Real Estate Principles I Unit 1 (exam)

The Education Standards Advisory Committee has _____ members appointed by the Commission.

12

The Education Standards Advisory Committee is a relatively new committee and was created in:

2012.

TRELA does which of the following?

All of the choices apply

Which of the following is true regarding federal "do-not-call" rules?

Calls must be made between 8:00 AM and 9:00 PM.

__________ is the number of jobs added or deleted if the growth is negative, to the number of jobs in an area.

Job growth

What are changes in business and economic activity that occur within the year?

Short-term fluctuations

The __________ is the supreme law of Texas and establishes the fundamental legal rights of its citizens.

Texas Constitution

The __________ enforces the provisions of TRELA and determines administrative policy.

Texas Real Estate Commission

Texas real estate license holders are regulated by:

Texas Real Estate Commission.

Which of the following is not true regarding a sponsorship agreement?

Texas law requires a written sponsorship agreement.

License holders are required to follow the provisions of __________ in all transactions and to deal with the public in a competent and honest manner.

The Real Estate License Act

Real estate agents who do not comply with the duties and obligations required by law may be subject to:

all of the choices apply.

The Education Standards Advisory Committee is responsible for reviewing and revising:

all of the choices apply.

To be eligible to get a Texas real estate sales agent or broker license, a person must:

all of the choices apply.

The two main types of real estate licenses are the:

broker's license and sales agent's license.

The relationship between demand and supply makes the real estate markets:

cyclical.

By observing the code of ethics, members of local, state, and national trade associations promote __________ and harmony and further the interests of the real estate industry as well as the public

goodwill

A contract between the property owner and the brokerage to place properties for sale with the brokerage is a:

listing agreement.

Trust funds may not be __________ with funds belonging to the broker.

mixed

Typically, a new licensee's first expense will be to:

pay for his or her license.

A(n) __________ is a rule issued by an administrative agency to enforce or amplify a statute.

regulation

All license holders' advertisements must include:

the name of the license holder or team.

A __________ is a voluntary nonprofit organization of independent and competing business units engaged in the same industry or trade, formed to help solve industry problems, promote progress, and enhance service.

trade association

The purpose of a real estate association is to:

upgrade the reputation and dignity of the real estate business.