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PRINCIPLES 1 REAL ESTATE CHAMPION SCHOOL QUESTIONS WITH COMPLETE ANSWERS

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PRINCIPLES 1 REAL ESTATE CHAMPION SCHOOL QUESTIONS WITH COMPLETE ANSWERS

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When a sale finally closes, the contract


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Fully executed




Removing fixtures by detaching them from real property or uninstalling them
(should be removed prior to listing)..or 'does not convey'


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Severance




The purpose is to protect the public against unscrupulous brokers.

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TRELA Texas Real Estate License Act




Agent will have the opportunity to sell their own listing


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Intermediary without appointments




1,Scarcity, 2, Modification, 3,Fixity 4, Situs


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What are the 4 economic Characteristics of land




Street address allows the property to be easily located It is NOT a legal description.


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Informal reference




Practice of refusing to provide financing in a particular area because of location. Only
banks can be guilty of this under the law


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, Redlining




How the item fits the property


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Adaptation to the property




When an item was installed .. most important test


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Intention of the Parties




Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable care (OLD
CAR)


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Agent Duties




Any attempt to induce panic selling in a neighborhood for financial gain


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