Principles 1 Real Estate Champion school Questions With Complete Solutions.

What are the 4 economic Characteristics of land correct answer: 1,Scarcity, 2, Modification, 3,Fixity 4, Situs Scarcity correct answer: Supply and demand, When there is shortage of something that and individual wants the price goes up. Situs correct answer: The location of the property or land from an economic not geographic viewpoint. Preference people have based on location. Location Location Location.... Ad Valorem Taxes correct answer: Taxes on real properties (according to value) TRELA Texas Real Estate License Act correct answer: The purpose is to protect the public against unscrupulous brokers. TREC Texas Real Estate Commission correct answer: Created in 1949 Can assess administrative penalties of up to $5000 per day against offending licensed and unlicensed individuals Improvement correct answer: Any man made addition to the land that is permanent and is considered to become part of the land. Building, landscaping, fences, patios ect... Fixture correct answer: Personal property that has become attached to the land in such a way as to become real property Severance correct answer: Removing fixtures by detaching them from real property or uninstalling them (should be removed prior to listing)..or 'does not convey' Intention of the Parties correct answer: When an item was installed .. most important test