Principles 1 Real Estate Champion School Exam Questions and Answers 2024

What are the 4 economic Characteristics of land - ANSWER-1,Scarcity, 2, Modification, 3,Fixity 4, Situs Scarcity - ANSWER-Supply and demand, When there is shortage of something that and individual wants the price goes up. Situs - ANSWER-The location of the property or land from an economic not geographic viewpoint. Preference people have based on location. Location Location Location.... Ad Valorem Taxes - ANSWER-Taxes on real properties (according to value) TRELA Texas Real Estate License Act - ANSWER-The purpose is to protect the public against unscrupulous brokers. TREC Texas Real Estate Commission - ANSWER-Created in 1949 Can assess administrative penalties of up to $5000 per day against offending licensed and unlicensed individuals Improvement - ANSWER-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 - ANSWER-Personal property that has become attached to the land in such a way as to become real property Severance - ANSWER-Removing fixtures by detaching them from real property or uninstalling them