TEXAS REAL ESTATE PRINCIPLES 1 -
UNIT 1 EXAM QUESTIONS &
ACCURATE PASSED ANSWERS
The Committee has _____ members appointed by the Commission. - Correct Answer
✔✔ 12
The __________ is a statute that is administered and enforced by the Texas Real
Estate Commission (TREC), which is a state agency. - Correct Answer ✔✔ Real Estate
License Act
A successful career in real estate requires someone to: - Correct Answer ✔✔ be a self-
started.
A peak is characterized as the __________ turning point of a business cycle. - Correct
Answer ✔✔ upper
To be eligible to get a Texas real estate sales agent or broker license, a person must: -
Correct Answer ✔✔ All of the choices apply
Which of the following is not a duty of TREC? - Correct Answer ✔✔ Creates state laws,
statues, and rules
What are changes in business and economic activity that occur within the year? -
Correct Answer ✔✔ Short-term fluctuations.
The majority of new licensees begin their careers with a __________ to help
homeowners sell and homebuyers purchase homes. - Correct Answer ✔✔ residential
brokerage
Which of the following statements is true regarding NAR and TAR? - Correct Answer
✔✔ All of the choices apply.
Any person who wants to engage in the real estate business and act as a real estate
broker or real estate sales agent within the state of Texas must obtain a license from
the: - Correct Answer ✔✔ Texas Real Estate Commission.
The Education Standards Advisory Committee is responsible for reviewing and revising:
- Correct Answer ✔✔ All of the choices apply.
A(n) __________ is a rule issued by an administrative agency to enforce or amplify a
statute. - Correct Answer ✔✔ regulation
, A __________ is a voluntary nonprofit organization of independent and competing
business units engaged in the same industry or trade, formed to help solve industry
problems, promote progress, and enhance service. - Correct Answer ✔✔ trade
association
Which of the following is true regarding the employee tax status for real estate sales
agents or broker-sales agents? - Correct Answer ✔✔ All of the choices apply.
Which of the following gives buyers the best opportunity to purchase real estate? -
Correct Answer ✔✔ Trough
In addition to the legal and ethical requirements, to be eligible to get a Texas real estate
sales agent or broker license, the applicant must: - Correct Answer ✔✔ both complete
the required courses of study and pass the state licensing examination.
Real estate agents who do not comply with the duties and obligations required by law
may be subject to: - Correct Answer ✔✔ All of the choices apply.
Any form of online presence that allows end users to engage in multi-directional
conversations in or around the content on the website is referred to as: - Correct
Answer ✔✔ Social Media
Advertisements must include a designation, such as __________, that identifies the
advertiser as a real estate agent. - Correct Answer ✔✔ all of the choices apply
The two main types of real estate licenses are the: - Correct Answer ✔✔ broker's
license and sales agent's license.
__________ is written law enacted by state (or federal) legislative bodies. - Correct
Answer ✔✔ Statutory law
What encompasses the activities a sales agent performs in order to seek out potential
clients? - Correct Answer ✔✔ Prospecting
The Education Standards Advisory Committee was created in: - Correct Answer ✔✔
2012.
If a real estate salesperson closes on a transaction, who pays the salesperson their
commission? - Correct Answer ✔✔ The salesperson's sponsoring broker
A means of comparing similar type properties, which have recently sold, to the subject
property is known as the? - Correct Answer ✔✔ Market Comparison Approach
The market comparison approach is commonly used for this property type? - Correct
Answer ✔✔ Residential
UNIT 1 EXAM QUESTIONS &
ACCURATE PASSED ANSWERS
The Committee has _____ members appointed by the Commission. - Correct Answer
✔✔ 12
The __________ is a statute that is administered and enforced by the Texas Real
Estate Commission (TREC), which is a state agency. - Correct Answer ✔✔ Real Estate
License Act
A successful career in real estate requires someone to: - Correct Answer ✔✔ be a self-
started.
A peak is characterized as the __________ turning point of a business cycle. - Correct
Answer ✔✔ upper
To be eligible to get a Texas real estate sales agent or broker license, a person must: -
Correct Answer ✔✔ All of the choices apply
Which of the following is not a duty of TREC? - Correct Answer ✔✔ Creates state laws,
statues, and rules
What are changes in business and economic activity that occur within the year? -
Correct Answer ✔✔ Short-term fluctuations.
The majority of new licensees begin their careers with a __________ to help
homeowners sell and homebuyers purchase homes. - Correct Answer ✔✔ residential
brokerage
Which of the following statements is true regarding NAR and TAR? - Correct Answer
✔✔ All of the choices apply.
Any person who wants to engage in the real estate business and act as a real estate
broker or real estate sales agent within the state of Texas must obtain a license from
the: - Correct Answer ✔✔ Texas Real Estate Commission.
The Education Standards Advisory Committee is responsible for reviewing and revising:
- Correct Answer ✔✔ All of the choices apply.
A(n) __________ is a rule issued by an administrative agency to enforce or amplify a
statute. - Correct Answer ✔✔ regulation
, A __________ is a voluntary nonprofit organization of independent and competing
business units engaged in the same industry or trade, formed to help solve industry
problems, promote progress, and enhance service. - Correct Answer ✔✔ trade
association
Which of the following is true regarding the employee tax status for real estate sales
agents or broker-sales agents? - Correct Answer ✔✔ All of the choices apply.
Which of the following gives buyers the best opportunity to purchase real estate? -
Correct Answer ✔✔ Trough
In addition to the legal and ethical requirements, to be eligible to get a Texas real estate
sales agent or broker license, the applicant must: - Correct Answer ✔✔ both complete
the required courses of study and pass the state licensing examination.
Real estate agents who do not comply with the duties and obligations required by law
may be subject to: - Correct Answer ✔✔ All of the choices apply.
Any form of online presence that allows end users to engage in multi-directional
conversations in or around the content on the website is referred to as: - Correct
Answer ✔✔ Social Media
Advertisements must include a designation, such as __________, that identifies the
advertiser as a real estate agent. - Correct Answer ✔✔ all of the choices apply
The two main types of real estate licenses are the: - Correct Answer ✔✔ broker's
license and sales agent's license.
__________ is written law enacted by state (or federal) legislative bodies. - Correct
Answer ✔✔ Statutory law
What encompasses the activities a sales agent performs in order to seek out potential
clients? - Correct Answer ✔✔ Prospecting
The Education Standards Advisory Committee was created in: - Correct Answer ✔✔
2012.
If a real estate salesperson closes on a transaction, who pays the salesperson their
commission? - Correct Answer ✔✔ The salesperson's sponsoring broker
A means of comparing similar type properties, which have recently sold, to the subject
property is known as the? - Correct Answer ✔✔ Market Comparison Approach
The market comparison approach is commonly used for this property type? - Correct
Answer ✔✔ Residential
