, Principles 1 Real Estate Champion school
EXAM QUESTIONS AND ANSWERS 100%
CORRECT!
What are the 4 economic Characteristics of land - ANSWER 1,Scarcity, 2, Modification,
3,Fixity 4, Situs
Scarcity - ANSWER Supply and demand, When there is shortage of something that
and individual wants the price goes up.
Situs - ANSWER The location of the property or land from an economic not geographic
viewpoint. Preference people have based on location. Location Location Location....
Ad Valorem Taxes - ANSWER Taxes on real properties (according to value)
TRELA Texas Real Estate License Act - ANSWER The purpose is to protect the public
against unscrupulous brokers.
TREC Texas Real Estate Commission - ANSWER Created in 1949 Can assess
administrative penalties of up to $5000 per day against offending licensed and
unlicensed individuals
Improvement - ANSWER Any man made addition to the land that is permanent and is
considered to become part of the land. Building, landscaping, fences, patios ect...
Fixture - ANSWER Personal property that has become attached to the land in such a
way as to become real property
Severance - ANSWER Removing fixtures by detaching them from real property or
uninstalling them
(should be removed prior to listing)..or 'does not convey'
Intention of the Parties - ANSWER When an item was installed .. most important test
Method of Attachment - ANSWER How the item was attached to the property
Adaptation to the property - ANSWER How the item fits the property
EXAM QUESTIONS AND ANSWERS 100%
CORRECT!
What are the 4 economic Characteristics of land - ANSWER 1,Scarcity, 2, Modification,
3,Fixity 4, Situs
Scarcity - ANSWER Supply and demand, When there is shortage of something that
and individual wants the price goes up.
Situs - ANSWER The location of the property or land from an economic not geographic
viewpoint. Preference people have based on location. Location Location Location....
Ad Valorem Taxes - ANSWER Taxes on real properties (according to value)
TRELA Texas Real Estate License Act - ANSWER The purpose is to protect the public
against unscrupulous brokers.
TREC Texas Real Estate Commission - ANSWER Created in 1949 Can assess
administrative penalties of up to $5000 per day against offending licensed and
unlicensed individuals
Improvement - ANSWER Any man made addition to the land that is permanent and is
considered to become part of the land. Building, landscaping, fences, patios ect...
Fixture - ANSWER Personal property that has become attached to the land in such a
way as to become real property
Severance - ANSWER Removing fixtures by detaching them from real property or
uninstalling them
(should be removed prior to listing)..or 'does not convey'
Intention of the Parties - ANSWER When an item was installed .. most important test
Method of Attachment - ANSWER How the item was attached to the property
Adaptation to the property - ANSWER How the item fits the property
