Study Principles One Flash Cards

 
Pile Management Card
Principles One

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Future contracts in state will be based on precedent set by prior court decisions, as well as on statutes governing contracts T/F?
T
Regulations passed by governmental agencies are a means of implementing and enforcing which kind of act?
Legislative
Refers to working with parties in negotiating sale, rental, or purchase of real estate?
Brokerage
The Fourteenth Amendment, providing civil rights protections, is an example of which of the seven sources of law?
U.S. Constitution
Which is a body of law developed by courts based on custom and usage?
Common Law
Texas Real Estate License Act is an example of which of the seven sources of law?
Laws passed by the state Legislature
Court decisions of federal, state, and municipal courts serve to clarify and interpret laws, regulations, and constitutional provisions T/F?
T
Law that covers obligations of broker to person who engages his or her services is
Law of Agency
Rules passed by Texas Real Estate Commission are which of seven sources of law?
State Regulations
The ruling of one court may NOT be reversed by the decision of a superior court T/F?
F
Theaters and parking lots are classified as which kind of property?
Commercial
REALTOR® is BEST described as an individual who is
Member of the National Association of Realtors
Primary purpose of U.S. Constitution and individual state constitutions is to delineate limits of governmental authority and establish citizens'
rights
Professional estimate of property's market value or opinion of value, based on established methods and using trained, professional judgment, is performed by a
Real Estate Appraiser
Sources of real estate law include which of the following?
All of the above
Laws passed by Congress may both set broad standards of conduct and establish administrative enforcement agencies; laws passed state and local legislative bodies may only set broad standards of conduct T/F?
F
Residential property includes all property used for housing, from small city lots to acreage,
both single-family and multifamily, in urban, suburban, and rural areas T/F?
T
NAR is composed of state, regional, and local associations T/F?
T
First law to regulate real estate brokerage in Texas, Texas Real Estate Dealers Act, was passed in 1929 T/F?
F
Typically salesperson acts as agent of buyer or seller (or both) in negotiating sale, purchase, or rental of property T/F?
T
Laws passed by Congress and by state and local legislative bodies may establish specific provisions on any issue, or they may set broad standards of conduct and establish administrative enforcement agencies T/F?
T
Sources of real estate law include ordinances passed by local governments T/F?
T
By applying and interpreting laws in relation to specific event, court decision expands meaning of law, establishing precedent for future decisions T/F?
T
Generally, in United States, seven sources of law affect ownership and transfer of real estate T/F?
T
Applicants for real estate license need only possess certain stated personal and educational
qualifications in order to receive license T/F?
F
The profession of property development includes work of land developers and subdividers,
builders and architects, and appraisers T/F?
F
Special-purpose property includes places of worship, schools, cemeteries, factories, and government-held lands T/F?
F
Court decisions of federal, state, and municipal courts establish laws, regulations, and constitutional provisions T/F?
F
"REALTOR®" is registered trademark of NAR and may be used by all licensed brokers T/F?
F
Persons who deal only with their own property are required to hold real estate license T/F?
F
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