Exam For Texas Real Estate Principles 1 Questions and Answers 2024

There are seven sources of law in the United States, What would be an example of them? - Local zoning laws, FHA/VA regulations, court decisions Laws passed by Congress and various other various state legislatures may - Authorize agencies to pass rules and regulations to enforce the provisions of law The legal concept of precedent - Grew out of common law Constitutional provisions - Establish the rights of citizens and delineate government authority Real estate laws - werte passed to protect the public from possible fraud, dishonesty, and incompetence of unscrupulous brokers and sales agents Common Law - Includes both custom and court decisions in application today A public library is an example of - Special-purpose real estate Value is best defined as - A measure of the present worth of future benefits as perceived by each person The factors that influence the demand for real estate include - Wage levels and employment opportunities A factor that affects supply in the real estate market is - construction costs The real estate market is considered local in character because - Land is fixed or immobile In general, when the supply of a certain commodity increases - prices tend to drop Price is best defined as - the amount a buyer agrees to pay and a seller agrees to accept Compared with typical markets, the real estate market - is relatively slow to adjust because of its nonhomogeniety and its immobile characteristics In general terms, the term market refers to - a place where buyers and sellers come together to establish prices An improvement is - an example of economic characteristic The term area preference refers to - an economic characteristic of land The term non homogeneity refers to - the fact that no two parcels of land are exactly alike Relative scarcity implies that - land available for development may be in short supply in some areas Abandonment - The voluntary surrender or relinquishment a position of real property with the intention of terminating one's position or interest but without the vesting of this interest in any other person, such as when a person moves and abandons leased property before the lease term has expired.