Principles of Real Estate 1 – Champions Exam Questions and Answers

Prescription - answer-Continous use of the land over a Brokerage - answer-is the aspect of the real estate business that pertain to overseeing the needs of the parties and completing a transaction Real Estate Development - answer-most often involves the acquisition of land for development into residential subdivisions, retail centers and other commercial used ICSC - answer-International Council of Shopping centers. The purpose p of The International Council of Shopping Centers (ICSC) is to advance the shopping center industry and to promote its role in the commercial distribution of consumer goods and services. Physical Characteristics of Land - answer-Nonhomogeneity, immobility, indestructibility Economic Characteristics of lane - answer-Scarcity, Modification, Fixity, situs The purpose of TRELA - answer-Is to protect the public against unscrupulous brokers and sales agents TREC has been grants powers by the Legislature to - answer-Assess administrative penalties of up to 5000 per day against offending licensed and unlicensed individuals