Texas Principles of Real Estate Express Exam Questions & Answers: Latest Updated.

Texas Principles of Real Estate Express Exam Questions & Answers: Latest Updated. What kind of professionals manage the legal aspects of a development project? Real Estate attorneys, title companies, surveyors, property insurance companies and government regulatory officials What types of professionals are involved in the transfer of rights and interest in Real Estate? Titles companies, Real Estate Brokers/ Sales Persons, Mortgage Brokers, Mortgage Bankers, Appraisers, Insurers Property is classified into what three types? Residential, Commercial, and Investment properties Real Estate Agents in Texas would benefit from belonging to which two trade organizations? NAR - National Association of Realtors Texas Assoc. of Realtors If a broker chooses to specialize by geographic area, how might the area be defined? Natural Barriers, Streets/ Highways, By a certain set of Sub Divisions What are some of the individual brokerage services that one might perform for a pre-set fee? Comparative price analysis, prospect screening, site analysis, Database search The laws most relevant to agents and brokers relate to what topics? Agency, Contracts, Disclosure, Environmental, Impact, Fair housing, What are the four sources of real estate law? Federal Government, State Government, Local Government, Courts Members of NAR (National Association of Realtors) Are Known as?? Realtors What are the two types of Real Estate Managers? Property Managers and Asset Managers Which action is often used to define specific aspects of newly created law? Court Decision Market Equilibrium: a market tends toward a state of equilibrium in which supply equals demand, and price, cost, and value are identical. Absorption the amount of available property that becomes occupied over a period of time. What is the definition of value as it applies to real estate? The present worth of future benefits that would be gained from owning real property How do elements of supply, demand and price interact in the market? In a continuous manner What type of Real Estate User would be interested in the level of trade area competition? Retail User If Price Decreases? Demand is declining in relation to supply Types of Real Estate Users Residential, Retail Industrial, office Residential User: Retail User: Office: Industrial User: 1) Quality of life, neighborhood, amenities,price 2) Trade, area, sales, competition 3)Efficiency, costs of Occupancy, Functionality 4) Labor pool, availability, supplies, Distribution Channels How Many members in TREC ( Texas Real Estate Commission) Nine members - six licensed brokers and 3 members of the public How long are the terms of TREC commission Members? Staggerd 6 Year Terms, How long does the term of a commission member last and when does a term expire? Commission members serve staggered six-year terms with the terms of three members expiring January 31 of each odd-numbered year. When will a court order a payment to an aggrieved party from the Recovery Fund? If a licensee cannot pay the full amount of the judgment ordered by the court, the party may apply to the court in which the judgment was rendered for an order to pay the balance due from the real estate recovery fund. Three parties that don't need a license to sell Real Estate Attorneys at law, An Auctioneer, Receivers/ trustees of Bankruptcy working under court order Which of these persons would need a real estate license? • A college graduate advertises he will sell properties of other students to raise tuition money for college. • A person receives and delivers a $500,000 deposit to her principal broker from a buyer. • A company vice president leases one of the company's warehouses to a storage firm A college graduate advertises he will sell properties of other students to raise tuition money for college. Which of these persons would need a real estate license? • A homeowner advertises to lease his improved basement to a college student. • A senior citizen charges an advance fee for referring an individual to her son who owns a leasing office in town. • An attorney licensed in Texas advises a client about how to minimize liability in an upcoming Texas real estate transaction. A senior citizen charges an advance fee for referring an individual to her son who owns a leasing office in town What is the experience requirement for an applicant for a broker's license? At least four years of active experience in Texas as a license holder during the 60 months preceding the date the application is filed How many members in TREC Commission? 9 board members: 6 members from real estate industry, 3 members from general public • Appointed by governor 6 year terms Payments from the Trust Account may not exceed? (For claims arising out of a single transaction)/ (Against a single Licensee) 50,000 and 100,000 broker an individual who performs certain real estate services for another party for compensation. The broker is The Education Standards advisory committee has how many members? 12, (appointed by the commission) Serve 2 year terms Payments from the trust account for claims based on judgements against a single licensee may not exceed a total of what amount? $100,000 A licensee applicant must provide fingerprints to the DPS within? 6 months of filing The TREC consists of? 9 members According to state law you need a real estate license if you.. If you buy/sell real estate on the behalf of others .