CHAMPIONS SCHOOL OF REAL ESTATE-PRINCIOLES OF REAL
ESTATE EXAM QUESTIONS AND VERIFIED ANSWERS 2026
LATEST UPDATE
3 |Physical |Characteristics |of |Land |- |answer-Indestructibility |or |durability
Immobility
|
Non |homogeneity
Mortgage |Lending |- |answer-business |of |providing |money |to |individuals |or |corporations |for |the
|conditional |transfer |or |pledge |of |real |estate |as |security |for |payment |of |a |debt
RMLO |- |answer-Residential |Mortgage |Lenders |Originator
Property |Management |- |answer-Management |of |residential |and |commercial |properties |on |behalf |of
|owner/investor
Apartment |Locators |- |answer-Locates |rentals |of |tenants |in |multi-family |complexes. |Has |knowledge |of
|amenities |of |all |complexes |in |the |market |area. |Paid |a |fee |by |apartment |complex |for |referals
Home |Inspectors |- |answer-Inspects |properties |for |habitability |including |HVAC, |Plumbing, |electrical |and
|construction |methods
Real |Estate |Development |- |answer-Involves |the |acquisition |of |land |for |development |into |residential
|subdivisions, |retail |center |and |commercial |uses
Oil |and |Gas |Landman |- |answer-Negotiates |oil |and |gas |leases |with |mineral |owners. |Title |work |to
|determine |mineral |ownership
TREC |- |answer-Texas |Real |Estate |Commision
Education |Standards |Advisory |Cmte |- |answer-12 |members-7 |brokers, |4 |education |board |members, |1
|public |member. |Reviews |and |revises |curriculum |standards, |course |requirements.
,NAR-National |Association |of |Realtors |- |answer-Largest |professional |organization |for |RE |profs.
|Divided |into |State |and |Local |boards. |Operates |the |MLS
IREM-Institute |of |RE |Mgmt |- |answer-Intl |cmte |of |RE |managers.
CCIM-Certified |Commercial |Investment |Memeber |- |answer-Est |1954. |Furthers |business |practices
|through |education |and |networking
SIOR-Society |of |Industrial |and |office |realtors |- |answer-Professional |affiliate |of |the |NAR. |Specializes |in
|industrial, |office, |sales |managers, |executive |manager |or |advisory |service
ICSC-International |Council |of |Shopping |Centers |- |answer-Purpose |is |to |advance |the |shopping |center
|industry. |Promotes |commercial |distribution |of |consumer |goods |and |service
BOMA-Building |Owners |and |Managers |Assoc |- |answer-Member |are |building |owners,
|managers, |developers, |leasing |professionals, |corporate |facility |managers, |asset |managers,
|and |providers |of |products |and |services |to |operate |commercial |properties
Land |is |developed... |- |answer-by |appearance, |location |and |scenic |value
Land |is |described... |- |answer-by |utility |and |suitability |for |a |specific |use
Land |and |Real |Estate |property |- |answer-must |be |described |in |a |distinguishable |manner |from |personal
|property.
4 |Economic |Characteristics |of |Land |- |answer-Scarcity
Modification
|
Fixity
Situs
|
Indestructibility |or |durability |- |answer-Land |cannot |be |destroyed
, Immobility |- |answer-land |cannot |be |moved, |owner |must |go |to |the |land
Non-homogeneity |- |answer-no |2 |parcels |of |land |is |the |same.
Scarcity |- |answer-supply |and |demand. |Shortage |of |what |people |want |price |goes |up; |less |land |price
|increases, |more |land |price |decreases
Modification |- |answer-value |is |affected |by |man-made |changes |to |the |land |itself |or |offsite
|improvements
Fixity |- |answer-land |and |addition |to |land |take |a |long |time |to |pay |for |themselves.
Situs |- |answer-Location |of |property |or |land |from |and |economic |not |geographic |viewpoint
value |- |answer-fair |return |in |goods, |services |or |money |for |something |exchanged. |The |monetary |worth
|of |something.
