PRINCIPLES OF REAL ESTATE 1 TEST BANK
UPDATED QUESTIONS AND ANSWERS
FULL STUDY SHEET
●● The __________ is a statute that is administered and enforced by the
Texas Real Estate Commission (TREC), which is a state agency.
Answer: Real Estate License Act
●● A successful career in real estate requires someone to:
Answer: be a self-started.
●● A peak is characterized as the __________ turning point of a
business cycle.
Answer: upper
●● To be eligible to get a Texas real estate sales agent or broker license,
a person must:
Answer: All of the choices apply
●● Which of the following is not a duty of TREC?
Answer: Creates state laws, statues, and rules
,●● What are changes in business and economic activity that occur
within the year?
Answer: Short-term fluctuations.
●● The majority of new licensees begin their careers with a __________
to help homeowners sell and homebuyers purchase homes.
Answer: residential brokerage
●● Which of the following statements is true regarding NAR and TAR?
Answer: All of the choices apply.
●● Any person who wants to engage in the real estate business and act
as a real estate broker or real estate sales agent within the state of Texas
must obtain a license from the:
Answer: Texas Real Estate Commission.
●● The Education Standards Advisory Committee is responsible for
reviewing and revising:
Answer: All of the choices apply.
●● A(n) __________ is a rule issued by an administrative agency to
enforce or amplify a statute.
Answer: regulation
, ●● A __________ is a voluntary nonprofit organization of independent
and competing business units engaged in the same industry or trade,
formed to help solve industry problems, promote progress, and enhance
service.
Answer: trade association
●● Which of the following is true regarding the employee tax status for
real estate sales agents or broker-sales agents?
Answer: All of the choices apply.
●● Which of the following gives buyers the best opportunity to purchase
real estate?
Answer: Trough
●● In addition to the legal and ethical requirements, to be eligible to get
a Texas real estate sales agent or broker license, the applicant must:
Answer: both complete the required courses of study and pass the state
licensing examination.
●● Real estate agents who do not comply with the duties and obligations
required by law may be subject to:
Answer: All of the choices apply.
UPDATED QUESTIONS AND ANSWERS
FULL STUDY SHEET
●● The __________ is a statute that is administered and enforced by the
Texas Real Estate Commission (TREC), which is a state agency.
Answer: Real Estate License Act
●● A successful career in real estate requires someone to:
Answer: be a self-started.
●● A peak is characterized as the __________ turning point of a
business cycle.
Answer: upper
●● To be eligible to get a Texas real estate sales agent or broker license,
a person must:
Answer: All of the choices apply
●● Which of the following is not a duty of TREC?
Answer: Creates state laws, statues, and rules
,●● What are changes in business and economic activity that occur
within the year?
Answer: Short-term fluctuations.
●● The majority of new licensees begin their careers with a __________
to help homeowners sell and homebuyers purchase homes.
Answer: residential brokerage
●● Which of the following statements is true regarding NAR and TAR?
Answer: All of the choices apply.
●● Any person who wants to engage in the real estate business and act
as a real estate broker or real estate sales agent within the state of Texas
must obtain a license from the:
Answer: Texas Real Estate Commission.
●● The Education Standards Advisory Committee is responsible for
reviewing and revising:
Answer: All of the choices apply.
●● A(n) __________ is a rule issued by an administrative agency to
enforce or amplify a statute.
Answer: regulation
, ●● A __________ is a voluntary nonprofit organization of independent
and competing business units engaged in the same industry or trade,
formed to help solve industry problems, promote progress, and enhance
service.
Answer: trade association
●● Which of the following is true regarding the employee tax status for
real estate sales agents or broker-sales agents?
Answer: All of the choices apply.
●● Which of the following gives buyers the best opportunity to purchase
real estate?
Answer: Trough
●● In addition to the legal and ethical requirements, to be eligible to get
a Texas real estate sales agent or broker license, the applicant must:
Answer: both complete the required courses of study and pass the state
licensing examination.
●● Real estate agents who do not comply with the duties and obligations
required by law may be subject to:
Answer: All of the choices apply.
