Module 1

Question 1

Land has three physical characteristics:

Answer 1

Immobility
Indestructibility
Nonhomogeneity

Question 2

Economic Characteristics of Land

Answer 2

Scarcity
Modification
Fixity
Situs

Question 3

Statutory Law

Answer 3

The body of laws and regulations enacted by federal and state legislative bodies.

Question 4

The primary determinants of real estate values.

Answer 4

Supply and Demand

Question 5

The body of law based on custom, usage and court decisions.

Answer 5

Common Law

Question 6

A type of real estate, usually, over 10 acres, used for growing crops and raising animals.

Answer 6

Farm and Ranch

Question 7

For a commission or fee, bringing together parties interested buying, selling, exchanging or leasing real property.

Answer 7

Brokerage

Question 8

The management of residential and commercial properties on behalf of the investor-owner of the property

Answer 8

Property Management

Question 9

Involves the acquisition of land for development into residential subdivisions, retail centers and other commercial uses

Answer 9

Real Estate Development

Question 10

A license holder who works for a firm that specializes in locating units for tenants in multi-family complexes.

Answer 10

Apartment Locator

Question 11

An estimate of the quantity, quality or value of something. The process through which conclusions of property values are obtained: also refers to the report that sets forth the process of estimation and conclusion of value.

Answer 11

Appraisal

Question 12

Does title work to determine mineral ownership and negotiate oil and gas leases with mineral owners

Answer 12

Petroleum landmen

Question 13

The statute that controls the licensing of persons permitted to practice real estate brokerage in Texas.

Answer 13

Texas Real Estate License Act

Question 14

The business of providing money to individuals or corporations for the conditional transfer or pledge of real estate as security for the payment of debt.

Answer 14

Mortgage lending

Question 15

A group of people appointed by the governor to set policy in implementing the license act.

Answer 15

Texas Real Estate Commission

Question 16

A limited visual survey and evaluation of the basic operation of the systems and components of a building.

Answer 16

Home Inspection

Question 17

Overseeing the needs of the parties to a real estate transaction and seeing it to its completion

Answer 17

brokerage

Question 18

Body of laws and enacted by federal and state legislative bodies

Answer 18

Statutory Law

Question 19

___________________ most often involves the acquisition of land for development into residential subdivisions, retail centers, and other commercial uses.

Answer 19

Real estate development

Question 20

Location, location, location! Not from a geographic sense but from preference.

Answer 20

Situs

Question 21

Man-made changes affect the value of land.

Answer 21

modification

Question 22

Sometimes people buy real estate so they can live it in.

Answer 22

occupancy

Question 23

Different pieces of land cannot take the same place or location on the earth. They are not the same.

Answer 23

Nonhomogeneity

Question 24

Buying a lot on the lake is more expensive than the other lots in the subdivision.

Answer 24

Scarcity

Question 25

Land never wears out and cannot be destroyed.

Answer 25

indestructibility

Question 26

The buyer may need help with finding lenders to talk to for financing.

Answer 26

List of potential Lenders

Question 27

If you want to see someone’s land, you have to go to it.

Answer 27

immobility

Question 28

Land doesn’t pay for itself usually in a day. It takes a long time.

Answer 28

Fixity

Question 29

Buying real estate to create income or appreciation.

Answer 29

Investment

Question 30

Factors that affect real estate on a NATIONAL level include:

Answer 30

Federal Government Tax policy

Question 31

The monetary worth of something:

Answer 31

Value

Question 32

Federal government tax policy that affects demand includes:

Answer 32

Deductibility of real property taxes

Question 33

Demand for real estate is primarily affected by:

Answer 33

Employment

Question 34

Supply of real estate can be affected by:

Answer 34

Zoning ordinances

Question 35

_____________ is a body of law developed in England and based upon “common sense” and local custom.

Answer 35

Common Law

Question 36

Under _______________ law, a court looks to the findings of prior courts when rendering a decision.

Answer 36

Common Law

Question 37

________________ law is the body of laws and regulations enacted by federal and state legislative bodies.

Answer 37

Statutory law

Question 38

The purpose of TRELA is to

Answer 38

protect the public against unscrupulous brokers and sales agents.

Question 39

In ________________ the Texas Real Estate License Act was enacted to protect the public.

Answer 39

1939

Question 40

________________ is the understanding the relationship between the parties to a transaction.

Answer 40

Agency Law

Question 41

__________ was created in 1949, administers the provisions of the License Act.

Answer 41

TREC

Question 42

____________ is a body of laws and regulations enacted by federal and state legislative bodies.

Answer 42

Statutory Law

Question 43

__________________ establishes the elements of a contract.

Answer 43

Contract Law

Question 44

Land and additions to the land take a long period of time to pay for itself.

Answer 44

Fixity

Question 45

Improvements affect value

Answer 45

Modification

Question 46

Derived from the theory of supply and demand.

Answer 46

Scarcity

Question 47

An opinion of value

Answer 47

Appraisal

Question 48

A loan officer

Answer 48

RMLO

Question 49

Law based upon local custom

Answer 49

Common Law

Question 50

No two pieces of land are alike

Answer 50

non-homogeneity

Question 51

Law based on legislation

Answer 51

Statutory Law

Question 52

Land cannot be moved

Answer 52

immobility