Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Real Estate
Course 1
| Question | Answer |
|---|---|
| Texas Real Estate License Act | the statute that controls the licensing of a persons permitted to practice real estate brokerage in TX - part of the occupation code |
| Certificate holder | a person registered by TREC to sell, buy, lease, or transfer easements or right of way for another for compensation |
| Residential Rental Locator | a person who offers for consideration to locate a unit in an apartment complex for lease to a prospective tenant - must have a license |
| Texas Sunset Act | TX legislation providing for a review of the TX Real Estate Commission and the TX Appraiser Licensing & Certification Board by the Sunset Commission - could possibly abolish the TX Real Estate Commission |
| Intermediary | a broker that represents both parties of the transaction |
| Broker | a properly licensed party who serves a principal in an agency relationship (also called an agent) - sells or leases real estate in exchange for commission |
| Agency | a relationship between one person and another when one person acts for or on behalf of another person |
| Fiduciary | a person who works in an agency relationship for or on behalf of another person |
| Special Agency | authorization by a principal to perform a single act or transaction - a real estate broker is usually this for a seller - authorized to find a buyer for a particular property |
| Implied Agency | an agency created by acts or words of the principal and agent; an agency inferred by circumstances |
| Single-Agency Broker | a broker that will only represent one client in a transaction at a time |
| Listing Side | the seller side of a transaction |
| Subagency | a relationship in which one firm sells a property listed by another for to a customer/buyer that is not represented |
| IABS | Information About Brokerage Services is the required method in TX to provide written notice to consumers regarding information about brokerage services |
| Universal Agency | an agency relationship that allows the agent to transact all matters for the client |
| Customer | one who purchases or sells property without being represented by an agent |
| Ostensible Agency | a form of implied agency relationship created by the actions of the parties involved rather than by written agreement or document |
| The commission may adopt rules in the public's best interest that require license holders to use contract forms prepared by the ___________ and adopted by the commission | Texas Real Estate Broker-Lawyer Committee |
| Sarah gets a job as a sales representative for Galaxy Custom Homes. She will be working in the new Galaxy model home park and will be limited to selling Galaxy homes only. Sarah will: | be exempt from the requirement to be licensed |
| What does the ADA do? | prohibits discrimination against people with disabilities |
| If demand for real estate falls, then: | supply will increase, lowering prices |
| What is required of lease contracts with a lease period of one year or more that is not required for leases of less than a year? | They must be in writing |
| Julie is a licensed attorney in Louisiana. She wants to be paid a commission to represent/negotiate on behalf of a purchaser of real estate in Texas. Can Julie do this? | Yes, but only if she obtains a TX Real Estate License |
| The commission shall prepare and maintain a written plan that describes how a person who has a ____________________ may be provided reasonable access to the commission’s program | physical or mental disability |
| The commission will investigate a complaint that is | written and signed |
| Sally wishes to once again become active in the real estate brokerage business. Her license has expired for 7 months. She must: | submit an application for a new license |
| A license holder must advise a buyer who has a written offer to have the abstract covering the real estate examined by an attorney to be provided with or obtain a title insurance policy | true |
| A broker who represents a party in a real estate transaction or who lists real estate for sale under an exclusive agreement for a party: | May not instruct another broker to talk to the broker’s client, Must inform the party if the broker receives material info related to a transaction including a receipt of an offer, answer the party’s questions and present any offer to or from the party |
| Commission | payment to a broker for services rendered, such as in the sale or purchase of real estate property; usually a percentage of the selling of the property |
| A possible disciplinary action | reprimand |
| Required to adopt procedures governing disposition of contested cases | TREC |
| It is the obligation of a real estate agent to be knowledgeable as this position | Real Estate Brokerage Practitioner |
| Marked by extreme or excessive care in the consideration or treatment of details | Meticulously |
| Acting in strict regard for what is considered right and proper | Scrupulously |
| When a real estate broker or sales agent, while acting as an agent for another | Fiduciary |
| This must be displayed in a prominent location by a real estate inspector | CN 1-3 |
| Included for real estate license holders in the Rules of Commission | Canons of Professional Ethics |
| Founded in 1908 and is America’s largest trade association | NAR |
| A person may file a complaint with TREC against a real estate license holder if the person believes the license holder violated this ac | TRELA |
| Consumer Information | a written notice published by TREC to be provided by a broker or a sales person to a consumer; display in prominent location in place of business |
| Fidelity | a real estate broker or sales agent, while acting as an agent for another is a fiduciary and must place the interest of the client above that of the agent Personal interest cannot be over client |
| National Association of Realtors | founded in 1908 - supports members and protects public |
| Competency | broker or sales agent must be knowledgeable and competent as a real estate brokerage practitioner |
| Canons of Professional Ethics and Conduct | part of the TREC rules requiring, fidelity, integrity, competency, the use of consumer information notice, and refraining of discriminating practices |
| Estate in severalty | ownership of real property by one person or one legal entity only; also called sole ownership |
| Tenancy in common | co-ownership where each owner holds an undivided interest as if they were the sole owner |
| Sole proprietorship | a business venture owned by one individual - brokers use -owner has total control, but also full liability |
| partnership | a business venture created with an agreement between more than one person - orally or in writing - must have at least one general parter (syndicates and joint ventures) |
| Trust | entity created for the benefit of another |
| Co-ownership | - involves ownership of real estate by 2 or more entities - joint tenancy or tenancy in common |
| Community property | most property acquired during the marriage is owned equally by both spouses |
| Testamentary trust | created by will |
| Inter vivos | comes with specific instructions for care The tax and legal aspects of a trust are the same as a sole proprietor - created during lifetime of trustor |
| Corporations | filed with the secretary of state. Must have shareholders, board of directors, and corporate officers. Get double taxation (pays income tax and then shareholder pays tax on dividend) |
| S corporation | under 100 shareholders. Only shareholders pay taxes, not the corporation |
| A less common type of ownership by more than one is __________ tenancy. | joint |
| A ___________________ trust is a trust that is created by will, and is effective upon the death of the decedent | testamentary |
| Texas is one of nine states that adhere to the concept of _______________ property. | community |
| An estate in _____________ involves ownership of real estate by one individual or entity | severalty |
| Condominiums are established under laws referred to as ________________ property acts | horizontal |
| Property owned by a married person that is not community property is called ________________property | separate |
| The rule against __________________ reflects the broader societal interest in avoiding the creation of a “landed class” and ensuring that real estate is widely available. | perpetuities |
| Trustor | places title to real property into the control of a trustee |
| The ___________________ partner’s liability is limited to the amount he or she invested in the partnership | limited |
| Timeshare | features part ownership of a property coupled with the right to its exclusive use for a specific number of days per year, without the responsibility of full ownership |
Created by:
kelseyd