Real Estate License-Questions with Correct Answers/ Verified/ 100% Pass
Article 2 of Ethics - ✔️✔️Realtors shall avoid exaggeration, misrepresentation or concealment of
pertinent facts relating to the property or the transaction
Define Brokerage - ✔️✔️The definition of brokerage is the business of bringing parties together
who are interested in conducting a real estate transaction.
Define Broker - ✔️✔️A person who, in exchange for a commission or other valuable consideration
or with the expectation of receiving a commission or other valuable consideration, performs for
another person one of the following acts, including helping another person to conduct a real estate
transaction
The Real Estate License Act (TRELA) - ✔️✔️Per The Real Estate License Act (TRELA), a broker is the
agent for the buyer or the seller, or in some cases, both parties, in negotiating the sale, purchase, or
renting of property. A broker is authorized to operate a real estate brokerage (business).
Define Sales Agent - ✔️✔️A sales agent (to whom this class is targeted) is a licensee employed by or
associated with a broker, who conducts brokerage activities on behalf of the broker in return for a
fee or a commission. They perform real estate transactions under the ultimate supervision of the
broker.
Education Standards Advisory Committee - ✔️✔️The function of the Education Standards Advisory
Committee (the committee) is to regularly review and revise curriculum standards, course content
requirements and instructor certification requirements for core and MCE courses.
There are generally four economic characteristics of land: - ✔️✔️Scarcity
Modification
Fixity, and
Situs.
Define Fixity - ✔️✔️Fixity, also called investment permanence, means that land, buildings, and
other improvements require long periods of time to pay for themselves.
Define Situs - ✔️✔️Situs, or location preference, refers to a location from an economic rather than
a geographic standpoint.
, 3 Physical Characteristics of Land - ✔️✔️1. Immobility
2. Indestructibility
3. Nonhomogeneity
Sources of Real Estate Law (7) - ✔️✔️- United States Constitution
- laws passed by the United States Congress
- federal regulations adopted by the various agencies and - - -- commissions created and authorized
by Congress
- state constitutions
- laws passed by state legislatures
- ordinances passed by local governments such as cities, towns, and other jurisdictions
- court decisions
The Fifth Amendment to the Constitution is particularly applicable to property rights where... -
✔️✔️it guarantees that a citizen will not be deprived of property (in addition to their life) without
due process of law, nor will their private property be taken from them, without just compensation,
which is generally defined as fair market value.
While the fair housing legislation, - ✔️✔️which prohibits discrimination, was passed by congress
and applies to all fifty states, some individual states have chosen to make their fair housing rules
more restrictive than the federal rules.
Ordinances Passed by County Commissioner's Courts and City Councils - ✔️✔️An ordinance is
legislation that is passed by a local municipality and binding on the citizens of that municipality. As
they say with a variety of policies, 'all real estate is local.' As a real estate agent, you will likely get to
know the ordinances and regulations intimately in the areas where you work.
A court of equity has... - ✔️✔️A court of equity has the ability or flexibility to do what is considered
fair and equal, even when the letter of the law would dictate otherwise. Federal bankruptcy courts
traditionally operated as courts of equity.
Fair Housing Act - ✔️✔️A federal law, it is unlawful to discriminate on the basis of race, color,
religion, sex, handicap, familial status, or national origin.
Article 2 of Ethics - ✔️✔️Realtors shall avoid exaggeration, misrepresentation or concealment of
pertinent facts relating to the property or the transaction
Define Brokerage - ✔️✔️The definition of brokerage is the business of bringing parties together
who are interested in conducting a real estate transaction.
Define Broker - ✔️✔️A person who, in exchange for a commission or other valuable consideration
or with the expectation of receiving a commission or other valuable consideration, performs for
another person one of the following acts, including helping another person to conduct a real estate
transaction
The Real Estate License Act (TRELA) - ✔️✔️Per The Real Estate License Act (TRELA), a broker is the
agent for the buyer or the seller, or in some cases, both parties, in negotiating the sale, purchase, or
renting of property. A broker is authorized to operate a real estate brokerage (business).
Define Sales Agent - ✔️✔️A sales agent (to whom this class is targeted) is a licensee employed by or
associated with a broker, who conducts brokerage activities on behalf of the broker in return for a
fee or a commission. They perform real estate transactions under the ultimate supervision of the
broker.
Education Standards Advisory Committee - ✔️✔️The function of the Education Standards Advisory
Committee (the committee) is to regularly review and revise curriculum standards, course content
requirements and instructor certification requirements for core and MCE courses.
There are generally four economic characteristics of land: - ✔️✔️Scarcity
Modification
Fixity, and
Situs.
Define Fixity - ✔️✔️Fixity, also called investment permanence, means that land, buildings, and
other improvements require long periods of time to pay for themselves.
Define Situs - ✔️✔️Situs, or location preference, refers to a location from an economic rather than
a geographic standpoint.
, 3 Physical Characteristics of Land - ✔️✔️1. Immobility
2. Indestructibility
3. Nonhomogeneity
Sources of Real Estate Law (7) - ✔️✔️- United States Constitution
- laws passed by the United States Congress
- federal regulations adopted by the various agencies and - - -- commissions created and authorized
by Congress
- state constitutions
- laws passed by state legislatures
- ordinances passed by local governments such as cities, towns, and other jurisdictions
- court decisions
The Fifth Amendment to the Constitution is particularly applicable to property rights where... -
✔️✔️it guarantees that a citizen will not be deprived of property (in addition to their life) without
due process of law, nor will their private property be taken from them, without just compensation,
which is generally defined as fair market value.
While the fair housing legislation, - ✔️✔️which prohibits discrimination, was passed by congress
and applies to all fifty states, some individual states have chosen to make their fair housing rules
more restrictive than the federal rules.
Ordinances Passed by County Commissioner's Courts and City Councils - ✔️✔️An ordinance is
legislation that is passed by a local municipality and binding on the citizens of that municipality. As
they say with a variety of policies, 'all real estate is local.' As a real estate agent, you will likely get to
know the ordinances and regulations intimately in the areas where you work.
A court of equity has... - ✔️✔️A court of equity has the ability or flexibility to do what is considered
fair and equal, even when the letter of the law would dictate otherwise. Federal bankruptcy courts
traditionally operated as courts of equity.
Fair Housing Act - ✔️✔️A federal law, it is unlawful to discriminate on the basis of race, color,
religion, sex, handicap, familial status, or national origin.
