Texas Pre-License - Principals of Real Estate I (Aceable Questions & Answers 100% Correct!

commercial property - ANSWERSA real estate specialty. Commercial property includes: Office buildings, Retail Stores, gas stations Industrial property - ANSWERSIncludes commercial property used for: manufacturing, storage, distribution centers, research, warehousing Home inspector - ANSWERSA professional (that requires their own licensing) who performs a visual assessment of a property's physical condition for a buyer or seller. Prepares report of findings. Indestructibility - ANSWERS(Physical durability) Land is permanent. It can not be destroyed. Fixity - ANSWERSLand can not be moved. Geographic characteristic. situs - ANSWERSDesirability of a location. Economic preference for a location. Real Estate Law basis - ANSWERSAll RE law begins with the constitution. First with the U.S. constitution and then by state constitution. Who needs a real estate license? - ANSWERSBrokers, agents, and apartment locators Who does NOT need a real estate license? - ANSWERSNew home builders, attorneys, people who are selling or renting their own home, employees selling or renting for their employer TRELA stands for - ANSWERSTexas Real Estate License Act What is TRELA? - ANSWERSTRELA is one part of the Texas Occupations code. Chapter 1101 pertains to real estate agents and brokers, Chapter 1102 pertains to inspectors. Who enforces TRELA? - ANSWERSTREC (Texas Real Estate Commission) ENFORCES TRELA (Texas Real Estate License Act) Main objectives of the Texas License Laws - ANSWERS- Protect the public from incompetence by requiring a test for licensing - set minimum standards - maintain high ethical standards Sunset Act - ANSWERSThis act establishes a review of all agencies every 12 years to see if they're needed professional organization - ANSWERSTrade organizations : NAR (National association of realtors) REALTOR is trademarked. Their role is to provide education and guidance for members. DIY contracts - ANSWERSonly an owner or a buyer can draft their own contract. Brokers and agents CAN NOT draft their own contracts- considered an unauthorized practice of law. TREC on Discipline - ANSWERSAn employee of the commission specifically authorized by it pursuant to the Act, to conduct hearings and render final decisions in contested cases may suspend or revoke a license or reprimand or place on probation a licensee for a violation of the Act or a rule of the commission. Appraiser - ANSWERSAn individual qualified by education, training, and experience to estimate the value of real property and personal property. Although some appraisers work directly for mortgage lenders, most are independent. Economic Scarcity - ANSWERSThe wants and desires of people outweigh the resources (land) available Real Estate license eligibility - ANSWERS-18 years of age -Texas Resident - A US citizen or lawful alien -good moral character -sponsoring broker Land - ANSWERSTract of earth that includes ownership of the surface, subsurface, and air rights Real estate - ANSWERSland and anything that is attached to it