Real |Estate |Value |- |answer-determined |by |personal |preference |which |is |subjective
Supply |and |demand |- |answer-high |demand=low |inventory, |price |increases
Low |Demand=high |inventory, |price |decreases
|
Supply |is |restricted |by |- |answer-Land |costs
construction
|
taxation
economics
|
building |and |zoning |ordinances
Growth |policies |of |cities
|
ESTATE EXAM QUESTIONS AND VERIFIED ANSWERS 2026
LATEST UPDATE
3 |Physical |Characteristics |of |Land |- |answer-Indestructibility |or |durability
Immobility
|
Non |homogeneity
Mortgage |Lending |- |answer-business |of |providing |money |to |individuals |or |corporations |for |the
|conditional |transfer |or |pledge |of |real |estate |as |security |for |payment |of |a |debt
RMLO |- |answer-Residential |Mortgage |Lenders |Originator
Property |Management |- |answer-Management |of |residential |and |commercial |properties |on |behalf |of
|owner/investor
Apartment |Locators |- |answer-Locates |rentals |of |tenants |in |multi-family |complexes. |Has |knowledge |of
|amenities |of |all |complexes |in |the |market |area. |Paid |a |fee |by |apartment |complex |for |referals
Home |Inspectors |- |answer-Inspects |properties |for |habitability |including |HVAC, |Plumbing, |electrical |and
|construction |methods
Real |Estate |Development |- |answer-Involves |the |acquisition |of |land |for |development |into |residential
|subdivisions, |retail |center |and |commercial |uses
Oil |and |Gas |Landman |- |answer-Negotiates |oil |and |gas |leases |with |mineral |owners. |Title |work |to
|determine |mineral |ownership
TREC |- |answer-Texas |Real |Estate |Commision
Education |Standards |Advisory |Cmte |- |answer-12 |members-7 |brokers, |4 |education |board |members, |1
|public |member. |Reviews |and |revises |curriculum |standards, |course |requirements.
,NAR-National |Association |of |Realtors |- |answer-Largest |professional |organization |for |RE |profs.
|Divided |into |State |and |Local |boards. |Operates |the |MLS
IREM-Institute |of |RE |Mgmt |- |answer-Intl |cmte |of |RE |managers.
CCIM-Certified |Commercial |Investment |Memeber |- |answer-Est |1954. |Furthers |business |practices
|through |education |and |networking
SIOR-Society |of |Industrial |and |office |realtors |- |answer-Professional |affiliate |of |the |NAR. |Specializes |in
|industrial, |office, |sales |managers, |executive |manager |or |advisory |service
ICSC-International |Council |of |Shopping |Centers |- |answer-Purpose |is |to |advance |the |shopping |center
|industry. |Promotes |commercial |distribution |of |consumer |goods |and |service
BOMA-Building |Owners |and |Managers |Assoc |- |answer-Member |are |building |owners,
|managers, |developers, |leasing |professionals, |corporate |facility |managers, |asset |managers,
|and |providers |of |products |and |services |to |operate |commercial |properties
Land |is |developed... |- |answer-by |appearance, |location |and |scenic |value
Land |is |described... |- |answer-by |utility |and |suitability |for |a |specific |use
Land |and |Real |Estate |property |- |answer-must |be |described |in |a |distinguishable |manner |from |personal
|property.
4 |Economic |Characteristics |of |Land |- |answer-Scarcity
Modification
|
Fixity
Situs
|
Indestructibility |or |durability |- |answer-Land |cannot |be |destroyed
, Immobility |- |answer-land |cannot |be |moved, |owner |must |go |to |the |land
Non-homogeneity |- |answer-no |2 |parcels |of |land |is |the |same.
Scarcity |- |answer-supply |and |demand. |Shortage |of |what |people |want |price |goes |up; |less |land |price
|increases, |more |land |price |decreases
Modification |- |answer-value |is |affected |by |man-made |changes |to |the |land |itself |or |offsite
|improvements
Fixity |- |answer-land |and |addition |to |land |take |a |long |time |to |pay |for |themselves.
Situs |- |answer-Location |of |property |or |land |from |and |economic |not |geographic |viewpoint
value |- |answer-fair |return |in |goods, |services |or |money |for |something |exchanged. |The |monetary |worth
|of |something.
Real |Estate |Value |- |answer-determined |by |personal |preference |which |is |subjective
Supply |and |demand |- |answer-high |demand=low |inventory, |price |increases
Low |Demand=high |inventory, |price |decreases
|
Supply |is |restricted |by |- |answer-Land |costs
construction
|
taxation
economics
|
building |and |zoning |ordinances
Growth |policies |of |cities
|
