Real Estate Exam: Principles of Real Estate 1 Exam Correctly Answered

Real Estate Exam: Principles of Real Estate 1 The purpose of the TRELA is to... - Answer- protect the public against unscrupulous brokers and salespersons. What is required to obtain a license in Texas? - Answer- be a resident of Texas at least 18 yrs of age at the time of application, be of good moral character, must show competency by passing the exam If the licensee pays a commission to any unlicensed person, places a sign offering a property without the written permission of the owner, sells real estate by lottery this can happen.... - Answer- A license can be revoked or suspended by the TREC How long does a consumer have to file a complaint with TREC against a licensee? - Answer- Four years Who promulgates real estate contract forms in Texas? - Answer- The Broker Lawyer Committee Which economic characteristic of land describes location preference from an economic point of view? - Answer- situs What is often considered the most important test of a fixture? - Answer- Intentions of the parties Which of the following is an example of an encroachment? - Answer- The neighbor's fence is on your land. PETE: police power, eminent domain ( private land for public use), Taxation, Escheat (gvt. Takes title of land where owner has no heirs or will) - Answer- The government's rights in land A property description that is considered an informal reference is - Answer- a street address. The highest priority lien against real property is - Answer- property tax The type of ownership in which the person has the most rights is called - Answer- fee simple Texas is a community property state. What is true about community property? - Answer- Property inherited by one spouse can remain separate property of that spouse. When property has only one owner it is called - Answer- severalty Property held by two or more owners with rights of survivorship is - Answer- joint tenancy