TEXAS PRE-LICENSE - PRINCIPALS
OF REAL ESTATE I (ACEABLE)
QUESTIONS & ACCURATE
COMPLETE ANSWERS
commercial property - Correct Answer ✔✔ A real estate specialty. Commercial property
includes: Office buildings, Retail Stores, gas stations
Industrial property - Correct Answer ✔✔ Includes commercial property used for:
manufacturing, storage, distribution centers, research, warehousing
Home inspector - Correct Answer ✔✔ A professional (that requires their own licensing)
who performs a visual assessment of a property's physical condition for a buyer or
seller. Prepares report of findings.
Indestructibility - Correct Answer ✔✔ (Physical durability) Land is permanent. It can not
be destroyed.
Fixity - Correct Answer ✔✔ Land can not be moved. Geographic characteristic.
situs - Correct Answer ✔✔ Desirability of a location. Economic preference for a location.
Real Estate Law basis - Correct Answer ✔✔ All RE law begins with the constitution.
First with the U.S. constitution and then by state constitution.
Who needs a real estate license? - Correct Answer ✔✔ Brokers, agents, and apartment
locators
Who does NOT need a real estate license? - Correct Answer ✔✔ New home builders,
attorneys, people who are selling or renting their own home, employees selling or
renting for their employer
TRELA stands for - Correct Answer ✔✔ Texas Real Estate License Act
What is TRELA? - Correct Answer ✔✔ TRELA is one part of the Texas Occupations
code. Chapter 1101 pertains to real estate agents and brokers, Chapter 1102 pertains
to inspectors.
Who enforces TRELA? - Correct Answer ✔✔ TREC (Texas Real Estate Commission)
ENFORCES TRELA (Texas Real Estate License Act)
, Main objectives of the Texas License Laws - Correct Answer ✔✔ - Protect the public
from incompetence by requiring a test for licensing
- set minimum standards
- maintain high ethical standards
Sunset Act - Correct Answer ✔✔ This act establishes a review of all agencies every 12
years to see if they're needed
professional organization - Correct Answer ✔✔ Trade organizations : NAR (National
association of realtors) REALTOR is trademarked. Their role is to provide education and
guidance for members.
DIY contracts - Correct Answer ✔✔ only an owner or a buyer can draft their own
contract. Brokers and agents CAN NOT draft their own contracts- considered an
unauthorized practice of law.
TREC on Discipline - Correct Answer ✔✔ An employee of the commission specifically
authorized by it pursuant to the Act, to conduct hearings and render final decisions in
contested cases may suspend or revoke a license or reprimand or place on probation a
licensee for a violation of the Act or a rule of the commission.
Appraiser - Correct Answer ✔✔ An individual qualified by education, training, and
experience to estimate the value of real property and personal property. Although some
appraisers work directly for mortgage lenders, most are independent.
Economic Scarcity - Correct Answer ✔✔ The wants and desires of people outweigh the
resources (land) available
Real Estate license eligibility - Correct Answer ✔✔ -18 years of age
-Texas Resident
- A US citizen or lawful alien
-good moral character
-sponsoring broker
Land - Correct Answer ✔✔ Tract of earth that includes ownership of the surface,
subsurface, and air rights
Real estate - Correct Answer ✔✔ land and anything that is attached to it
Real Property - Correct Answer ✔✔ includes the real estate and the bundle of rights.
Bundle of rights - Correct Answer ✔✔ Right of exclusion
right of possesion
right of disposition
right of quiet enjoyment
OF REAL ESTATE I (ACEABLE)
QUESTIONS & ACCURATE
COMPLETE ANSWERS
commercial property - Correct Answer ✔✔ A real estate specialty. Commercial property
includes: Office buildings, Retail Stores, gas stations
Industrial property - Correct Answer ✔✔ Includes commercial property used for:
manufacturing, storage, distribution centers, research, warehousing
Home inspector - Correct Answer ✔✔ A professional (that requires their own licensing)
who performs a visual assessment of a property's physical condition for a buyer or
seller. Prepares report of findings.
Indestructibility - Correct Answer ✔✔ (Physical durability) Land is permanent. It can not
be destroyed.
Fixity - Correct Answer ✔✔ Land can not be moved. Geographic characteristic.
situs - Correct Answer ✔✔ Desirability of a location. Economic preference for a location.
Real Estate Law basis - Correct Answer ✔✔ All RE law begins with the constitution.
First with the U.S. constitution and then by state constitution.
Who needs a real estate license? - Correct Answer ✔✔ Brokers, agents, and apartment
locators
Who does NOT need a real estate license? - Correct Answer ✔✔ New home builders,
attorneys, people who are selling or renting their own home, employees selling or
renting for their employer
TRELA stands for - Correct Answer ✔✔ Texas Real Estate License Act
What is TRELA? - Correct Answer ✔✔ TRELA is one part of the Texas Occupations
code. Chapter 1101 pertains to real estate agents and brokers, Chapter 1102 pertains
to inspectors.
Who enforces TRELA? - Correct Answer ✔✔ TREC (Texas Real Estate Commission)
ENFORCES TRELA (Texas Real Estate License Act)
, Main objectives of the Texas License Laws - Correct Answer ✔✔ - Protect the public
from incompetence by requiring a test for licensing
- set minimum standards
- maintain high ethical standards
Sunset Act - Correct Answer ✔✔ This act establishes a review of all agencies every 12
years to see if they're needed
professional organization - Correct Answer ✔✔ Trade organizations : NAR (National
association of realtors) REALTOR is trademarked. Their role is to provide education and
guidance for members.
DIY contracts - Correct Answer ✔✔ only an owner or a buyer can draft their own
contract. Brokers and agents CAN NOT draft their own contracts- considered an
unauthorized practice of law.
TREC on Discipline - Correct Answer ✔✔ An employee of the commission specifically
authorized by it pursuant to the Act, to conduct hearings and render final decisions in
contested cases may suspend or revoke a license or reprimand or place on probation a
licensee for a violation of the Act or a rule of the commission.
Appraiser - Correct Answer ✔✔ An individual qualified by education, training, and
experience to estimate the value of real property and personal property. Although some
appraisers work directly for mortgage lenders, most are independent.
Economic Scarcity - Correct Answer ✔✔ The wants and desires of people outweigh the
resources (land) available
Real Estate license eligibility - Correct Answer ✔✔ -18 years of age
-Texas Resident
- A US citizen or lawful alien
-good moral character
-sponsoring broker
Land - Correct Answer ✔✔ Tract of earth that includes ownership of the surface,
subsurface, and air rights
Real estate - Correct Answer ✔✔ land and anything that is attached to it
Real Property - Correct Answer ✔✔ includes the real estate and the bundle of rights.
Bundle of rights - Correct Answer ✔✔ Right of exclusion
right of possesion
right of disposition
right of quiet enjoyment
