Principles of Real Estate 1 Study Guide

Formal valuation of a property is done by: A. An appraiser B. A licensee C. Only by the broker doing a BPO D. A sales agent doing a CMA

A

The Education Standard Advisory Committee was enacted in: A. 2011 B. 2016 C. 1949 D. 1939

A

Are mortgage brokers regulated by the Texas Real Estate Commission? A. Yes B. No

B

State laws are also called ____________________. A. Rules B. Statutes C. Constitutional law D. Common laws

B

1. Which of the following is an area of real estate law? A. Water rights B. Fair Housing C. Deeds of trust D. All of the above

D

2. Of the following, which statement is NOT true about the Education Standard Advisory Committee (ESAC)? A. All members are appointed by The Texas Real Estate Commission. B. The committee was created by amendments to TRELA under Senate Bill 747. C. The committee reviews and revises curriculum standards. D. The committee has a total of seven members

D

3. Which of the following is NOT a unique characteristic of the real estate market? A. Long-term delays B. Improvements on the land C. Durability D. Homogeneity

D

All of the following are participants in the "market" EXCEPT: A. Owner B. Renter C. Developer D. TREC

D

Professions that require a real estate license are: A. Apartment locating, residential brokerage B. Farm brokerage, commercial property manager C. Inspector, appraiser D. Both A and B

D