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Study sets matching "real estate principles 1"

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Study sets matching "real estate principles 1"

65 terms
Principles of real estate 1
The purpose of the Texas real estate l…
Climate views axis to natural re-creat…
When real property is sold
Emblements are
To protect the public again on scrupulous brokers and salesman
Situs
Pictures remain with the property
A.A personal property ... B. annually cultivated crops C. attach…
The purpose of the Texas real estate l…
To protect the public again on scrupulous brokers and salesman
Climate views axis to natural re-creat…
Situs
121 terms
Principles of Real Estate 1
Texas Real Estate Agent
Does a person who manages, buys, sells…
There are two types of licenses:
What is the most popular division of t…
A person who is licensed through TREC. ... Texas Real Estate Com…
No.
broker's and salesperson's license
Residential real estate because there are more transactions i…
Texas Real Estate Agent
A person who is licensed through TREC. ... Texas Real Estate Com…
Does a person who manages, buys, sells…
No.
73 terms
Real Estate Exam: Principles of Real Estate 1
The purpose of the TRELA is to...
What is required to obtain a license i…
If the licensee pays a commission to a…
How long does a consumer have to file…
protect the public against unscrupulous brokers and salespers…
be a resident of Texas at least 18 yrs of age at the time of…
A license can be revoked or suspended by the TREC
Four years
The purpose of the TRELA is to...
protect the public against unscrupulous brokers and salespers…
What is required to obtain a license i…
be a resident of Texas at least 18 yrs of age at the time of…
26 terms
1 Real Estate Principles
Real Estate, Real Property, or Realty
Personal Property
Heterogeneity aka Nonhomogeniety
Homogeniety
Land and everything that is permanently attached to the land.…
Tangible - Everything that is readily removable
No two parcels of land are identical
Neighborhoods that are made up of similar properties
Real Estate, Real Property, or Realty
Land and everything that is permanently attached to the land.…
Personal Property
Tangible - Everything that is readily removable
30 terms
Principles of Real Estate 1
Appraisal
Statutory Law
Nonhomogeneity
Fixity
Opinion of value
Law based upon legislation
No two pieces of land are alike
Land can not be moved
Appraisal
Opinion of value
Statutory Law
Law based upon legislation
73 terms
Real Estate Exam: Principles of Real Estate 1
The purpose of the TRELA is to...
What is required to obtain a license i…
If the licensee pays a commission to a…
How long does a consumer have to file…
protect the public against unscrupulous brokers and salespers…
be a resident of Texas at least 18 yrs of age at the time of…
A license can be revoked or suspended by the TREC
Four years
The purpose of the TRELA is to...
protect the public against unscrupulous brokers and salespers…
What is required to obtain a license i…
be a resident of Texas at least 18 yrs of age at the time of…
69 terms
Principles of Real Estate 1
Brokerage is the aspect of the real es…
Property managers are generally respon…
Mortgage brokers are now know as.
The largest trade organization represe…
True
- day to day operations... -Maintenance... - Tenant relations
RMLOs
NAR
Brokerage is the aspect of the real es…
True
Property managers are generally respon…
- day to day operations... -Maintenance... - Tenant relations
86 terms
Principles of Real Estate 1
Statutory Law
Common Law
Economic Characteristics of law
Sources of law
Is the body of law and regulations enacted by federal and sta…
Is a body of law based on common sense and local customs.
Scarcity- When there is a shortage of some things that indivi…
Common law and Statutory law
Statutory Law
Is the body of law and regulations enacted by federal and sta…
Common Law
Is a body of law based on common sense and local customs.
17 terms
Real Estate Principles (1)
creation & improvement
management & mantenance
property managers
asset managers
the creation of new homes on a land space and/or improving cu…
property managers and asset managers
make sure the condition of property and financial performance…
achieve investment goals set by owners
creation & improvement
the creation of new homes on a land space and/or improving cu…
management & mantenance
property managers and asset managers
121 terms
Principles of Real Estate 1
Texas Real Estate Agent
Does a person who manages, buys, sells…
There are two types of licenses:
What is the most popular division of t…
A person who is licensed through TREC. ... Texas Real Estate Com…
No.
broker's and salesperson's license
Residential real estate because there are more transactions i…
Texas Real Estate Agent
A person who is licensed through TREC. ... Texas Real Estate Com…
Does a person who manages, buys, sells…
No.
95 terms
Principles of Real Estate - 1
Real Estate
Improvements
Personal Property
Fixture
(Also known as real property) It is defined as land & it's im…
Any form of land development, such as buildings, roads, fence…
A right or interest in things of a temporary or movable nature.
