ACEABLE AGENT- LATEST
PRINCIPLES OF REAL
ESTATE EXAM 1 FINAL
TEXAS
When is a real estate license not required?
A real estate license is NOT required when a person is selling their
portion of a joint ownership in a property.
What is the maximum amount that the Commission will pay on the
license holder's behalf?
$100,000
Subrogation
means that the Real Estate Commission will take over the rights of the
one owed the money in the judgment, but only to the amount that was
paid out of the trust account. The Commission then will have the priority
when it comes to repayment of any of the debt.
As the Commission receives money from the license holder who lost the
case, it will be credited to the balance that the license holder owes.
What is the difference between actual and punitive damages?
Actual damages are designed to compensate the claimant; punitive
damages are designed to punish the defendant.
Proceeding notice
END OF
PAGE
1
, ACEABLE AGENT- LATEST
PRINCIPLES OF REAL
ESTATE EXAM 1 FINAL
TEXAS
The Commission will have a method in place to notify the winning
plaintiff of payment from the trust account. They will also set up some
method for the license holders to notify the plaintiffs of the funds
coming out of the trust account.
What must you have if you wish to sell, buy, lease, or transfer an
easement or right-of-way?
Certificate
nolo contendere (aka no contest)
a defendant's plea declaring that he will not make a defense but not
admitting his guilt
If someone's license has been revoked, denied, or willingly returned
to the Real Estate Commission how long must they wait to reapply
for a license?
2 years
Consequences of receiving value consideration against the law
If someone breaks this rule, they may have to pay as much as three
times the amount they received in the form of a penalty to TREC. This
money would be deposited into the real estate recovery trust account.
Penalty is practicing unlicensed
END OF
PAGE
2
, ACEABLE AGENT- LATEST
PRINCIPLES OF REAL
ESTATE EXAM 1 FINAL
TEXAS
the unlicensed person practicing real estate could pay up to six times
the amount they received.
Is a street address an adequate legal description?
No, its an informal reference point.
Legal Property Descriptions
Survey is required. Types of surveys include: Metes and bounds,
Rectangular geodesic survey (government), Lot block and subdivision
(recorded plat).
Metes & bounds
oldies but goodies. the most common method used for land
description in Texas today.
What survey method is most commonly used in Texas?
metes and bounds
What does metes mean?
refers to the distance measurements used in the description
What does bounds mean?
are the descriptions of the boundaries that enclose a parcel of real estate.
END OF
PAGE
3
PRINCIPLES OF REAL
ESTATE EXAM 1 FINAL
TEXAS
When is a real estate license not required?
A real estate license is NOT required when a person is selling their
portion of a joint ownership in a property.
What is the maximum amount that the Commission will pay on the
license holder's behalf?
$100,000
Subrogation
means that the Real Estate Commission will take over the rights of the
one owed the money in the judgment, but only to the amount that was
paid out of the trust account. The Commission then will have the priority
when it comes to repayment of any of the debt.
As the Commission receives money from the license holder who lost the
case, it will be credited to the balance that the license holder owes.
What is the difference between actual and punitive damages?
Actual damages are designed to compensate the claimant; punitive
damages are designed to punish the defendant.
Proceeding notice
END OF
PAGE
1
, ACEABLE AGENT- LATEST
PRINCIPLES OF REAL
ESTATE EXAM 1 FINAL
TEXAS
The Commission will have a method in place to notify the winning
plaintiff of payment from the trust account. They will also set up some
method for the license holders to notify the plaintiffs of the funds
coming out of the trust account.
What must you have if you wish to sell, buy, lease, or transfer an
easement or right-of-way?
Certificate
nolo contendere (aka no contest)
a defendant's plea declaring that he will not make a defense but not
admitting his guilt
If someone's license has been revoked, denied, or willingly returned
to the Real Estate Commission how long must they wait to reapply
for a license?
2 years
Consequences of receiving value consideration against the law
If someone breaks this rule, they may have to pay as much as three
times the amount they received in the form of a penalty to TREC. This
money would be deposited into the real estate recovery trust account.
Penalty is practicing unlicensed
END OF
PAGE
2
, ACEABLE AGENT- LATEST
PRINCIPLES OF REAL
ESTATE EXAM 1 FINAL
TEXAS
the unlicensed person practicing real estate could pay up to six times
the amount they received.
Is a street address an adequate legal description?
No, its an informal reference point.
Legal Property Descriptions
Survey is required. Types of surveys include: Metes and bounds,
Rectangular geodesic survey (government), Lot block and subdivision
(recorded plat).
Metes & bounds
oldies but goodies. the most common method used for land
description in Texas today.
What survey method is most commonly used in Texas?
metes and bounds
What does metes mean?
refers to the distance measurements used in the description
What does bounds mean?
are the descriptions of the boundaries that enclose a parcel of real estate.
END OF
PAGE
3
