What are the principles of real estate?

Here are 11 important real estate principles and practices you should know:
  • Set Investment Goals.
  • Educate Yourself on Real Estate Investing.
  • Assemble a Real Estate Team.
  • Carefully Screen All Tenants.
  • Do the Math.
  • Buy From a Motivated Seller.
  • Invest in the Best Location.
  • Think Big But Start Small.

What do the TREC canons require to be displayed in a readily noticeable location in each place of business the broker or inspector maintains?

According to the Canons of Professional Ethics, every broker must display the Consumer Protection Notice TREC No. CN 1-2 in a readily noticeable location in each place of business the broker maintains. The homepage of the business website must also have a link to the Notice in at least 10-point font.

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Which of the below most directly affects the economic scarcity of real estate quizlet?

Which of the below most directly affects the economic scarcity of real estate? Preference for land in a certain area is the sole factor of economic scarcity.

What are the possible consequences if a licensee attempts to lure away the already represented client of another broker in Texas?

The possible consequences if a licensee attempts to lure away the already represented client of another broker in Texas include suspension and/or revocation of license.

What are the principles of real estate? – Related Questions

Which illegal act may lead to a real estate salesperson losing his her license?

Misrepresentation (a form of lying) is the most common reason agents get taken to court, according to Laurie K. Janik at magazine. realtor. The second most common reason has to do with disclosure.

What are man made attachments called?

Fixtures. Man-made attachments are called fixtures. They are items that have been attached to real property in such a way that they have become part of it. Man-made items of personal property become realty if they are attached to or otherwise closely connected to the land or improvements.

What are some of the consequences of an agent engaging in dual agency in a real estate transaction in Texas?

act as the intermediary but not make appointments. What are some of the consequences of an agent engaging in dual agency in a real estate transaction in Texas? The answer is a principal may recover the commission from the offending broker.

When an agent is authorized to carry out the affairs of a business for another it is called?

A power of attorney gives one or more persons the power to act on your behalf as your agent. The power may be limited to a particular activity, such as closing the sale of your home, or be general in its application. The power may give temporary or permanent authority to act on your behalf.

Can suspend or revoke a sales agent’s license under a DTPA violation?

Rationale: A court of law cannot suspend or revoke an agent’s license under a DTPA violation. There are some provisions in the Texas Real Estate License Act that work in hand with DTPA violations. Therefore, TREC could suspend or revoke an agent’s license [for a DTPA violation].

What must a consumer prove in a DTPA lawsuit?

The causation standard that a DTPA consumer must prove is that the representations were a “producing cause” of their injuries. Additionally, the DTPA defendant’s actions must be “in connection with” the transaction.

How many misleading acts are listed under the DTPA?

It contains 27 acts that violate the DTPA and for which consumers may sue, if the consumers relied on the act to their detriment.

Which of the following is not a defense to the DTPA?

Good intent is not a defense under the DTPA. In other words, defendants can be held liable even if they did not intend to misrepresent the product to the consumer.

What are treble damages under DTPA?

Remedies under the DTPA are economic damages, plus up to 3x economic damages and mental anguish if they can prove the violation was “knowingly” and up to 3x economic and 3x mental anguish if they can prove the violation “intentional.” Knowingly requires actual awareness of falsity/decptive facts; and intentional

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Who does the Texas DTPA apply to?

To seek relief under the Texas DTPA, you must qualify as a consumer. A consumer may be an individual, partnership, corporation, LLC or even a state agency. The Texas Business and Commerce Code Section 17.46 has a laundry list of 25 prohibited acts that are considered false, misleading, or deceptive acts or practices.

Which is a misleading or deceptive practice according to the DTPA?

False, Misleading, or Deceptive Acts

Actions that fall under this category include improper product labeling, misrepresenting the origin of a product, or claiming something is made from a material that it isn’t. For example, the DTPA bans selling a pole made from aluminum as one that’s made of steel.

What are 3 consumer protection laws?

Among them are the Federal Food, Drug, and Cosmetic Act, Fair Debt Collection Practices Act, the Fair Credit Reporting Act, Truth in Lending Act, Fair Credit Billing Act, and the Gramm–Leach–Bliley Act.

What are examples of unfair trade practices?

Some examples of unfair trade methods are: the false representation of a good or service; false free gift or prize offers; non-compliance with manufacturing standards; false advertising; or deceptive pricing.

What does intentionally mean under the DTPA?

Intention to deceive. The DTPA provides that a consumer can sue if the consumer has suffered economic damages produced by unconscionable action by another. ” Unconscionable” means. A) that a person has lied to the consumer.

Can you sue for false advertising in Texas?

The primary tool the Office of the Attorney General uses to protect Texas consumers is the Deceptive Trade Practices Act (DTPA). This law lists many practices that are false, deceptive, or misleading. When you fall victim to illegal practices covered by the DTPA, you may have the right to sue for damages under the act.

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