Level 1 Introduction to Modern Real
Estate Practice Exam Questions Fully
Solved.
TREC - Answer Texas Real Estate Commission
ESAC - Answer Education Standards Advisory Committee
What does the Education Standards Advisory Committee do? - Answer Established by the
commission, they review and revise curriculum standards, course content, and instructor
certification requirements for both Qualifying and Continuing Education (CE) courses.
Who are Education Standards Advisory Committee (ESAC) members? How long do they serve? -
Answer - 7 license holders, engaged in the practice for at least 5 years.
- 4 education members who are real estate instructors or owners of real estate schools
- 1 member who represents the public
- they serve staggered 2 year terms
Qualifying Courses are also known as - Answer Sales Agent Apprentice Education- each newly
licensed person must take 3 thirty hour courses before renewing their license at the end of the
first 2 years of being a license holder.
Land is... - Answer The actual piece of earth, below the surface and the air above it. It is
indestructible/Durable, Immobile, and Non-Homogenous (never the same elsewhere,
completely unique).
Real Estate is... - Answer made up of the land and any improvements that have been added to
that land.
Real Property is... - Answer Real estate AND the bundle of rights that come with owning it. (a
house)
Personal Property is... - Answer the items that can easily be removed from the land, like you
car or furniture. (a desk inside the house)
, Fixity refers to the fact that - Answer real estate exists in a fixed location and cannot be
moved.
Situs - Answer refers to the economic significance of a property's location. People often use
the term "location" to refer to the preferences people have for certain areas. Situs takes into
account not only the geographical location of a property, but also the economic qualities of that
area that make it more or less desirable. Keep in mind that a prime location for every client is
different.
What is the difference between physical characteristics and economic characteristics? - Answer
Physical characteristics occur naturally while economic characteristics are human-made.
Perceived Value - Answer A feature of real estate. The value may be determined by the use of
the land AND the location of the property.
Transfer of Ownership - Answer A feature of real estate. Ownership can be transferred without
transferring the property to another location.
Person in Possession - Answer A feature of real estate in which the person in possession of the
property may not be the owner of the property. Ex: A tenant living in and using a property even
through they do not own that property.
Portion of the Property - Answer The final feature of real estate is that someone other than
the owner may have the right to use a portion of the property because of an easement that has
been granted.
Easement - Answer the right to use or cross someone else's land for a specific purpose.
Slope and Transportation - Answer A factor that could determine the benefit of using a specific
property for a certain purpose may be the slope of the land and how easy transportation to the
location is.
What are the unique features of real estate? - Answer - Perceived Value
- Transfer of Ownership
- Person in Possession
- Portion of the Property
Estate Practice Exam Questions Fully
Solved.
TREC - Answer Texas Real Estate Commission
ESAC - Answer Education Standards Advisory Committee
What does the Education Standards Advisory Committee do? - Answer Established by the
commission, they review and revise curriculum standards, course content, and instructor
certification requirements for both Qualifying and Continuing Education (CE) courses.
Who are Education Standards Advisory Committee (ESAC) members? How long do they serve? -
Answer - 7 license holders, engaged in the practice for at least 5 years.
- 4 education members who are real estate instructors or owners of real estate schools
- 1 member who represents the public
- they serve staggered 2 year terms
Qualifying Courses are also known as - Answer Sales Agent Apprentice Education- each newly
licensed person must take 3 thirty hour courses before renewing their license at the end of the
first 2 years of being a license holder.
Land is... - Answer The actual piece of earth, below the surface and the air above it. It is
indestructible/Durable, Immobile, and Non-Homogenous (never the same elsewhere,
completely unique).
Real Estate is... - Answer made up of the land and any improvements that have been added to
that land.
Real Property is... - Answer Real estate AND the bundle of rights that come with owning it. (a
house)
Personal Property is... - Answer the items that can easily be removed from the land, like you
car or furniture. (a desk inside the house)
, Fixity refers to the fact that - Answer real estate exists in a fixed location and cannot be
moved.
Situs - Answer refers to the economic significance of a property's location. People often use
the term "location" to refer to the preferences people have for certain areas. Situs takes into
account not only the geographical location of a property, but also the economic qualities of that
area that make it more or less desirable. Keep in mind that a prime location for every client is
different.
What is the difference between physical characteristics and economic characteristics? - Answer
Physical characteristics occur naturally while economic characteristics are human-made.
Perceived Value - Answer A feature of real estate. The value may be determined by the use of
the land AND the location of the property.
Transfer of Ownership - Answer A feature of real estate. Ownership can be transferred without
transferring the property to another location.
Person in Possession - Answer A feature of real estate in which the person in possession of the
property may not be the owner of the property. Ex: A tenant living in and using a property even
through they do not own that property.
Portion of the Property - Answer The final feature of real estate is that someone other than
the owner may have the right to use a portion of the property because of an easement that has
been granted.
Easement - Answer the right to use or cross someone else's land for a specific purpose.
Slope and Transportation - Answer A factor that could determine the benefit of using a specific
property for a certain purpose may be the slope of the land and how easy transportation to the
location is.
What are the unique features of real estate? - Answer - Perceived Value
- Transfer of Ownership
- Person in Possession
- Portion of the Property