An object that has been attached to land so as to become real…
Real Estate
(Also known as real property) It is defined as land & it's im…
Improvements
Any form of land development, such as buildings, roads, fence…
60 terms
Principles of Real Estate 1
All of the following violate the Texas…
The aspect of the real estate business…
An attorney from another state must ha…
all of the following are true about a…
Disclosing all known facts pertaining to a property to a client
brokerage
true
homestead protection can be waived in writing
All of the following violate the Texas…
Disclosing all known facts pertaining to a property to a client
The aspect of the real estate business…
brokerage
62 terms
Principles Of Real Estate 1
A ________ is generally considered to…
A seller's disclosure notice does not…
__________ can be deducted for income…
A _________ will always be required by…
Manufactured Home
- Court ordered sale... - Will or Trust... - Governmental Entity
- Loan discount points
- Home owner's insurance policy
A ________ is generally considered to…
Manufactured Home
A seller's disclosure notice does not…
- Court ordered sale... - Will or Trust... - Governmental Entity
129 terms
Texas Real Estate Principles 1
Trec Commision Membership
Texas Real Estate Borker Lawyer Commit…
General Eligibility Requirements to be…
A certificate is required seperate of…
9 Members (6 brokers, 3 public) appointed by governor. They s…
13 Members (6 brokers, 6 lawyers, 1 public)
18 years old... a US citizen or lawfully admitted alien... resident…
buying, selling or leasing an easement pertaining to telecomm…
Trec Commision Membership
9 Members (6 brokers, 3 public) appointed by governor. They s…
Texas Real Estate Borker Lawyer Commit…
13 Members (6 brokers, 6 lawyers, 1 public)
60 terms
Principles of Real Estate 1
All of the following violate the Texas…
The aspect of the real estate business…
An attorney from another state must ha…
all of the following are true about a…
Disclosing all known facts pertaining to a property to a client
brokerage
true
homestead protection can be waived in writing
All of the following violate the Texas…
Disclosing all known facts pertaining to a property to a client
The aspect of the real estate business…
brokerage
181 terms
Texas Real Estate Principles 1
Trec Commision Membership
Texas Real Estate Borker Lawyer Commit…
General Eligibility Requirements to be…
A certificate is required seperate of…
9 Members (6 brokers, 3 public) appointed by governor. They s…
13 Members (6 brokers, 6 lawyers, 1 public)
18 years old... a US citizen or lawfully admitted alien... resident…
buying, selling or leasing an easement pertaining to telecomm…
Trec Commision Membership
9 Members (6 brokers, 3 public) appointed by governor. They s…
Texas Real Estate Borker Lawyer Commit…
13 Members (6 brokers, 6 lawyers, 1 public)
17 terms
Principles of Real Estate 1
Who does not require a license?
Residential Brokerage
Apartment Locators
A person who buys, sells, leases, rents, or manages their own…
Involves helping a person to buy or sell a house, condo, or d…
Are also involved in residential real estate. Required to hav…
Who does not require a license?
A person who buys, sells, leases, rents, or manages their own…
Residential Brokerage
Involves helping a person to buy or sell a house, condo, or d…
15 terms
Principles of Real Estate Chapter 1, Intro to the Real Estate Business
REALTOR
home inspection
manufactured home
associate licensee
active member of state and local REALTOR associations affilia…
a thorough visual survey of a property's structure, systems,…
a permanent installation built to federal specifications, pro…
a licensed real estate salesperson who is employed by or asso…
REALTOR
active member of state and local REALTOR associations affilia…
home inspection
a thorough visual survey of a property's structure, systems,…
65 terms
Principles of real estate 1
The purpose of the Texas real estate l…
Climate views axis to natural re-creat…
When real property is sold
Emblements are
To protect the public again on scrupulous brokers and salesman
Situs
Pictures remain with the property
A.A personal property ... B. annually cultivated crops C. attach…
The purpose of the Texas real estate l…
To protect the public again on scrupulous brokers and salesman
Climate views axis to natural re-creat…
Situs
73 terms
Real Estate Exam: Principles of Real Estate 1
The purpose of the TRELA is to...
