Aceable Agent- Principles of Real Estate Exam 1 FINAL Texas

Aceable Agent- Principles of Real Estate Exam 1 FINAL Texas Flashcards rectangular survey methodChoose the survey method that could result in this legal

description: "SW 1/4 of the NE 1/4 of the NW 1/4 of Section

2, Township 8 South, Range 3 Metes and BoundsLand in Texas was originally identified by Preamble & 17 ArticlesThe National Association of Realtors' Code of Ethics

consists of:

TRELAThe TREC is in charge of inforcing what?metes & boundsDescribes the perimeter of the subject property in terms of boundaries directions and distance Real property includesAll interests, benefits, and rights inherent in the ownership of real estate (land, improvements, bundle of legal rights) Homeowners insurance policies are usually paid in advance Proceeding noticeThe Commission will have a method in place to notify the winning plaintiff of payment from the trust account. They will also set up some method for the license holders to notify the plaintiffs of the funds coming out of the trust account.

• yearOnce a license application is filed, how long does an

applicant have to satisfy the examination requirement?At any time before acceptanceWhen can an offer be revoked?The Canons of Professional Ethics and Conduct require the

agent to practice:

fidelity, integrity and competency Penalty is practicing unlicensedthe unlicensed person practicing real estate could pay up to six times the amount they received.When is a real estate license not required? A real estate license is NOT required when a person is selling their portion of a joint ownership in a property.Trust TenancyWhich one of the following is NOT a type of co-ownership?intermediary brokera broker who negotiates a contract between two parties that are both being represented by that broker limited partnershipWhen a business has general partners that oversee the day-to-day activities of the business and other partners that are only investors and ONLY have liability up to the amount of their investments Three types of property ownership in Texas 1. Tenancy incommon2. Joint Tenancy 3.Communityproperty Subrogationmeans that the Real Estate Commission will take over the rights of the one owed the money in the judgment, but only to the amount that was paid out of the trust account. The Commission then will have the priority when it comes to repayment of any of the debt.As the Commission receives

money from the license holder who lost the case, it will be credited to the balance that the license holder owes.What is the difference between actual and punitive damages?Actual damages are designed to compensate the claimant; punitive damages are designed to punish the defendant.Monica owns her house. For the duration of her lifetime, she has the right to her property (unless she sells it) and

can will her property title to her children after her death.

Monica has a:

fee simple estate

What is the rectangular survey system? Do we use it in Texas?The rectangular survey system is the government survey system created by congress in 1785 to standardize the description of the land that the government planned on acquiring or that they did acquire.NO

• mile5280 linear feet

How long does someone who believes that they have been injured by the discriminatory practices of a real estate license holder have to file a complaint with HUD?one year The Texas Occupations Code housesThe Texas Real Estate License Act (TRELA) Fee Simple Defeasibleproperty is owned outright as long as certain conditions are maintained . Failure to comply with the conditions may result in a loss of ownership. NO COURT hearing necessary, property automatically reverts back to original owner if conditions are not met. It has already been "DETERMINED" the property will go back to YOU a parcelParcel is the break down number of a section.Is the rectangular system used in Texas? No Who needs a license?Brokers, agents & apartment locatiors industrial propertyincludes Manufacturing, Storage, Distribution centersResearch, Warehousing all of the aboveWhich of the following is an example of a monument...?A) A treeB) A postC) A streamD) All of the above Certificate of Registration (COR)expire after two years and certificate holders are subject to the rules of TRELA.Four main types of estates in land are:freehold, leasehold, equitable, concurrent (FLEC) Apartment Locators. License or no license? license What is a datum used for?Determining the height of structure or establishing the grate of a street contour mapsWhere can developers find information about the terrain and elevation for a given parcel Life estatecan be gifted or sold, ownership is given for the remainder of the receivers life PreambleThe introduction to the National Association of

REALTORS® Code of Ethics is called the:

What survey system uses longitude and latitude system?rectangular survey system situsthe desirability of a particular location

TRUE or FALSE: Employees working for a commercial firm

do not have to have a real estate license if they are selling property owned by their firm.

TRUE What is the TREC (Texas Real Estate Commission) in charge of doing?regulates the activities of real estate brokers, sales agents, 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.