Lesson 7: Texas Real Estate License Act AND Lesson 8: Legal Descriptions

How many square feet are there in an acre? 33,153 41,650 46,560 43,560

43,560 Feedback: There are 43,560 square feet in an acre. You can remember by 4 great looking people diving interstate 35 at 60 mph.

How many acres are in a section? 36 10 640 360

640 Feedback: Each 36-square-mile township is divided into 36 individual square mile sections, starting in the upper right-hand corner. Each square mile contains 640 acres.

What is a main function of the Texas Real Estate Commission? Mediate commission disputes between brokers Adopt and enforce rules for governing real estate practitioners Generate a source of income for the State Provide low interest loans for low-income, first time homebuyers

ADOPT AND ENFORCE Feedback: TREC's primary function is to protect the public from unscrupulous or illegal acts of real estate professionals by enforcing the laws of Chapters 1101 and 1102 of the occupations code and adopt new rules as necessary. The Commission does not handle commission disputes between licensees nor generate revenue for the state.

A legal property description must include a method of determining the _______ property. Number of lots in the subdivision The boundaries of the property The method to enter and exit the property All of the above

BOUNDARIES Feedback: A legal property description must include a method of determining the boundaries of the property.

TREC regulates all of the following except: Residential service companies Real estate brokers New home builders Real estate inspectors

NEW HOME BUILDERS Feedback: TREC regulates the activities of real estate brokers, salespeople, inspectors, and education providers who offer real estate and inspection courses. The Commission also regulates residential service companies, timeshare developers, and easement or right-of-way developers.

The Real Estate License Act is Chapter 1101 of the _______. Texas Statute of Frauds Texas Fair Housing Laws Texas Federal Real Estate Act Texas Occupations Code

TEXAS OCCU Feedback: The Real Estate License Act is a part of the Texas Occupations Code, Chapter 1101.

Can a license holder renew his or her expired license if it has been expired for less than 90 days? No, the license holder must reapply for a new license. Yes, the license holder can pay the standard renewal fee provided he or she meets the continuing education requirements. Yes, but he or she must pay an additional fee equivalent to one and one half times the renewal fee. Yes, but he or she must pay 30% an additional fee of the renewal fee.

YES, PAY ADDITIONAL FEE EQUIVALENT TO ONE AND ONE HALF TIMES Feedback: Licensing is for a period of no longer than 2 years and can be renewed within 90 days of expiration by paying an additional fee of 1-1/2 time the renewal fee. If the license has been expired more than 90 days but less than six months, the license can be renewed by paying an additional fee equivalent to two times the renewal fee.

Which of the following situations is NOT an example of an exemption for licensure and compliance of the licensing act as listed under Sec. 1101.005 of The Real Estate License Act? Onsite apartment managers A person selling a home for a friend for a fee A homeowner selling his or her own home or real property A licensed attorney in this state

A HOMEOWNER SELLING HIS IR HER OWN Feedback: One who performs the acts of a real estate practitioner as defined in Section 1101.002 on behalf of another with the anticipation of receiving a fee or compensation is required to obtain licensure and comply with The Real Estate License Act.

Which of the following requires the person to be licensed? A Texas licensed attorney helping a seller A salesman for a new home builder An on-site property manager A person admitting customers to a listed property they are interested in

A PERSON ADMITTING CUSTOMERS TO A LISTED PROPERTY THEY ARE INTERESTED IN Feedback: The Rules of the Commission say that a person that unlocks a door and allows a customer to view a property must have a real estate license.

Which of the following terms refers to a surveyor's or developer's map detailing the borders of the individual lots that he or she will develop and sell? Squat Land Plat A plot

A PLAT Feedback: A plat, plat map or recorded plat is used to identify lot and block reference for legal descriptions such as Lot A, Block 2 of Sunny Brook Farms, Happy County, Texas. This is a recorded document and is the only type of legal description that uses a recoded document.

Which of the following statements is CORRECT in referring to a street address description such as 123 Buyer Lane, San Antonio, TX 77777? A street address is an adequate legal description. It the same as the lot and block description. A street address in not an adequate legal description. Street addresses are used by surveyors to verify the survey.

A STREET ADDRESS IS NOT AN ADEQUATE LEGAL DESCRIPTION Feedback: A street address is not an adequate legal description; it is considered an informal reference. For purposes of legal documents, the exact size and location of a property requires precise measurements and descriptions.