What is required to obtain a license i…
If the licensee pays a commission to a…
How long does a consumer have to file…
protect the public against unscrupulous brokers and salespers…
be a resident of Texas at least 18 yrs of age at the time of…
A license can be revoked or suspended by the TREC
Four years
The purpose of the TRELA is to...
protect the public against unscrupulous brokers and salespers…
What is required to obtain a license i…
be a resident of Texas at least 18 yrs of age at the time of…
60 terms
REAL ESTATE PRINCIPLES 1
The purpose of the Texas Real Estate L…
Climate, views, access to natural recr…
When real property is sold:
Emblements are:
To protect the public against unscrupulous brokers and salesmen
Situs
Fixtures remain with the property
Personal property... Annually cultivated crops... Attached to the l…
The purpose of the Texas Real Estate L…
To protect the public against unscrupulous brokers and salesmen
Climate, views, access to natural recr…
Situs
39 terms
Principles of Real Estate 1
is the aspect of the real estate busin…
is to protect the public against unscr…
Any man made addition to the land that…
Personal property that has become atta…
Brokerage
The purpose of TRELA
improvements
Fixture
is the aspect of the real estate busin…
Brokerage
is to protect the public against unscr…
The purpose of TRELA
65 terms
Principles of real estate 1
The purpose of the Texas real estate l…
Climate views axis to natural re-creat…
When real property is sold
Emblements are
To protect the public again on scrupulous brokers and salesman
Situs
Pictures remain with the property
A.A personal property ... B. annually cultivated crops C. attach…
The purpose of the Texas real estate l…
To protect the public again on scrupulous brokers and salesman
Climate views axis to natural re-creat…
Situs
316 terms
Principles 1: Real Estate Exam
The Recovery Trust Account
Property Taxes
If an individual dies without a will:
The duties of a principal do NOT inclu…
Protects consumers who suffer a loss due to illegal acts of l…
Are according to value; Create the highest priority lien on r…
An administrator will be appointed by the courts to settle hi…
Obedience.
The Recovery Trust Account
Protects consumers who suffer a loss due to illegal acts of l…
Property Taxes
Are according to value; Create the highest priority lien on r…
150 terms
Principles of Real Estate 1
All of the following are participants…
In order to apply for a broker's licen…
Professions that require a real estate…
Easements, rights-of-way, and condomin…
D. TREC
D. 4 years of the previous 60 months
D. Both A and B
D. Appurtenances
All of the following are participants…
D. TREC
In order to apply for a broker's licen…
D. 4 years of the previous 60 months
60 terms
Principles of Real Estate 1
All of the following violate the Texas…
The aspect of the real estate business…
An attorney from another state must ha…
all of the following are true about a…
Disclosing all known facts pertaining to a property to a client
brokerage
true
homestead protection can be waived in writing
All of the following violate the Texas…
Disclosing all known facts pertaining to a property to a client
The aspect of the real estate business…
brokerage
55 terms
Principle of Real Estate 1
Coinsurance Clause
homeowner's insurance
If the sellers are a married a seller…
A seller can exclude up to
homeowner have ... insurance that is equal to 80% of the home's…
The most common type of insurance is
$500,000 of any capital gain on the sale
$250,000 of any capital gain on the sale
Coinsurance Clause
homeowner have ... insurance that is equal to 80% of the home's…
homeowner's insurance
The most common type of insurance is
51 terms
Real Estate Principles 1 FINAL
a person appointed by a court to settl…
a voluntary gift of private land to th…
a broker's license is suspended for on…
a license is
an administrator
dedication
cannot perform any of the duties of a salesperson until their…
a personal privilege given to someone to use land
a person appointed by a court to settl…
an administrator
a voluntary gift of private land to th…
dedication
30 terms
Real Estate Principles 1 Practice
An attorney-in-fact derives his powers…
Marketable title to real estate is tit…
deeds are usual acknowledged to
which of the following would be consid…
a power of attorney
free of reasonable doubt as to ownership
make them admissible to the public records
hot water heater
An attorney-in-fact derives his powers…
a power of attorney
Marketable title to real estate is tit…
free of reasonable doubt as to ownership
73 terms
Real Estate Exam: Principles of Real Estate 1
The purpose of the TRELA is to...
What is required to obtain a license i…
If the licensee pays a commission to a…
How long does a consumer have to file…
protect the public against unscrupulous brokers and salespers…
be a resident of Texas at least 18 yrs of age at the time of…
A license can be revoked or suspended by the TREC
Four years
The purpose of the TRELA is to...
protect the public against unscrupulous brokers and salespers…
What is required to obtain a license i…
be a resident of Texas at least 18 yrs of age at the time of…
73 terms
Real Estate Exam: Principles of Real Estate 1
The purpose of the TRELA is to...
