Principles of Real Estate 1 Exam With 100% Correct Answers

Principles of Real Estate 1 Exam With 100% Correct Answers Texas Real Estate Agent - answerA person who is licensed through TREC. Texas Real Estate Commission Does a person who manages, buys, sells, leases, or rents their own property have to be licensed through TREC? - answerNo. There are two types of licenses: - answerbroker's and salesperson's license What is the most popular division of the real estate market? - answerResidential real estate because there are more transactions in residential in other forms of real estate. Residential brokerage involves: - answerhelping a person buy or sell a house, condo, or duplex. Agents must be knowledgeable in finance, real estate law, and contracts. Apartment locators: - answerare involved in residential real estate and must have a real estate license. Farm Brokerage: - answerinvolves the sale of a home as well as a business including a farm. Ag business experience. Typically in small towns. Property managers: - answermanage residential or commercial properties and maybe be required to have a real estate license. Types of careers in real estate: - answerFarm brokerage, finance, real estate instructor, apartment locators, residential, property management, appraisal, inspection, finances, education, full time investigating. Does an appraiser require a RE license? - answerNo. Appraisers gathers information about property and determines the value of the property. Does an inspector have to maintain a RE license? - answerYes, inspects property and makes a report of the property condition. Home is inspected during the option period of the contract. Loan officer: - answerworks in finance, with buyers and lenders is a mortgage broker and must have a loan officer's license. Loan officer arranges financing for buyer. Is a real estate instructor required to have a license? - answerNo, the instructor must prove to TREC that they are qualified in the subject that they are teaching. Is a full time investor required to have a RE license? - answerNo as long as that person is buying and selling for themselves. If they are helping someone else they have to be licensed. 1949 was the year that TREC was created. T of F? - answerTrue Real Estate Licensing act or 'TRELA' is administered by the TX Real Estate Commission. How many members is the commission made of? - answer9 members in total. 6 brokers and 3 are members of the public. How many years are appointees terms for TREC for? - answerappointed by the governor for 6 year terms. What education is required to obtain for a salesperson license? - answerComplete education requirement from TRELA. 12 semester hours, or equivalent classroom 180 hours of postsecondary education consisting of 4 hours on principal of real estate, 2 semester hours of agency law, contract forms, and real estate finance. Then take test. What is the TRELA test made of? - answer110 questions. National portion is 80 questions, 30 Texas questions. How to you apply for a broker's license? - answermust be licensed in TX for 4 years of the previous last 60 months. Applicant must complete 60 semester hours, or 900 classroom hours or postsecondary education. These hours must include 18 semester hours or 270 real estate courses. 2 semester hours must be in real estate brokerage. Remaining 42 hours can be core RE classes. Must also accumulate at least 3600 points to qualify for broker's license based on experience. Must be during last 5 years. What law governs many of the questions in the TRE licensing exam? - answerTexas Real Estate Licensing Act, Chapter 1101 Real Estate Brokers and Salespersons Sec 1101.001 Short Title - answerthis is sited as The Real Estate License Act 1101.002 defines broker as - answera person who, in exchange for commission, performs for another person: -sells, exchanges, purchases, or leases real estate. 1101.002 defines 'salesperson' as - answera person who is associated with a licensed broker for purposes of performing acts mentioned in subdivision 1 1101.002 defines subagent as - answera license holder who represents a principal through cooperation with and the consent of a broker representing the principal Sec 1101.003 defines the core real estate courses as - answeragency of law contract of law principals of real estate property management 3 hours of federal, state, or local laws relating to discrimination and community reinvestment real estate appraisal real estate brokerage real estate finance real estate investment real estate law real estate marketing real estate mathematics Sec 1101.005 does not apply to (those who don't need REL in TX) - answerattorney license in this state a public official while engaged in o