Unit 1
How many commissioners are on the Texas Real Estate Commission?
Nine
Real estate is defined as
land at, above, and below the earth's surface.
A legally enforceable agreement under which two parties promise to do something for each
other is classified as
a bilateral contract.
The government's authority to appoint local citizens to serve on boards to set zoning standards
and building codes for their communities is an example of
Police Power
Who appoints the Trec commissioners?
Texas Governor
A seller has sold his property and is now transferring title to the new owner. The instrument he will use is
Deed
A contract to perform an unlawful act is considered which of the following?
Void Contract
The process whereby the government acquires privately owned property for public use is
Eminent Domain
What is the term for a TREC commissioner?
Six-Year Term
Title, as it relates to real property, means
ownership of the land, including the owner's bundle of legal rights and evidence of that
ownership, by a deed.
When a contract lacks one of the essential elements of a legal contract it is
Void
When an individual dies and leaves no will, any real property will transfer to the state through a process called
Escheat
Which of the following real estate-related entities has rule-making authority in the state of
Texas?
TREC
What is real property in real estate
Real property is the land and all permanent attachments to it, including the legal rights of ownership, use, and disposal. It encompasses physical items like land, buildings, and trees, as well as less tangible rights like the ability to sell, lease, or control the property.
When a seller proposes a deviation from the terms of an offer, the seller is considered to be
making a counteroffer
Local communities passing environmental protection laws is an example of
What effect do the rules made by the commission have on license holders?
Commission rules have the force and effect of law, meaning they are binding on license holders and violations can lead to disciplinary action, such as license suspension or revocation.
A landowner sells his property but retains the rights to any oil and gas found beneath the
property. These rights are called
mineral rights or subsurface rights
A potential buyer offers to purchase the sellers' real property for $10,000 less than the listed
price on a TREC-promulgated One to Four Residential Contract. The seller responds by signing
the contract and transmitting it to the buyer's agent. What is the seller's response called?
Acceptance
An estate in land is an ownership interest and is transferred using a
Deed