Real Estate Broker Exam | Complete Questions & Answers (Rated A+)

Real Estate Broker Exam | Complete Questions & Answers (Rated A+) Real Estate Broker Exam | Complete Questions & Answers (Rated A+) The Real Estate License Act was first passed in - ANSWER - 1939 WHO IS EXEMPT FROM THE LICENSE REQUIREMENT? - ANSWER - 1.a Texas licensed attorney at law who does not participate in broker to broker commission splits attorney in fact under a duly executed power of attorney authorizing the consummation of a real estate transaction; 3.a public official in the conduct of his official duties 4.a person calling the sale of real estate by auction under the authority of a license issued by this state provided the person does not perform any other act of a real estate broker or salesman as defined by this Act; 5.a person acting under a court order or under the authority of a will or a written trust instrument; 6. a salesperson employed by an owner in the sale of structures and land on which said structures are situated, provided such structures are erected by the owner in the due course of his business; 7. an on-site manager of an apartment complex; 8. transactions involving the sale, lease, or transfer of any mineral or mining interest in real property; 9. an owner or his employees in renting or leasing his own real estate whether improved or unimproved; 10. transactions involving the sale, lease, or transfer of cemetery lots; or 11. transactions involving the renting leasing, or management of hotels or motels. 12. persons engaging in foreclosure sales. What are rights associated with land - ANSWER - In fact, land begins at the center of the earth and extends to the surface, and beyond into the air. Thus, we have subsurface, surface, and air rights associated with land. PHYSICAL CHARACTERISTICS OF LAND - ANSWER - 1.Indestructibility,or durability, 2.Immobility 3.Nonhomogeniety ECONOMIC CHARACTERISTICS OF LAND - ANSWER - ity, 2. modification, 3. fixity, and 4, situs. refers to the fact that lands, and additions to the land such as buildings, take long periods of time to pay for themselves - ANSWER - Fixity