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principles of Real Estate 1 > Intro Review > Flashcards

Intro Review Flashcards

1
Q

Indestrutibility

A

Refers to the permanence of the land. While economic value and surface may change, land is indestructible

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2
Q

Fixity

A

The permanence of land. Land cannot be moved. This is a physical trait. However location can be used as an economic trait

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3
Q

Situs

A

The desirability of a location. An economic desire for a location, not a geographic one.

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4
Q

Economic scarcity

A

Created by the demand for land in a particular area. Land is most valuable when in short supply/high demand.

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5
Q

Real estate specialties

A 
Residential
Commercial
Industrial
Recreational
Unimproved land
Farm and ranch
Property management
Apartment locating
Timeshare sales 
property development
Foreclosure
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6
Q

Real estate inspector

A

Prepares a visual assessment of a properties physical condition and prepares a report for the client.

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7
Q

Real estate appraiser

A

Assess the market value if a property and prepares a report for the client.

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8
Q

Comparative market analysis (cma)

A

Takes into account number of homes for sale in an area, their prices, and recent purchases prices to establish a fair market price in absence of an appraisal.

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9
Q

Real Estate Law

A

Is derived from federal and state constitutions that contain laws dictating how we practice real estate such as matters regarding fair housing but also the rights of buyers and sellers

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10
Q

Who needs a license? Who doesn’t?

A

Does: brokers, agents, locators

Doesn’t: home builders, licensed attorneys executing their duties, and people selling/renting their own property

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11
Q

TRELA

A

Texas Real Estate License Act

Governs the activities of brokers and agents. Is part of the Texas Occupations Code.

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12
Q

TREC

A

Texas Real Estate Commission

Responsible for enforcing TRELA

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13
Q

Objective of Texas license law

A

To protect public from incompetent brokers

Set minimum qualifications for licensing

Maintain ethics and moral standards for agents.

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14
Q

NAR

A

National association of Realtors

Professional organization that provides education and guidance for its members

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15
Q

Sunset Act

A

Common law requiring that every commission be reviewed every 12 years to ensure its efficiency and need.

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16
Q

How do you avoid incompetence and misrepresentation?

A

Stick to the facts and only deal in matters in which you are experienced and knowledgeable. Consult other sources when answers are unknown.

17
Q

Protected classes against discrimination

A

Race, color, creed, religion, sex, disability, familial status, national origin, or ancestry

18
Q

DIY contracts

A

Only buyers and sellers may draw up their own contract. Brokers and agents must use promulgated contract.

19
Q

License eligibility

A

Prospective license holders must meet all requirements set by the Commission:
18 years of age or older
A citizen of the United States OR have the legal right to work in the U.S.
Applicants must also have good moral character and integrity, plus a sponsoring broker in order to get an active license and practice real estate.

20
Q

Disciplinary Action

A

The Texas Real Estate Commission can take disciplinary action against license holders, including suspending or revoking their licenses, if the real estate agent or broker is deemed guilty of any of the following:
Dishonest or untrustworthy conduct
Negligence
Incompetence
Procuring or attempting to procure a real estate license fraudulently

21
Q

Grounds for suspension or revocation

A

A license holder is at risk of losing their license if they:
Accept, receive, or charge an undisclosed commission, rebate, or direct profit on an expenditure made for a principal

Solicit, sell, or offer for sale real property by means of a lottery or a deceptive practice

Act in a dual capacity as broker and undisclosed principal in a real estate transaction

Guarantee that future profits will result from a resale of real property

principles of Real Estate 1 (2 decks)

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