The purpose of the TRELA is to...
protect the public against unscrupulous brokers and salespersons.
What is required to obtain a license in Texas?
be a resident of Texas at least 18 yrs of age at the time of application, be of good moral character, must show competency by passing the exam
If the licensee pays a commission to any unlicensed person, places a sign offering a property without the written permission of the owner, sells real estate by lottery this can happen....
A license can be revoked or suspended by the TREC
How long does a consumer have to file a complaint with TREC against a licensee?
Who promulgates real estate contract forms in Texas?
The Broker Lawyer Committee
Which economic characteristic of land describes location preference from an economic point of view?
What is often considered the most important test of a fixture?
Intentions of the parties
Which of the following is an example of an encroachment?
The neighbor's fence is on your land.
PETE: police power, eminent domain (gvt.takes private land for public use), Taxation, Escheat (gvt. Takes title of land where owner has no heirs or will)
The government's rights in land
A property description that is considered an informal reference is
a street address.
The highest priority lien against real property is
The type of ownership in which the person has the most rights is called
Texas is a community property state. What is true about community property?
Property inherited by one spouse can remain separate property of that spouse.
When property has only one owner it is called
Property held by two or more owners with rights of survivorship is
A lease with a specific starting and ending date is called
an estate for years or tenancy for years.
When the landlord pays all of the expenses of the property and then tenant pays only the rent, this is called
a gross lease
An easement can be terminated by
Deeds require the signature of
The deed that gives the buyer the greatest protection is called
the general warranty deed
Title to real property transfers when
the deed is delivered
When a grantor transfers a title but retains some rights it is called
A complete history of the title of a piece of property is called an
A handwritten will is called a
Inheritance of real property without a will is called
laws of descent
Seller financing where the seller retains title until the final payment is called
contract for deed
The duties of the principal include
When an agent has unlimited authority to act on behalf of the client it is called
The duties of the agent include
A contract that meets all of the requirements of the law is called
A contract that can be canceled by one of the parties is called
Something of value given to one to induce another to enter into a contract is called
The law requiring real estate contracts to be in writing is called
The Statute of Frauds
Contracts that are signed and carried out are called
When one of the parties of the contract dies, the contract is...
binding on the heirs if possible
If the parties of a contract agree to terminate the contract, it is called
TREC promulgated forms are
mandatory for licensees
Where do individuals go to borrow money?
The Primary Market
Loans that meet FMNA guidelines are called
What is a point?
1% of the loan amount
The pledge of real property as security for a debt is called
The major advantage of a Deed of Trust to a lender is
power of sale
A mortgage becomes a lien when it is
The document that is evidence of a borrower's promise to repay a loan is called a
When a lender collects principal, interest, taxes, and insurance (PITI) as part of a monthly payment, this is called
a budget loan
When a buyer purchases a property and takes over the payments and liability on an existing loan it is called
a straight assumption
A loan that covers two or more pieces of property on one note is called
a blanket loan
The most common approach for the appraisal of residential properties is the
Market Data Approach
The characteristics of value of land include demand, utility, scarcity, and transferability but not this...
Using the Cost Approach, the appraiser will calculate
land value+ building replacement cost- depreciation
Regulates closings on 1-4 residential properties with federally related financing
When lower value properties in an area cause a decline in the value of the subject property this is called
Higher value properties cause an increase in the value of the subject property is called
1 acre= how many sq ft?
43,560 sq. ft
Taking buyers to or away from a particular area based on any of the protected categories under Fair Housing Laws is called
steering or channeling
The largest fine for any single violation of the Fair Housing Act is
The Civil Rights Act of 1968 does NOT offer protection against discrimination based on...
If you believe you are a victim of discrimination under the Federal Fair Housing laws, how long do you have to file a complaint?
commission rate x sales price=
100% - commission rate x sales price=
% x total area=
100% + appreciation % x original cost=
100% - depreciation % x original cost=
% x original cost=
interest rate x loan amount=
% x list price=
% x market value=
tax rate x assessed value=
qualifying ratio x gross monthly income=
capitalization rate x market value=
% x total=
Part divided by the total =
Part divided by the % =