preference from an economic point of view? CORRECT ANSWER situs What is often considered the most important test of a fixture? CORRECT ANSWER Intentions of the parties Which of the following is an example of an encroachment? CORRECT ANSWER The neighbor's fence is on your land. PETE: police power, eminent domain (gvt. takes private land for public use), Taxation, Escheat (gvt. Takes title of land where owner has no heirs or will) CORRECT ANSWER The government's rights in land
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