, Champions Real Estate - Principles 1
Exam 2020 QUESTIONS AND ANSWERS
100% CORRECT!
brokerage - ANSWER the aspect of the real estate business that pertains to overseeing
the needs of the parties and completing a transaction; a brokerage transaction may or
may not involve agency relationships
The role of a property manager - ANSWER Generally responsible for the day to day
operations of the property, maintenance, and tenant relations
How are home inspectors licensed? - ANSWER Home inspectors are licensed in Texas
by TREC.
Real Estate Development - ANSWER most often involves the acquisition of land for
development into residential subdivisions, retail centers and other commercial uses.
National Association of Realtors (NAR) - ANSWER the nationwide association is
divided into state associations, and further divided into local associations or boards. The
local associations or boards operate the MLS in markets throughout the US.
The benefits of home ownership include: - ANSWER Pride of Ownership, Occupancy,
Tax Benefits, Investment, Security: POOTIS=m
Physical Characteristics of Land: Indestructibility - ANSWER Indestructibility refers to
the fact that land cannot be destroyed. The other two characteristics are immobility and
non-homogeneity (uniqueness)
Demand for real estate is affected by: - ANSWER 1. Growth in employment
2. Personal preference
3. Availability of credit
as well as transportation systems and Federal government policy
Common Law vs. Statutory Law - ANSWER Common Law was developed in England
and based on common sense and local custom; under this system, a court looks to the
findings of prior courts when rendering a decision
Exam 2020 QUESTIONS AND ANSWERS
100% CORRECT!
brokerage - ANSWER the aspect of the real estate business that pertains to overseeing
the needs of the parties and completing a transaction; a brokerage transaction may or
may not involve agency relationships
The role of a property manager - ANSWER Generally responsible for the day to day
operations of the property, maintenance, and tenant relations
How are home inspectors licensed? - ANSWER Home inspectors are licensed in Texas
by TREC.
Real Estate Development - ANSWER most often involves the acquisition of land for
development into residential subdivisions, retail centers and other commercial uses.
National Association of Realtors (NAR) - ANSWER the nationwide association is
divided into state associations, and further divided into local associations or boards. The
local associations or boards operate the MLS in markets throughout the US.
The benefits of home ownership include: - ANSWER Pride of Ownership, Occupancy,
Tax Benefits, Investment, Security: POOTIS=m
Physical Characteristics of Land: Indestructibility - ANSWER Indestructibility refers to
the fact that land cannot be destroyed. The other two characteristics are immobility and
non-homogeneity (uniqueness)
Demand for real estate is affected by: - ANSWER 1. Growth in employment
2. Personal preference
3. Availability of credit
as well as transportation systems and Federal government policy
Common Law vs. Statutory Law - ANSWER Common Law was developed in England
and based on common sense and local custom; under this system, a court looks to the
findings of prior courts when rendering a decision