What is required to obtain a license i…
If the licensee pays a commission to a…
How long does a consumer have to file…
protect the public against unscrupulous brokers and salespers…
be a resident of Texas at least 18 yrs of age at the time of…
A license can be revoked or suspended by the TREC
Four years
The purpose of the TRELA is to...
protect the public against unscrupulous brokers and salespers…
What is required to obtain a license i…
be a resident of Texas at least 18 yrs of age at the time of…
60 terms
Principles of Real Estate 1 homework
the purpose of the Texas Real Estate L…
climate, views, access to natural recr…
when real property is sold
Emblements are
to protect the public against unscrupulous brokers and sales…
Situs
fixtures remain with the property
personal property, annually cultivated crops, and are attache…
the purpose of the Texas Real Estate L…
to protect the public against unscrupulous brokers and sales…
climate, views, access to natural recr…
Situs
69 terms
Principles of Real Estate II- 1
A point is ____% of the loan amount?
Laws that limit the amount of interest…
The secondary mortgage market is?
A lease for a definite period of time,…
1%
Usury laws
A market in which mortgage loans can be sold to investors
Estate for years
A point is ____% of the loan amount?
1%
Laws that limit the amount of interest…
Usury laws
20 terms
Real Estate Principles Ch. 1
Capitalism
Net Worth
Appreciation
Inflation
An economic system in which most of the economy's resources a…
The value of all assets minus all liabilities.
The increase in market value of real estate.
The increase in the general price level of goods and services.
Capitalism
An economic system in which most of the economy's resources a…
Net Worth
The value of all assets minus all liabilities.
61 terms
RealEstate Principles Exam 1
separating land
partitioning land
air rights
Real Estate
selling land, but keeping mineral rights
splitting the mineral rights between old and new owner
at a certain height, the air becomes public... -highest structur…
land and any permanent structures... -stays with the property wh…
separating land
selling land, but keeping mineral rights
partitioning land
splitting the mineral rights between old and new owner
Principles of Real Estate Exam 1
Characteristics of Competitive Markets:
1 section = ?
320 acres = ?
1 acre= ?
- supply and demand are in equilibrium ... - price= value (asset…
640
1/2 section = 1 square mile
43,560 feet
Characteristics of Competitive Markets:
- supply and demand are in equilibrium ... - price= value (asset…
1 section = ?
640
73 terms
Real Estate Exam: Principles of Real Estate 1
The purpose of the TRELA is to...
What is required to obtain a license i…
If the licensee pays a commission to a…
How long does a consumer have to file…
protect the public against unscrupulous brokers and salespers…
be a resident of Texas at least 18 yrs of age at the time of…
A license can be revoked or suspended by the TREC
Four years
The purpose of the TRELA is to...
protect the public against unscrupulous brokers and salespers…
What is required to obtain a license i…
be a resident of Texas at least 18 yrs of age at the time of…
73 terms
Real Estate Exam: Principles of Real Estate 1
The purpose of the TRELA is to...
What is required to obtain a license i…
If the licensee pays a commission to a…
How long does a consumer have to file…
protect the public against unscrupulous brokers and salespers…
be a resident of Texas at least 18 yrs of age at the time of…
A license can be revoked or suspended by the TREC
Four years
The purpose of the TRELA is to...
