Principles of Real Estate Questions With Correct Answers.
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Course
CHAMPIONS School of Real Estate
Institution
CHAMPIONS School Of Real Estate
Principles of Real Estate Questions With Correct Answers.
Texas Real Estate Agent
A person who is licensed through TREC.
Texas Real Estate Commission
Does a person who manages, buys, sells, leases, or rents their own property have to be licensed through TREC?
No.
There are two types ...
Principles of Real Estate Questions With
Correct Answers.
Texas Real Estate Agent
A person who is licensed through TREC.
Texas Real Estate Commission
Does a person who manages, buys, sells, leases, or rents their own property have to be licensed
through TREC?
No.
There are two types of licenses:
broker's and salesperson's license
What is the most popular division of the real estate market?
Residential real estate because there are more transactions in residential in other forms of real
estate.
Residential brokerage involves:
helping a person buy or sell a house, condo, or duplex. Agents must be knowledgeable in finance, real
estate law, and contracts.
Apartment locators:
are involved in residential real estate and must have a real estate license.
Farm Brokerage:
involves the sale of a home as well as a business including a farm. Ag business experience. Typically in
small towns.
Property managers:
manage residential or commercial properties and maybe be required to have a real estate license.
Types of careers in real estate:
Farm brokerage, finance, real estate instructor, apartment locators, residential, property
management, appraisal, inspection, finances, education, full time investigating.
Does an appraiser require a RE license?
No. Appraisers gathers information about property and determines the value of the property.
Does an inspector have to maintain a RE license?
Yes, inspects property and makes a report of the property condition. Home is inspected during the
option period of the contract.
Loan officer:
works in finance, with buyers and lenders is a mortgage broker and must have a loan officer's license.
Loan officer arranges financing for buyer.
,Is a real estate instructor required to have a license?
No, the instructor must prove to TREC that they are qualified in the subject that they are teaching.
Is a full time investor required to have a RE license?
No as long as that person is buying and selling for themselves. If they are helping someone else they
have to be licensed.
1949 was the year that TREC was created. T of F?
True
Real Estate Licensing act or 'TRELA' is administered by the TX Real Estate Commission. How many
members is the commission made of?
9 members in total. 6 brokers and 3 are members of the public.
How many years are appointees terms for TREC for?
appointed by the governor for 6 year terms.
What education is required to obtain for a salesperson license?
Complete education requirement from TRELA. 12 semester hours, or equivalent classroom 180 hours
of postsecondary education consisting of 4 hours on principal of real estate, 2 semester hours of
agency law, contract forms, and real estate finance. Then take test.
What is the TRELA test made of?
110 questions. National portion is 80 questions, 30 Texas questions.
How to you apply for a broker's license?
must be licensed in TX for 4 years of the previous last 60 months. Applicant must complete 60
semester hours, or 900 classroom hours or postsecondary education. These hours must include 18
semester hours or 270 real estate courses. 2 semester hours must be in real estate brokerage.
Remaining 42 hours can be core RE classes. Must also accumulate at least 3600 points to qualify for
broker's license based on experience. Must be during last 5 years.
What law governs many of the questions in the TRE licensing exam?
Texas Real Estate Licensing Act, Chapter 1101 Real Estate Brokers and Salespersons
Sec 1101.001 Short Title
this is sited as The Real Estate License Act
1101.002 defines broker as
a person who, in exchange for commission, performs for another person:
-sells, exchanges, purchases, or leases real estate.
1101.002 defines 'salesperson' as
, a person who is associated with a licensed broker for purposes of performing acts mentioned in
subdivision 1
1101.002 defines subagent as
a license holder who represents a principal through cooperation with and the consent of a broker
representing the principal
Sec 1101.003 defines the core real estate courses as
agency of law
contract of law
principals of real estate
property management
3 hours of federal, state, or local laws relating to discrimination and community reinvestment
real estate appraisal
real estate brokerage
real estate finance
real estate investment
real estate law
real estate marketing
real estate mathematics
Sec 1101.005 does not apply to (those who don't need REL in TX)
attorney license in this state
a public official while engaged in official duties
an on site manager of an apartment complex
Subchapter B, sec 1101.051 of TX Real Estate Law defines commission membership. Who is the TREC
consist of?
9 members
6 brokers (engaged in business actively for last 5 years as their main job) and 3 public
All must be qualified voters
Appointments to the commission must be made without regard to race, color, disability, sex, religion,
age, or national origin.
All appointed by governor
According to Sec 1101.055 the terms/vacancy for the commission are:
commission members serve staggered 6 year terms with terms of 3 members expiring Jan 31 of all
odd years
Subchapter D Sec 1001.151 General powers and duties of Commission state
that commission shall adopt rules, establish standards, maintain registry of certificate holders,
enforce rules and investigate complaints regarding salespersons or brokers
According to TRELA Subchapter D Sec 1101.153 FEE INCREASE the fees for annual renewal of
individual broker license is
$200.00.
$50 will go to A&M for research
$100 credit of general revenue fund
$50 credit of the foundation school
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