Principles of Real Estate I - quiz questions verified solutions

Principles of Real Estate I - quiz questions verified solutions Land includes surface rights, subsurface rights, and air rights. ️True Appurtenances are the rights, privileges, and improvements that go with a transfer of the land, even though they may not be part of it. ️True The physical characteristics of land are immobility, indestructibility, and non-homogeneity. ️True Even though natural disasters may alter its appearance, land is considered to be _____ because it is fixed in its location. 1. indestructible 2. permanent 3. immobile 4. inhabitable ️immobile A property's _____ is what a purchaser agrees to pay and what a seller agrees to accept based on circumstances surrounding the transaction. 2. value 3. offer 4. appraised value ️Price ESAC is ️The Education Standard Advisory Committee created under TRELA. What is real estate specialization? ️An opportunity to work in the area the agent feels most comfortable. Real estate specialization offers benefits to ___________. 1. The consumer 2. The practitioner 3. The lender 4. 1 and 2 ️1 and 2 Land and all things permanently attached to it, whether natural or man-made, is defined as _____. ️Real Estate What are the real estate rights above the ground surface called? ️Air Space Reciprocity is defined as ______. ️An agreement between states that allows the agent to be licensed in another state. The _____ represents an expected price that should result under specific conditions. ️Real Estate Value What industries are affected by fluctuations in the housing market? 1. College/Universities enrollment. 2. Residential construction. 3. Manufacturing. 4. All of the above. ️All of the above What information does a broker or sales agent typically market? ️Market Conditions A broker or sales agent that is qualified to answer questions about specific real estate is said to be ______. ️competent The purpose of the real estate license is to ensure the licensee meets the minimum standard of ______ mandated by Texas Real Estate Commission (TREC) ️1. Education 2. Ethics 3. Competence 4. All of the above What physical characteristics of land make it different from other commodities that are bought and sold? ️Its immobility Land subsurface rights include ______. ️Water and mineral rights The Interstate Land Sales Full Disclosure Act (ILSFDA) requires any developer selling more than 100 non exempt subdivided residential lots as part of a common promotional plan to file a statement containing disclosures, which include _____. 1. Financial statements 2. Infrastructure developments 3. Property conditions 4. All of the above ️All of the Above According to the Interstate Land Sales Full Disclosure Act (ILSFDA), a(n) _____ occurs when a purchaser acquires an equitable interest in the property. ️Sale What types of property sales are exempt from Interstate Land Sales Full Disclosure Act (ILSFDA) disclosure and registration requirements? ️The sale of property to a government agency. What constitutes a "service animal?" ️An animal that's been trained to aid an individual with a disability What laws are intended to regulate the rights and relations between landlords and tenants? ️Texas Property Code. Which professional real estate organization is open to real estate professionals involved in residential, commercial, appraisal, counseling, and even property management brokerage, and provides training, research, and idea exchange as well as business networking? ️National Association of REALTORS® (NAR) What professional real estate organization's mission is to "promote democracy in housing?" ️National Association of Real Estate Brokers (NAREB) What is the focused mission of the WCR? ️Advance women as professionals/leaders in the real estate business and industry. What group or agency administers and enforces real estate licensing laws in Texas? ️Texas Real Estate Commission (TREC) An item that is moveable but able to be transferred by a bill of sale when it is part of a transaction is