Texas Principles of Real Estate Express
Exam
What kind of professionals manage the legal aspects of a development
project?
(Ans- Real Estate attorneys, title companies, surveyors, property insurance
companies and government regulatory officials
What types of professionals are involved in the transfer of rights and
interest in Real Estate?
(Ans- Titles companies, Real Estate Brokers/ Sales Persons, Mortgage
Brokers, Mortgage Bankers, Appraisers, Insurers
Property is classified into what three types?
(Ans- Residential, Commercial, and Investment properties
Real Estate Agents in Texas would benefit from belonging to which two
trade organizations?
(Ans- NAR - National Association of Realtors
Texas Assoc. of Realtors
If a broker chooses to specialize by geographic area, how might the area
be defined?
(Ans- Natural Barriers, Streets/ Highways, By a certain set of Sub Divisions
What are some of the individual brokerage services that one might perform
for a pre-set fee?
(Ans- Comparative price analysis, prospect screening, site analysis,
Database search
,The laws most relevant to agents and brokers relate to what topics?
(Ans- Agency, Contracts, Disclosure, Environmental, Impact, Fair housing
,
What are the four sources of real estate law?
(Ans- Federal Government, State Government, Local Government, Courts
Members of NAR (National Association of Realtors) Are Known as?
(Ans- Realtors
What are the two types of Real Estate Managers?
(Ans- Property Managers and Asset Managers
Which action is often used to define specific aspects of newly created law?
(Ans- Court Decision
Market Equilibrium:
(Ans- a market tends toward a state of equilibrium in which supply equals
demand, and price, cost, and value are identical.
Absorption
(Ans- the amount of available property that becomes occupied over a
period of time.
What is the definition of value as it applies to real estate?
(Ans- The present worth of future benefits that would be gained from
owning real property
How do elements of supply, demand and price interact in the market?
(Ans- In a continuous manner
What type of Real Estate User would be interested in the level of trade area
competition?
(Ans- Retail User
If Price Decreases?
, (Ans- Demand is declining in relation to supply
Types of Real Estate Users
(Ans- Residential, Retail Industrial, office
Residential User> Quality of life, neighborhood, amenities,price
Retail User: > Trade, area, sales, competition
Office: >Efficiency, costs of Occupancy, Functionality
Industrial User: > Labor pool, availability, supplies, Distribution Channels
How Many members in TREC ( Texas Real Estate Commission)
(Ans- Nine members - six licensed brokers and 3 members of the public
How long are the terms of TREC commission Members?
(Ans- Staggerd 6 Year Terms,
How long does the term of a commission member last and when does a
term expire?
(Ans- Commission members serve staggered six-year terms with the terms
of three members expiring January 31 of each odd-numbered year.
When will a court order a payment to an aggrieved party from the Recovery
Fund?
(Ans- If a licensee cannot pay the full amount of the judgment ordered by
the court, the party may apply to the court in which the judgment was
rendered for an order to pay the balance due from the real estate recovery
fund.
Three parties that don't need a license to sell Real Estate
(Ans- Attorneys at law, An Auctioneer, Receivers/ trustees of Bankruptcy
Exam
What kind of professionals manage the legal aspects of a development
project?
(Ans- Real Estate attorneys, title companies, surveyors, property insurance
companies and government regulatory officials
What types of professionals are involved in the transfer of rights and
interest in Real Estate?
(Ans- Titles companies, Real Estate Brokers/ Sales Persons, Mortgage
Brokers, Mortgage Bankers, Appraisers, Insurers
Property is classified into what three types?
(Ans- Residential, Commercial, and Investment properties
Real Estate Agents in Texas would benefit from belonging to which two
trade organizations?
(Ans- NAR - National Association of Realtors
Texas Assoc. of Realtors
If a broker chooses to specialize by geographic area, how might the area
be defined?
(Ans- Natural Barriers, Streets/ Highways, By a certain set of Sub Divisions
What are some of the individual brokerage services that one might perform
for a pre-set fee?
(Ans- Comparative price analysis, prospect screening, site analysis,
Database search
,The laws most relevant to agents and brokers relate to what topics?
(Ans- Agency, Contracts, Disclosure, Environmental, Impact, Fair housing
,
What are the four sources of real estate law?
(Ans- Federal Government, State Government, Local Government, Courts
Members of NAR (National Association of Realtors) Are Known as?
(Ans- Realtors
What are the two types of Real Estate Managers?
(Ans- Property Managers and Asset Managers
Which action is often used to define specific aspects of newly created law?
(Ans- Court Decision
Market Equilibrium:
(Ans- a market tends toward a state of equilibrium in which supply equals
demand, and price, cost, and value are identical.
Absorption
(Ans- the amount of available property that becomes occupied over a
period of time.
What is the definition of value as it applies to real estate?
(Ans- The present worth of future benefits that would be gained from
owning real property
How do elements of supply, demand and price interact in the market?
(Ans- In a continuous manner
What type of Real Estate User would be interested in the level of trade area
competition?
(Ans- Retail User
If Price Decreases?
, (Ans- Demand is declining in relation to supply
Types of Real Estate Users
(Ans- Residential, Retail Industrial, office
Residential User> Quality of life, neighborhood, amenities,price
Retail User: > Trade, area, sales, competition
Office: >Efficiency, costs of Occupancy, Functionality
Industrial User: > Labor pool, availability, supplies, Distribution Channels
How Many members in TREC ( Texas Real Estate Commission)
(Ans- Nine members - six licensed brokers and 3 members of the public
How long are the terms of TREC commission Members?
(Ans- Staggerd 6 Year Terms,
How long does the term of a commission member last and when does a
term expire?
(Ans- Commission members serve staggered six-year terms with the terms
of three members expiring January 31 of each odd-numbered year.
When will a court order a payment to an aggrieved party from the Recovery
Fund?
(Ans- If a licensee cannot pay the full amount of the judgment ordered by
the court, the party may apply to the court in which the judgment was
rendered for an order to pay the balance due from the real estate recovery
fund.
Three parties that don't need a license to sell Real Estate
(Ans- Attorneys at law, An Auctioneer, Receivers/ trustees of Bankruptcy
