Texas Real Estate Principles 1 Study
Guide
Trec Commision Membership -
9 Members (6 brokers, 3 public) appointed by governor. They serve 6 year
staggered term.
Texas Real Estate Borker Lawyer Committee -
13 Members (6 brokers, 6 lawyers, 1 public)
General Eligibility Requirements to be Licensed by TREC -
18 years old
a US citizen or lawfully admitted alien
resident of the state
A certificate is required seperate of the license when -
buying, selling or leasing an easement pertaining to telecommunicaton, utility,
railroad or pipeline services.
Payments into Trust Account -
ensures the availibility of a sufficient amount to pay on anticipated claims on the
trust account
A commission may suspend or revoke a license for -
acting negligently or incompetently, comingling money and soliciting or selling
offers for the sale of real estate by means of a lottery
An appeal can be made on a decision by the commission -
it must be taken to the district court in the county where the administrative hearing
was held.
When dealing with a client it is mandatory to give them -
A copy of the "Information about brokerage services" form
The three Canons for professional ethics and conduct for Real Estate Licensees -
Fidelity, Integrity, Competency
Under what circumstances can a person be called a "Realtor?" -
That agent has to join the "NAR" National Association of Realtors to be called a
"Realtor"
What was the Fair Housing Laws or Civil Rights Act of 1866 -
FEDERAL LAW that where the only protected class was Race. No one can
discriminate because of RACE.
Civil Rights Act of 1968 -
, Amended the Civil Rights Act of 1866 to include race, color, national origin,
religion,
Civil Rights Act of 1974 -
Amended to include Sex (Male or Female)
Civil Rights Act of 1988 -
Amended to include Handicap and Familial status
Define Handicapped -
having a physical or mental disability (including hearing, mobility, visual
impairment, chronic mental illness and AIDS) that substantially limits one or more
major life activities.
Steering -
Illigal practice of directing home seekers to a particular neighborhood based on fair
housing protected classes. An agent cannot steer even if asked to by their client.
If a seller asks agent to discriminate -
agent must refuse to take the listing
ADA Americans with Disabilities Act -
enacted in 1992 deals with commercial property only
Personal Property -
Things not attached to the land
Chattel -
also known as Personal Property
How is Personal Property sold -
Bill of Sale
Classification of plants (Annual or fructus industrials or emblements) -
Personal Property
Appurtenances -
right or privilidge to land that goes with the land when ownership changes such as
parking lot spaces, easements, right or ways
Fixture -
was personal property but then became real estate because it has been attached
to the land
Tests of a fixture -
method of attachment (annexation)
Fitness or adaptation to property
Intention of the parties
Trade fixture -
Guide
Trec Commision Membership -
9 Members (6 brokers, 3 public) appointed by governor. They serve 6 year
staggered term.
Texas Real Estate Borker Lawyer Committee -
13 Members (6 brokers, 6 lawyers, 1 public)
General Eligibility Requirements to be Licensed by TREC -
18 years old
a US citizen or lawfully admitted alien
resident of the state
A certificate is required seperate of the license when -
buying, selling or leasing an easement pertaining to telecommunicaton, utility,
railroad or pipeline services.
Payments into Trust Account -
ensures the availibility of a sufficient amount to pay on anticipated claims on the
trust account
A commission may suspend or revoke a license for -
acting negligently or incompetently, comingling money and soliciting or selling
offers for the sale of real estate by means of a lottery
An appeal can be made on a decision by the commission -
it must be taken to the district court in the county where the administrative hearing
was held.
When dealing with a client it is mandatory to give them -
A copy of the "Information about brokerage services" form
The three Canons for professional ethics and conduct for Real Estate Licensees -
Fidelity, Integrity, Competency
Under what circumstances can a person be called a "Realtor?" -
That agent has to join the "NAR" National Association of Realtors to be called a
"Realtor"
What was the Fair Housing Laws or Civil Rights Act of 1866 -
FEDERAL LAW that where the only protected class was Race. No one can
discriminate because of RACE.
Civil Rights Act of 1968 -
, Amended the Civil Rights Act of 1866 to include race, color, national origin,
religion,
Civil Rights Act of 1974 -
Amended to include Sex (Male or Female)
Civil Rights Act of 1988 -
Amended to include Handicap and Familial status
Define Handicapped -
having a physical or mental disability (including hearing, mobility, visual
impairment, chronic mental illness and AIDS) that substantially limits one or more
major life activities.
Steering -
Illigal practice of directing home seekers to a particular neighborhood based on fair
housing protected classes. An agent cannot steer even if asked to by their client.
If a seller asks agent to discriminate -
agent must refuse to take the listing
ADA Americans with Disabilities Act -
enacted in 1992 deals with commercial property only
Personal Property -
Things not attached to the land
Chattel -
also known as Personal Property
How is Personal Property sold -
Bill of Sale
Classification of plants (Annual or fructus industrials or emblements) -
Personal Property
Appurtenances -
right or privilidge to land that goes with the land when ownership changes such as
parking lot spaces, easements, right or ways
Fixture -
was personal property but then became real estate because it has been attached
to the land
Tests of a fixture -
method of attachment (annexation)
Fitness or adaptation to property
Intention of the parties
Trade fixture -
