Principles of real estate final exam
Questions & Answers 100% Correct!!
Why have the states passed laws that require real estate brokers and sales agents to be licensed? -
ANSWER to protect the public
What year was the TRELA passed? - ANSWER 1949
What is the potential fine for acting as a sales agent or broker in Texas without a license? - ANSWER
4,000
Who may be a Realtor®? - ANSWER a real estate license holder who also joins a realtor board
(broker)
What are the 7 sources of law? - ANSWER 1. u.s. constitution
2. Federal Laws
3. Federal Regulations
4. state Constitutions
5. State Laws and regulations
6. local boards
7. court decisions/ common law
What is the primary purpose of the U.S. Constitution (as well as the Texas Constitution)? - ANSWER
sets out the rights of government vs the rights held by people
What is the common law? - ANSWER a historical body of customs and judicial precedent
True or False: The legal concept of precedent grew out of statutory law - ANSWER false
What are the features of community property in Texas? - ANSWER during marriage, property
acquired (except by gift or inheritance) is owned equally by the spouses
, Names 3 types of single family residences. - ANSWER condo
town home
detached single family
Define the term land. - ANSWER surface of the earth, subsurface and air rights.
What are improvements? - ANSWER personal property, that is attached to the land so that it
becomes part of real property.
What is the definition of real property? - ANSWER land improvements, and legal rights associated
with real estate ownership
The "bundle of legal rights" consist of what? - ANSWER right of us, right to sell, right to encumber,
right to exclude others, right to improve
Contrast fructus naturales with fructus industriales - ANSWER fructus naturales are improvements
while fructus industries is crops
If a seller of real property does not own the mineral rights can he/she receive lease royalties from
the property? - ANSWER no
What is the legal test of a fixture? - ANSWER intention, method of annexation, adaption to the real
estate
What is the rule for trade fixtures? - ANSWER Remain personal property of tenant, must be removed
upon lease
Factors that influence the demand for real estate include what? - ANSWER employment, wage
levels, population, changes, demographics
How does price differ from cost and value? - ANSWER price is the willing buyer pays/seller accepts
cost is the outlay required to build something
Questions & Answers 100% Correct!!
Why have the states passed laws that require real estate brokers and sales agents to be licensed? -
ANSWER to protect the public
What year was the TRELA passed? - ANSWER 1949
What is the potential fine for acting as a sales agent or broker in Texas without a license? - ANSWER
4,000
Who may be a Realtor®? - ANSWER a real estate license holder who also joins a realtor board
(broker)
What are the 7 sources of law? - ANSWER 1. u.s. constitution
2. Federal Laws
3. Federal Regulations
4. state Constitutions
5. State Laws and regulations
6. local boards
7. court decisions/ common law
What is the primary purpose of the U.S. Constitution (as well as the Texas Constitution)? - ANSWER
sets out the rights of government vs the rights held by people
What is the common law? - ANSWER a historical body of customs and judicial precedent
True or False: The legal concept of precedent grew out of statutory law - ANSWER false
What are the features of community property in Texas? - ANSWER during marriage, property
acquired (except by gift or inheritance) is owned equally by the spouses
, Names 3 types of single family residences. - ANSWER condo
town home
detached single family
Define the term land. - ANSWER surface of the earth, subsurface and air rights.
What are improvements? - ANSWER personal property, that is attached to the land so that it
becomes part of real property.
What is the definition of real property? - ANSWER land improvements, and legal rights associated
with real estate ownership
The "bundle of legal rights" consist of what? - ANSWER right of us, right to sell, right to encumber,
right to exclude others, right to improve
Contrast fructus naturales with fructus industriales - ANSWER fructus naturales are improvements
while fructus industries is crops
If a seller of real property does not own the mineral rights can he/she receive lease royalties from
the property? - ANSWER no
What is the legal test of a fixture? - ANSWER intention, method of annexation, adaption to the real
estate
What is the rule for trade fixtures? - ANSWER Remain personal property of tenant, must be removed
upon lease
Factors that influence the demand for real estate include what? - ANSWER employment, wage
levels, population, changes, demographics
How does price differ from cost and value? - ANSWER price is the willing buyer pays/seller accepts
cost is the outlay required to build something
