Principles of Real Estate Ch.1

  1. What is a broker?
    Acts as an agent of the buyer or the seller (or both) in negotiating the sale, purchase, or rental of property.
  2. What is a salesperson?
    a licensee employed by or associated with a broker who conducts brokerage activities on behalf of the broker for a fee or commission.
  3. How long does a licensee have to work under a broker in Texas?
  4. Real estate related disciplines include...
    appraising, lending and financing, property inspection, property development, real estate counseling, real estate education, title insurance and abstracting, urban planning, petroleum landsmen and women, and easement and right-of-way registrants.
  5. Uses of real property
    • -residential
    • -commercial
    • -industrial
    • -agricultural
    • -special purpose--places of worship, schools, cemeteries, and government-held lands
    • -mixed use--any lawful combination of the other five basic categories of real property permitted by local zoning.
  6. The Texas Legislature created the Education Standard Advisory Committee (ESAC) by admending TRELA in 2011...
    the mission of the ESAC is to regularly review ad revise curriculum standards, course content requirements, and instructor certification requirements for core and continuing education courses.
  7. Seven sources of law affect the ownership and transfer of real estate, what are they?
    US Constitution, Federal Laws Passed by Congress, State Constitutions, State Laws and Regulations of State Agencies, Regulation of federal commissions and agencies, Local Ordinances and Court decisions (common law).
  8. What countries laws have influenced the development of Texas legal principles?
    Texas has adopted the English common law and bits of the Spanish, Mexican and French laws because they are part of the six flags that fly over Texas
  9. Reason for the seven sources of law...
    To regulate the means of implementing and enforcing legislative acts; they provide detailed info regarding legal and illegal actions and practices; they designate penalties and violations; and they expand on the law and have the effect of law.
  10. precedent
    In law, the requirements established by prior court decisions.
  11. The first law to regulate real estate brokerage in Texas was what and in what year?
    Texas Real Estate Dealers Act, 1939
  12. The current law that regulates real estate in Texas is what and in what year?  Who has revised it and when was it most likely revised?
    • Texas Real Estate License Act; 1949
    • Texas Real Estate Commission (TREC) 2011
  13. What are some Federal Laws that affect real estate practice?
    • -Capital gains tax law
    • -Fair housing law
    • -Equal credit law
    • -real estate settlement law
  14. What are some of the state laws that affect real estate practice?
    • -contract law
    • -General property law
    • -landlord-tenant law
    • -agency law
    • -real estate license law
    • -consumer protection law
  15. The Texas Appraiser Licensing and Certification Board (TALCB) is an independent nine-member board housed within the Texas Real Estate Commission that licenses real estate appraisers in Texas under state and federal laws.
  16. Persons who deal only with their own property are required to hold a real estate license.
  17. For a licensee to renew and continue in the real estate business they must...
    pay renewal fees, follow certain prescribed standards of business conduct and meet continuing education requirements.
  18. The members of the National Association of Real Estate Brokers (NAREB) are know as...
  19. Only members of what association can be called REALTORS?
    NAR (National Association of REALTORS)
  20. TAR stands for what and is affiliated with what?
    Texas Association of REALTORS.  NAR.
Card Set
Principles of Real Estate Ch.1
prin real estate ch1