Texas Principles of Real Estate 1- study guide Austin Institute.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/Texas%20Princi
Principles of Real Estate 1- study guide
*Austin Inst. Questions & Answers
1. Texas Real Estate Agent
Answer A person who is licensed through TREC.Texas Real Estate
Commission
2. Does a person who manages, buys, sells, leases, or rents their own property
have to be licensed through TREC?
Answer No.
3. There are two types of licenses
Answer broker's and salesperson's license
4. What is the most popular division of the real estate market?
Answer Residential real estate because there are more transactions in residential in
other forms of realestate.
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,Texas Principles of Real Estate 1- study guide Austin Institute.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/Texas%20Princi
5. Residential brokerage involves
Answer helping a person buy or sell a house, condo,or duplex. Agents must be
knowledgeable in finance, real estate law, and contracts.
6. Apartment locators
Answer are involved in residential real estate and must have a realestate license.
7. Farm Brokerage
Answer involves the sale of a home as well as a business including afarm. Ag business
experience. Typically in small towns.
8. Property managers
Answer manage residential or commercial properties and maybebe required to
have a real estate license.
9. Types of careers in real estate
Answer Farm brokerage, finance, real estate instruc-tor, apartment locators,
residential, property management, appraisal, inspection, finances, education, full
2 of 65 11/18/2024, 3:36
,Texas Principles of Real Estate 1- study guide Austin Institute.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/Texas%20Princi
time investigating.
10. Does an appraiser require a RE license?
Answer No. Appraisers gathers informationabout property and determines the value
of the property.
11. Does an inspector have to maintain a RE license?
Answer Yes, inspects property and makes a report of the property condition. Home
is inspected during the optionperiod of the contract.
12. Loan officer
Answer works in finance, with buyers and lenders is a mortgage brokerand must
have a loan officer's license. Loan officer arranges financing for buyer.
13. Is a real estate instructor required to have a license?
Answer No, the instructor mustprove to TREC that they are qualified in the subject
that they are teaching.
14. Is a full time investor required to have a RE license?
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,Texas Principles of Real Estate 1- study guide Austin Institute.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/Texas%20Princi
Answer No as long as that person is buying and selling for themselves. If they are
helping someone else theyhave to be licensed.
15. 1949 was the year that TREC was created.T of F?
Answer True
16. Real Estate Licensing act or 'TRELA' is administered by the TX Real Estate
Commission. How many members is the commission made of?
Answer 9 members intotal. 6 brokers and 3 are members of the public.
17. How many years are appointees terms for TREC for?
Answer appointed by thegovernor for 6 year terms.
18. What education is required to obtain for a salesperson license?
Answer Completeeducation requirement from TRELA. 12 semester hours, or
equivalent classroom
4 of 65 11/18/2024, 3:36
Principles of Real Estate 1- study guide
*Austin Inst. Questions & Answers
1. Texas Real Estate Agent
Answer A person who is licensed through TREC.Texas Real Estate
Commission
2. Does a person who manages, buys, sells, leases, or rents their own property
have to be licensed through TREC?
Answer No.
3. There are two types of licenses
Answer broker's and salesperson's license
4. What is the most popular division of the real estate market?
Answer Residential real estate because there are more transactions in residential in
other forms of realestate.
1 of 65 11/18/2024, 3:36
,Texas Principles of Real Estate 1- study guide Austin Institute.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/Texas%20Princi
5. Residential brokerage involves
Answer helping a person buy or sell a house, condo,or duplex. Agents must be
knowledgeable in finance, real estate law, and contracts.
6. Apartment locators
Answer are involved in residential real estate and must have a realestate license.
7. Farm Brokerage
Answer involves the sale of a home as well as a business including afarm. Ag business
experience. Typically in small towns.
8. Property managers
Answer manage residential or commercial properties and maybebe required to
have a real estate license.
9. Types of careers in real estate
Answer Farm brokerage, finance, real estate instruc-tor, apartment locators,
residential, property management, appraisal, inspection, finances, education, full
2 of 65 11/18/2024, 3:36
,Texas Principles of Real Estate 1- study guide Austin Institute.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/Texas%20Princi
time investigating.
10. Does an appraiser require a RE license?
Answer No. Appraisers gathers informationabout property and determines the value
of the property.
11. Does an inspector have to maintain a RE license?
Answer Yes, inspects property and makes a report of the property condition. Home
is inspected during the optionperiod of the contract.
12. Loan officer
Answer works in finance, with buyers and lenders is a mortgage brokerand must
have a loan officer's license. Loan officer arranges financing for buyer.
13. Is a real estate instructor required to have a license?
Answer No, the instructor mustprove to TREC that they are qualified in the subject
that they are teaching.
14. Is a full time investor required to have a RE license?
3 of 65 11/18/2024, 3:36
,Texas Principles of Real Estate 1- study guide Austin Institute.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/Texas%20Princi
Answer No as long as that person is buying and selling for themselves. If they are
helping someone else theyhave to be licensed.
15. 1949 was the year that TREC was created.T of F?
Answer True
16. Real Estate Licensing act or 'TRELA' is administered by the TX Real Estate
Commission. How many members is the commission made of?
Answer 9 members intotal. 6 brokers and 3 are members of the public.
17. How many years are appointees terms for TREC for?
Answer appointed by thegovernor for 6 year terms.
18. What education is required to obtain for a salesperson license?
Answer Completeeducation requirement from TRELA. 12 semester hours, or
equivalent classroom
4 of 65 11/18/2024, 3:36
