VanED Real Estate Course Principles Flashcards

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Questions and Answers

What are the real estate rights above ground surface called?

Air Space

An item that is attached to, and made part of the land is an?

Appurtenance

What information does a broker or sales agent typically market?

Market Conditions

A broker or sales agent that is qualified to answer questions about specific real estate is said to be?

Competent Signup and view all the answers

According to the Interstate Land ______s Full Disclosure Act (ILSFDA), a ( ) occurs when a purchaser acquires an equitable interest in the property.

Sale Signup and view all the answers

What types of property sales are exempt from the Interstate Land Sales Full Disclosure Act (ILSFDA) disclosure and registration requirements?

The sale of property to a government agency. Signup and view all the answers

Which professional real estate organization is open to real estate professionals involved in residential, commercial, appraisal, counseling, and property management?

National Association of REALTORS (NAR) Signup and view all the answers

A property's __________ is what a purchaser agrees to pay and what a seller agrees to accept based on circumstances surrounding the transaction.

Price Signup and view all the answers

Which of the following must be provided before the Commission will approve the individual's eligibility to apply for a real estate broker license?

4+ years active experience within 60 months preceding the application filing as a licensed real estate sales agent or broker in a different state. Signup and view all the answers

What does ESAC stand for?

The Education Standard Advisory Committee created under TRELA Signup and view all the answers

Real estate specialization offers benefits to?

1.The consumer, 2.The practitioner, 1 and 2 Signup and view all the answers

Land includes all ______ area.

all of the above Signup and view all the answers

Which law contains requirements, provisions, and exemptions pertinent to senior (55 and older) housing?

Housing for Older Persons Act of 1995 (HOPA) Signup and view all the answers

Reciprocity is defined as?

An agreement between states that allows the agent to be licensed in another state Signup and view all the answers

A moveable item that is permanently attached to the land by a bill of sale, and which transfers with the property is?

A fixture Signup and view all the answers

The ____ represents an expected price that should result under specific conditions.

Real Estate Value Signup and view all the answers

What industries are affected by fluctuations in the housing market?

All of the above Signup and view all the answers

Which Texas Real Estate License Act Committee reviews and revises real estate continuing education course curriculum standards?

Education Standard Advisory Committee (ESAC) Signup and view all the answers

The purpose of the real estate license is to ensure the licensee meets the minimum standard of ______ mandated by Texas Real Estate Commission (TREC).

All of the above Signup and view all the answers

Land subsurface rights include?

Water and mineral rights Signup and view all the answers

Items that are attached to the land, made a part of the land, or include rights or privileges that lie outside the land are known as?

Appurtenances Signup and view all the answers

What is the purpose of the Housing for Older Persons Act of 1995 (HOPA)?

To ensure senior housing has at least one person age 55 or older in its occupied units Signup and view all the answers

According to the Interstate Land Sales Full Disclosure Act (ILSFDA), a ____ occurs when a purchaser acquires an equitable interest in the property.

Sale Signup and view all the answers

What types of property sales are exempt from Interstate Land Sales Full Disclosure Act (ILSFDA) disclosure and registration requirements?

The sale of property to a government agency Signup and view all the answers

What constitutes a 'service animal'?

An animal that's been trained to aid an individual with a disability Signup and view all the answers

What group or agency administers and enforces real estate licensing laws in Texas?

Texas Real Estate Commission (TREC) Signup and view all the answers

Study Notes

Real Estate Principles

Air Space refers to real estate rights above ground surface.
Appurtenance is an item attached to and made part of the land.
Brokers and sales agents typically market Market Conditions to their clients.
Competency is required for brokers and agents to effectively answer real estate questions.

Interstate Land Sales Full Disclosure Act (ILSFDA)

A Sale occurs when a purchaser acquires an equitable interest in the property under ILSFDA.
Sales to government agencies are exempt from ILSFDA disclosure and registration.

Professional Organizations

The National Association of REALTORS (NAR) caters to professionals in residential, commercial, appraisal, counseling, and property management, offering training and networking opportunities.

Property Transaction Elements

A property's Price is the amount agreed upon by the buyer and seller based on transaction circumstances.

Licensing Requirements

Applicants for a real estate broker license must have 4+ years of active experience as a licensed agent or broker in another state within the last 60 months.
ESAC, or the Education Standard Advisory Committee, operates under TRELA to set educational standards in real estate.

Benefits of Specialization

Real estate specialization benefits both the consumer and the practitioner.

Land and Housing Laws

Land encompasses all area, including subsurface rights such as water and mineral rights.
The Housing for Older Persons Act of 1995 (HOPA) ensures senior housing has at least one resident aged 55 or older.

Reciprocity

Reciprocity allows real estate agents to be licensed in another state based on agreements between states.

Fixtures and Value in Real Estate

A fixture is a moveable item permanently attached to land, which transfers with the property.
Real Estate Value represents an expected price under specific conditions.

Market Influence

The housing market affects various industries.

Licensing and Regulation

The Education Standard Advisory Committee (ESAC) reviews continuing education course standards in Texas real estate.
The Texas Real Estate Commission (TREC) administers and enforces real estate licensing laws.

Service Animals

A service animal is trained to assist individuals with disabilities.

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Description

Test your knowledge with these flashcards covering essential terms from the VanED Real Estate course. This quiz includes key concepts such as air rights, appurtenance, and market conditions that are crucial for real estate professionals. Perfect for students and agents alike!