Principles I - Chapter 1
In order to obtain a real estate license, an applicant must be at least how many years of age...?
18
Real estate licenses are issued for a period not to exceed how many years...?
2
How many points must an applicant earn in order to obtain their real estate broker's license...?
3600
The qualifying Real Estate Principles course consists of how many classroom hours in total...?
60
A person authorized to act on behalf of another is known as a/an...?
Agent
The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate is known as...?
Brokerage
Which of the following is an example of a special purpose property...?
Church
These real estate brokers specialize in the sale and lease of shopping centers and office buildings...?
Commercial brokerage
Property that produces rental income or that is used in business is known as...?
Commercial property
Which of the following courses are taken after you obtain your real estate license...?
Continuing education courses
A non-profit organization in looking to purchase a church. An appraiser was hired to assess the value of the church. What appraisal method did the appraiser use...?
Cost approach
Which of the following affects supply...?
Cost of labor
The party the agent brings to the principal as seller or buyer of the property is known as the...?
Customer
Improvements typically ............ in value?
Depreciate
Which of the following is a fiduciary duty owed by an agent to their client...?
Disclosure
Price is typically equal to the cost of the property...?
False
Value is the same as price...?
False
A person in a position of trust and confidence, as between principal and broker, is known as a...?
Fiduciary
A property manager is an example of what type of agent...?
General agent
Changes or additions made to a property, such as walls and roads are known as...?
Improvements
If a real estate salesperson terminates their employment with their sponsoring broker, the salesperson's license is considered what...?
Inactive
Mark is looking to purchase a commercial office building. An appraiser was hired to assess the value of the building. What appraisal method did the appraiser use...?
Income approach
A contract in which a property owner employs a real estate broker to market the property described in the contract is known as the...
Listing contract
The employer of an agent is known as the...?
Principal
Government held properties include which of the following...?
Public parks
The pre-licensing courses needed to obtain your real estate license are considered what type of courses...?
Qualifying education courses
The market comparison approach is commonly used for this property type...?
Residential
A type of property that includes one to four dwelling units is known as...?
Residential property
If a person's license has been expired for more than 6 months, they are required to do which of the following in order to re-activate their license...?
Satisfy the education requirements and retake the State exam
Which of the following is exempt from having to obtain a real estate license to buy or sell real estate on someone else's behalf...?
Someone acting under a power of attorney
The amount of goods offered for sale within a given market at a given price during a given time period is known as...
Supply
This Act established the real estate licensing requirements in Texas in 1939...?
Texas Real Estate Dealers Act
Who holds the real estate license of an agent...?
The agent's sponsoring broker
A licensee's license may be suspended or revoked if which of the following occurs...?
The licensee is convicted of a felony
Which of the following factors can impact the value of real estate...?
Topography, prevailing winds and proximity to transportation
Property inspections must be licensed by the Texas Real Estate Commission...?
True
Real estate agents and brokers must be careful not to provide legal advice to their clients...?
True
Real estate prices are directly related to supply and demand...?
True
The mission of the Education Standard Advisory Committee (ESAC) is to regularly review and revise the curriculum standards, course content requirements, and instructor certification requirements for qualifying and continuing education courses...?
True
The present worth of future benefits is referred to as...?
Value