Texas principles of real estate - part 1
10 - ✔✔A respondent of HUD fair housing complaint has how many days to submit a response?
13 - ✔✔The Texas real estate broker lawyer committee consists of how many members?
1974 - ✔✔The equal credit opportunity act was enacted in?
1974 - ✔✔The housing and community development act was enacted in?
1977 - ✔✔The community reinvestment act was passed in?
2 years - ✔✔TREC may renew a real estate license for no more than?
20.00 - ✔✔If the replacement cost of an item with a 5 year life span is 100.00, and it is 4 years old,?
What is the actual cash value of the item? 80% useful life.
25,000,000 - ✔✔According to the Texas deceptive trade practices act, businesses with assets
exceeding... are not considered consumers?
2x the required renewal fee - ✔✔If an individual's license has been expired for greater than 90 days, but
less than 6 months, they may renew their license by paying a free to the commission equal to?
3 - ✔✔The Texas real estate commission consists of how many non-licensed public members?
4 - ✔✔Any complaints issued to TREC must be submitted within...years of the incident?
500,000 - ✔✔A married couple is exempt from paying taxes on capital gains for up to how much in profit
if they lived in their house for at least 2 of the last 5 years?
,6 - ✔✔How many members of the Texas real estate commission are real estate brokers?
9 - ✔✔The Texas real estate commission consists of how many members?
A contract in which a property owner employs a real broker to market the property described in the
contract. - ✔✔Listing agent
A division of real or personal property or the proceeds therefrom along co-owners is known as? -
✔✔Partition
A joint tenancy is terminated when which of the following ceases to exist? - ✔✔All of the above
A licensee's license may be suspended or revoked if which of the following occurs...? - ✔✔The licensee is
convicted of a felony
A non-profit organization is looking to purchase a church. An appraiser was hired to assess the value of
the church. What appraisal method was used? - ✔✔Cost approach
A person authorized to act on behalf of another is known as a? - ✔✔Agent
A person in a position of trust and confidence as between principal and broker, is known as a? -
✔✔Fiduciary
A property manager is an example of what agent? - ✔✔general agent
A real estate agent is an example of what type of agent? - ✔✔Special agent
Accounting - ✔✔This fiduciary duty refers to financial accounting. Agents must account for all funds they
receive on behalf of their clients agents must also keep accurate records of all receipts and expenditures
regarding their clients funds.
, Actual Cash Value - ✔✔replacement cost minus depreciation
agency - ✔✔The relationship between the principal and the principals agent which arises out of a
contract, either expressed or implied, written, or oral, wherein the agent is employed by the principal to
do certain acts dealing with a third party.
agent - ✔✔A person authorized to act on behalf of another.
agent - ✔✔A person authorized to act on behalf of another.
Agents - ✔✔May be liable for any financial losses incurred by their clients due to the agents negligence.
Air Rights - ✔✔The rights in a real property to the reasonable use of air space above the surface of the
land is?
Air Rights - ✔✔The rights in real property to the reasonable use of the air space above the surface of the
land.
Americans with Disabilities Act - ✔✔The federal law protects the rights of individuals with physical or
mental impairments.
Americans with Disabilities Act (ADA) - ✔✔A federal law protecting the rights of individuals with physical
or mental impairments.
An entity established and treated by law as an individual or unit with rights and liabilities, or both,
distinct and apart from those of the persons composing it is referred to as a? - ✔✔Corporation
An escrow account is: - ✔✔A buyers earnest money should be deposited in which of the following?
10 - ✔✔A respondent of HUD fair housing complaint has how many days to submit a response?
13 - ✔✔The Texas real estate broker lawyer committee consists of how many members?
1974 - ✔✔The equal credit opportunity act was enacted in?
1974 - ✔✔The housing and community development act was enacted in?
1977 - ✔✔The community reinvestment act was passed in?
2 years - ✔✔TREC may renew a real estate license for no more than?
20.00 - ✔✔If the replacement cost of an item with a 5 year life span is 100.00, and it is 4 years old,?
What is the actual cash value of the item? 80% useful life.
25,000,000 - ✔✔According to the Texas deceptive trade practices act, businesses with assets
exceeding... are not considered consumers?
2x the required renewal fee - ✔✔If an individual's license has been expired for greater than 90 days, but
less than 6 months, they may renew their license by paying a free to the commission equal to?
3 - ✔✔The Texas real estate commission consists of how many non-licensed public members?
4 - ✔✔Any complaints issued to TREC must be submitted within...years of the incident?
500,000 - ✔✔A married couple is exempt from paying taxes on capital gains for up to how much in profit
if they lived in their house for at least 2 of the last 5 years?
,6 - ✔✔How many members of the Texas real estate commission are real estate brokers?
9 - ✔✔The Texas real estate commission consists of how many members?
A contract in which a property owner employs a real broker to market the property described in the
contract. - ✔✔Listing agent
A division of real or personal property or the proceeds therefrom along co-owners is known as? -
✔✔Partition
A joint tenancy is terminated when which of the following ceases to exist? - ✔✔All of the above
A licensee's license may be suspended or revoked if which of the following occurs...? - ✔✔The licensee is
convicted of a felony
A non-profit organization is looking to purchase a church. An appraiser was hired to assess the value of
the church. What appraisal method was used? - ✔✔Cost approach
A person authorized to act on behalf of another is known as a? - ✔✔Agent
A person in a position of trust and confidence as between principal and broker, is known as a? -
✔✔Fiduciary
A property manager is an example of what agent? - ✔✔general agent
A real estate agent is an example of what type of agent? - ✔✔Special agent
Accounting - ✔✔This fiduciary duty refers to financial accounting. Agents must account for all funds they
receive on behalf of their clients agents must also keep accurate records of all receipts and expenditures
regarding their clients funds.
, Actual Cash Value - ✔✔replacement cost minus depreciation
agency - ✔✔The relationship between the principal and the principals agent which arises out of a
contract, either expressed or implied, written, or oral, wherein the agent is employed by the principal to
do certain acts dealing with a third party.
agent - ✔✔A person authorized to act on behalf of another.
agent - ✔✔A person authorized to act on behalf of another.
Agents - ✔✔May be liable for any financial losses incurred by their clients due to the agents negligence.
Air Rights - ✔✔The rights in a real property to the reasonable use of air space above the surface of the
land is?
Air Rights - ✔✔The rights in real property to the reasonable use of the air space above the surface of the
land.
Americans with Disabilities Act - ✔✔The federal law protects the rights of individuals with physical or
mental impairments.
Americans with Disabilities Act (ADA) - ✔✔A federal law protecting the rights of individuals with physical
or mental impairments.
An entity established and treated by law as an individual or unit with rights and liabilities, or both,
distinct and apart from those of the persons composing it is referred to as a? - ✔✔Corporation
An escrow account is: - ✔✔A buyers earnest money should be deposited in which of the following?