A person who negotiates the listing, sale, exchange, purchase or lease of real estate in exchange for something of value must be a _______. Licensed real estate salesperson Licensed real estate inspector Licensed real estate broker Licensed real estate corporation

LICENSED REAL ESTATE BROKER Feedback: A broker is defined as a person who performs any or all of the following acts for another in exchange for, or in anticipation of, receiving something of value or compensation or commission. The practice of real estate includes but is not limited to the following acts: Sells, exchanges, purchases or leases real estate Offers, or negotiates, or attempts to negotiate the listing, sale, exchange, purchase or lease of real estate Auctions or attempts to, or agrees to auction real estate (the auction caller is exempt from licensing requirements) Deals in options, aids in locating or assists in procuring real estate. Controls the acceptance or deposit of rent(s) from real estate Provides an analysis of value of real estate, (market analysis data, not an official appraisal performed under the guidelines of the Uniformed Standards of Professional Appraisal Practices)

A person who is associated with a licensed broker and assist in procuring real estate for sale or lease for compensation must be a _______. Licensed real estate salesperson Licensed real estate inspector Licensed real estate broker Licensed real estate corporation

LICENSED REAL ESTATE SALESPERSON Feedback: A salesperson is defined as a person who is associated (sponsored) with a licensed broker for the purpose of performing any of the practices of real estate as described below. A licensed salesperson must be associated or sponsored with a broker to practice real estate on behalf of another and for compensation or a fee. Sells, exchanges, purchases or leases real estate Offers, or negotiates, or attempts to negotiate the listing, sale, exchange, purchase or lease of real estate Auctions or attempts to, or agrees to auction real estate (the auction caller is exempt from licensing requirements) Deals in options, aids in locating or assists in procuring real estate. Controls the acceptance or deposit of rent(s) from real estate Provides an analysis of value of real estate, (market analysis data, not an official appraisal performed under the guidelines of the Uniformed Standards of Professional Appraisal Practices)

"Beginning at a point, thence north 250 feet, then south 180 degrees, 125 feet to the rebar monument, thence back to the point of beginning" best describes what type of legal land description method? Recorded plat Rectangular survey Metes and bounds Vertical land description

METES AND BOUNDS Feedback: A recorded plat is a pictorial representation of a development used in the lot and block method. A rectangular survey is an alternative to the metes and bounds but not used in all areas. It is based on a grid system of intersecting lines creating sections and a vertical land description is used for elevated areas such as in a condo. The metes and bound system describes the perimeter boundaries of the parcel using measures, direction, and distances. A metes and bounds legal description always returns to the Point of the Beginning (POB).

What is the most commonly used land description method in Texas? Rectangular survey Vertical land description Metes and bounds Recorded plat

METES AND BOUNDS Feedback: The metes and bounds system for describing land is the most commonly used method in Texas. Other states primarily use the rectangular survey method.

What is a benchmark? Mark on a plat indication the pivot point of the parcel of land. Permanent reference marker for both locational and elevation points. A system used to depict parks on a map. The grade of land on which a structure is built.

PERMANENT REFERENCE MARKER FOR BOTH LOCATIONAL AND ELEVATION POINTS. Feedback: Metal rods and stone fixtures are ultimately no more permanent than a stream or tree, so how do we ensure that no confusion arises in the event that a parcel's monument is destroyed? To compensate for the impermanence of these monuments and ensure that lot dimensions are not lost even if the monument itself disappears, we record the monument's exact location by means of a connection line to a nearby fixed reference mark of known location and elevation as established by a government survey team. These permanent reference points are called "benchmarks" and they generally consist of a marker attached to a durable object.

In terms of the surface area surveyed, which surveying system is used to describe the most land in the U.S.? Vertical land description Metes and bounds Rectangular survey Recorded plat

RECTANGULAR SURVEY Feedback: A recorded plat is a pictorial representation of a development used in the lot and block method. The metes and bound system describing the perimeter boundaries of the parcel using measures, direction, and distances is primarily used in Texas. For most of the U.S., the rectangular survey is used; this is an alternative to the metes and bounds method, but it is not used in all areas. It is based on a grid system of intersecting lines creating sections. This method is used by most of the U.S. A vertical land description is used for elevated areas such as in a condo.

What is the main purpose of the Recovery Trust Account? To reimburse brokers whose salespeople violate TREC rules To reimburse the public for financial damages caused by licensed real estate professionals To fund real estate education at Texas A&M University To compensate a complainant in lieu of proceeding to litigation

REIMBURSE THE PUBLIC FOR FINANCIAL DAMAGES Feedback: Each license applicant pays a fee that is credited to the Real Estate Recovery Trust Account for the purpose of reimbursing an aggrieved person who suffered actual damages caused by the unlawful act of a license holder. This is a loan to the licensee who has been sued and court ordered to pay restitution from the Real Estate Recovery Account. The commission may suspend the license until the loan is repaid.