protect the public against unscrupulous brokers and salespers…
What is required to obtain a license i…
be a resident of Texas at least 18 yrs of age at the time of…
137 terms
Real Estate Principles 1 - Texas
Civil Rights Acts of 1866
Steering
Blockbusting
Equal Credit Opportunity Act of 1974
Prohibits only and all racial discrimination
Directing Home Seekers to particular neighborhoods based on t…
Real estate agents creating fear in a neighborhood in order t…
Prohibits discrimination based on race color, etc. and receip…
Civil Rights Acts of 1866
Prohibits only and all racial discrimination
Steering
Directing Home Seekers to particular neighborhoods based on t…
17 terms
Real Estate Principles Terms #1
1. Lot, block, & tract 2. Metes and Bo…
metes
bounds
base lines
Three methods to legally describe and locate Land
Refer to the measurement of length, using items such as inche…
Refer to the use of boundaries, both natural and artificial,…
The main imaginary line running east and west and crossing a…
1. Lot, block, & tract 2. Metes and Bo…
Three methods to legally describe and locate Land
metes
Refer to the measurement of length, using items such as inche…
129 terms
Texas Real Estate Principles 1
Trec Commision Membership
Texas Real Estate Borker Lawyer Commit…
General Eligibility Requirements to be…
A certificate is required seperate of…
9 Members (6 brokers, 3 public) appointed by governor. They s…
13 Members (6 brokers, 6 lawyers, 1 public)
18 years old... a US citizen or lawfully admitted alien... resident…
buying, selling or leasing an easement pertaining to telecomm…
Trec Commision Membership
9 Members (6 brokers, 3 public) appointed by governor. They s…
Texas Real Estate Borker Lawyer Commit…
13 Members (6 brokers, 6 lawyers, 1 public)
16 terms
Principles of Real Estate MC 1
Brokerage is the aspect of the real es…
Property managers are generally respon…
Mortgage brokers are now known as: ... a.…
The largest trade organization represe…
A
D
C
B
Brokerage is the aspect of the real es…
A
Property managers are generally respon…
D
18 terms
Real Estate Principles Ch. 1
California is X largest state
Highest and lowest point in California:
Gold rush year and location
California is x largest economy in the…
3rd largest state
Highest: Mount Whitney... Lowest: Death Valley
1848, Sutter's Mill
8th
California is X largest state
3rd largest state
Highest and lowest point in California:
Highest: Mount Whitney... Lowest: Death Valley
22 terms
Georgia Principles of Real Estate 1
Bundle of Rights
Surface Rights
Air Rights
Subsurface Rights
Right to possess... Right to control within legal limits... Right t…
Right to control, occupy and use the surface area of a parcel…
Legal right to control occupy or use airspace above a parcel…
Right to explore drill or dig below the surface for minerals…
Bundle of Rights
Right to possess... Right to control within legal limits... Right t…
Surface Rights
Right to control, occupy and use the surface area of a parcel…
60 terms
Principles of Real Estate 1 Final
To be eligible to receive a license un…
Johnson grants an estate in land to Jo…
The 5 essential elements that make a c…
The equal Credit opportunity act appli…
False
Life estate
True
both a person that makes loans on a regular basis AND a lendi…
To be eligible to receive a license un…
False
Johnson grants an estate in land to Jo…
Life estate
25 terms
Texas Principles of Real Estate 1
-9 board members: 6 members from real…
-Administer Chapter 1101 and Chapter 1…
Real Estate Recovery Fund; TREC
license fee
4 characteristics of the Texas Real Estate Commission:
What are 5 responsibilities of TREC?
The Texas Real Estate License Act (TRELA) established what fo…
What is paid into the Real Estate Recovery Fund to maintain a…
-9 board members: 6 members from real…
4 characteristics of the Texas Real Estate Commission:
-Administer Chapter 1101 and Chapter 1…
What are 5 responsibilities of TREC?
22 terms
California real estate principles chapter 1
Acre
admission date
airspace
base lines
in area of land that contains 43,560 sq. ft. 4840 sq yards
September 9, 1850 California became a state
the reasonable space above a parcel; or in a condominium, the…
imaginary East - West lines that intersect meridian lines to…
Acre
in area of land that contains 43,560 sq. ft. 4840 sq yards
admission date
September 9, 1850 California became a state
19 terms
Chapter 1 Real Estate Principles
Prepaid Rental Listing Service
Recovery Account
Real Estate Education and Research Fund
Blind Advertisement
a business that supplies prospective tenants with listings of…
State fund financed by real estate license fees and intended…
California Fund financed by a fixed portion of real estate li…
ad in which the person placing the ad is not mentioned
Prepaid Rental Listing Service
a business that supplies prospective tenants with listings of…
Recovery Account
State fund financed by real estate license fees and intended…
60 terms
Principles of Real Estate 1 homework
the purpose of the Texas Real Estate L…
climate, views, access to natural recr…
when real property is sold
Emblements are
to protect the public against unscrupulous brokers and sales…
Situs
fixtures remain with the property
personal property, annually cultivated crops, and are attache…
the purpose of the Texas Real Estate L…
to protect the public against unscrupulous brokers and sales…
climate, views, access to natural recr…
Situs
129 terms
Texas Real Estate Principles 1
Trec Commision Membership
Texas Real Estate Borker Lawyer Commit…
General Eligibility Requirements to be…
A certificate is required seperate of…
9 Members (6 brokers, 3 public) appointed by governor. They s…
13 Members (6 brokers, 6 lawyers, 1 public)
18 years old... a US citizen or lawfully admitted alien... resident…
buying, selling or leasing an easement pertaining to telecomm…
Trec Commision Membership
9 Members (6 brokers, 3 public) appointed by governor. They s…
Texas Real Estate Borker Lawyer Commit…
13 Members (6 brokers, 6 lawyers, 1 public)
1 of 10