Texas Principles 1 Questions &
Answers Verified 2023 -
Champions School of Real Estate
, Texas Principles 1 Q & A - Champions School of Real Estate
1. How much is the largest fine for any single violation of the Fair Housing Act? $110,000
2. What is a point? 1% of the loan amount
3. If you believe you are a victim of discrimination under the Federal Fair Housing laws, how
long do you have to file a complaint? 1 year
4. What is the sentence that is used to remember how many sq. ft. are in one acre? 4 nuns
driving 35 in a 60 mph
5. How long does a consumer have to file a complaint with TREC against a licensee? 4 years
6. interest rate x loan amount = yearly interest
7. TREC Commission members serve ___ year ____________ terms. 6 year staggered
8. The TREC Commission consists of how many members? How many of them are brokers? How
many of them are public? 9, 6, 3
9. The Texas Real Estate Broker-Lawyer Committee consists of how many members? How many
of them are brokers? How many of them are lawyers? How many of them are public? 13, 6, 6, 1
10. What are the general Eligibility Requirements to be Licensed by TREC? 18 years old, a US
citizen or lawfully admitted alien resident of the state
11. 1 acre= how many sq ft? 43,560
12. How do you calculate Appreciated Value? 13. 100% - commission rate x sales price: How do
you calculate Seller's Net? 100% + appreciation % x original cost
13. How do you calculate Depreciated Value? 100% - depreciation % x original cost:
14. A contract that can be canceled by one of the parties is called? voidable:
15. A complete history of the title of a piece of property is called an? abstract
16. Condensed history of all docs that have been recorded affecting the title of the property?
abstract title
17. What is it called when land is increased in size because of natural deposit of rock and soil
usually caused by water movement? Accretion
Answers Verified 2023 -
Champions School of Real Estate
, Texas Principles 1 Q & A - Champions School of Real Estate
1. How much is the largest fine for any single violation of the Fair Housing Act? $110,000
2. What is a point? 1% of the loan amount
3. If you believe you are a victim of discrimination under the Federal Fair Housing laws, how
long do you have to file a complaint? 1 year
4. What is the sentence that is used to remember how many sq. ft. are in one acre? 4 nuns
driving 35 in a 60 mph
5. How long does a consumer have to file a complaint with TREC against a licensee? 4 years
6. interest rate x loan amount = yearly interest
7. TREC Commission members serve ___ year ____________ terms. 6 year staggered
8. The TREC Commission consists of how many members? How many of them are brokers? How
many of them are public? 9, 6, 3
9. The Texas Real Estate Broker-Lawyer Committee consists of how many members? How many
of them are brokers? How many of them are lawyers? How many of them are public? 13, 6, 6, 1
10. What are the general Eligibility Requirements to be Licensed by TREC? 18 years old, a US
citizen or lawfully admitted alien resident of the state
11. 1 acre= how many sq ft? 43,560
12. How do you calculate Appreciated Value? 13. 100% - commission rate x sales price: How do
you calculate Seller's Net? 100% + appreciation % x original cost
13. How do you calculate Depreciated Value? 100% - depreciation % x original cost:
14. A contract that can be canceled by one of the parties is called? voidable:
15. A complete history of the title of a piece of property is called an? abstract
16. Condensed history of all docs that have been recorded affecting the title of the property?
abstract title
17. What is it called when land is increased in size because of natural deposit of rock and soil
usually caused by water movement? Accretion
