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A series of chapter quizzes from the textbook 'champions texas principles of real estate 2'. The quizzes cover a wide range of topics related to real estate, including lease agreements, property taxes, appraisals, real estate investment syndicates, respa, the consumer financial protection bureau, cash flow reports, real estate designations, deeds, foreclosure, and more. The quizzes provide valuable practice and assessment for students studying real estate principles in texas. The document could be useful as study notes, lecture notes, or for exam preparation for university-level real estate courses.
Typology: Quizzes
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A _________ is an agreement that conveys the right to use property for a period of time. a. Deed b. Warranty deed c. Lease d. Life estate - ANS-c. lease (chapter 6) A(n) ______ is a lease of property where the landlord pays charges regularly incurred in ownership, such as taxes, insurance, utilities, and repairs. The tenant pays only rent. a. Graduated lease b. Net lease c. Lease and take back d. Gross lease - ANS-d. Gross lease (chapter 6) Additional capital or property included in a transaction to even out the exchange is called _______. a. Capital gain b. A syndicate c. Gross potential income d. Boot - ANS-d. boot (chapter 5) Before the title commitment is delivered it is divided into sections called ________. a. Kickbacks b. Schedules c. Lis pendens d. None of the above - ANS-b. schedules (chapter 9) BOMA's major concern is advocacy on the part of: a. Building owners and managers. b. Landlords and tenants c. Employment law and managers d. None of these are correct. - ANS-a. Building owners and Managers.
(chapter 7) Changing the zoning of a property to a lower value use is called _____. a. Buffer zoning b. Downzoning c. Police zoning d. Condemnation - ANS-b. downzoning (chapter 3) For tax purposes the _________ is determined by the taxing authority. a. assessed value b. appraised value c. market price d. investment value - ANS-a. assessed value (chapter 1) In the appraisal report, the property being appraised is referred to as the ________ property. a. Target property b. Comparable property c. sold property d. Subject property - ANS-d. Subject property (chapter 1) Investors assign large blocks of loans into _______ as collateral to back mortgage- backed securities. a. Originations b. Warehouse lines of credit c. Bonds d. Loan pools - ANS-d. loan pools (chapter 2) John owns 787,253 square feet of land. How many acres does he own? a. 20 b. 18 c. 180 d. 10 - ANS-b. 18 acres (chapter 10) Located in between incompatible uses, a _____ is an area of land separating one land use from another, such as residential from commercial.
a. Buffer zone b. Forward condemnation c. Reverse condemnation d. Police power zone - ANS-a. buffer zone (chapter 3) Property taxes are referred to as ______ taxes, which means according to value. a. Highest priority lien b. Lowest priority lien c. Assessed value d. Ad valorem - ANS-d. Ad valorem (chapter 3) Real estate investment syndicates: a. Are a form of ownership b. May be organized as limited or general partnerships c. Are not under the jurisdiction of state and federal laws d. Are very popular today because of favorable state and federal laws - ANS-b. May be organized as limited or general partnerships (chapter 5) RESPA manages closings on ________ federally-related financing. a. All properties without b. All properties with c. One-to-four family residential properties with d. All commercial properties with - ANS-c. One-to-four family residential properties with (chapter 9) Since they are responsible for enforcing federal consumer financial law, the Consumer Financial Protection Bureau is responsible for the enforcement of which of the following? a. The Real Estate Settlement Procedures Act b. The Fair Credit Reporting Act c. The Truth in Lending Act d. All of the above - ANS-d. All of the above (chapter 2) The _____ lists all cash that came into and all expenses incurred by a property during the reporting period. a. Property management agreement b. Bank statement
c. Cash flow report d. Leasing agreement - ANS-c. Cash flow report (chapter 7) The ABR designation is especially useful for: a. Residential buyer's agents b. Commercial property managers c. Foreclosure specialists d. Industrial property specialists - ANS-a. Residential buyer's agents (chapter 4) The appraised value of a property is: a. The sale price b. An opinion of value c. A market analysis d. The market value of a property - ANS-b. An opinion of value (chapter 1) The market value of a property is $425,000. The appraised value is 95% of market value. What is the appraised value of the property? a. $403, b. $21, c. $416, d. $395,675 - ANS-a. $403, (chapter 10) The most common type of deed used in Texas is the ______. a. Bargain and Sale Deed b. Quitclaim Deed c. General Warranty Deed d. Special Warranty Deed - ANS-c. General warranty Deed (chapter 8) The potential income of a property that is derived from rents collected in a year is called: a. Gross Rent Multiplier b. Gross Scheduled Income c. Great Rental Income d. Appreciation schedule - ANS-b. Gross scheduled Income (chapter 5)
The sale of a $292,500 home gave the listing broker $10,237.50. The selling broker received the same amount of commission. What wat the rate of the commission charged? a. 5.3% b. 9.25% c. 7.3% d. 7% - ANS-d. 7% (chapter 10) Title is conveyed when the deed is signed and ______. a. Witnessed b. Delivered c. Recorded d. Notarized - ANS-b. delivered (chapter 8) To satisfy an unpaid promissory note, ______ is the legal procedure whereby the secured property may be sold. a. Underwriting b. Processing c. Foreclosure d. Regulation of lenders - ANS-c. Foreclosure (chapter 2) When a license holder is asked to locate an investment property for a potential buyer: a. The license holder should go ahead with the transaction because having a real estate license means that he or she is qualified. b. The license holder should decline, because the License Act prohibits this type of activity. c. The license holder should go ahead with the transaction only if he or she is competent to do so. d. None of these is correct. - ANS-C. The license holder should go ahead with the transaction only if he or she is competent to do so. (chapter 4) When a property is not well-maintained, the result is: a. Preventive maintenance b. Deferred maintenance c. Escalation clauses d. Assignment and sublet - ANS-b. Deferred Maintenance (chapter 7)
Which of the following defines the rights and obligations of both landlord and tenant in the leasing of residential and commercial properties? a. Statute of Frauds b. Landlord and Tenant Act c. Federal Fair Housing Act d. TREC statutes - ANS-b. landlord and Tenant Act (chapter 6) Which of the following designations is a challenging program regarded as the "gold standard" for commercial real estate professionals? a. RLI b. CCIM c. ABR d. ALC - ANS-b. CCIM (chapter 4) Which of the following is not a type of involuntary alienation? a. Bankruptcy b. Devise c. Condemnation d. foreclosure - ANS-b. Devise (chapter 8) Which of the following items is NOT covered by a title policy? a. A lien filed against the title because a previous owner failed to pay b. Survivorship rights of a policyholder's spouse c. A charge by a property owners or condominium association d. Legal descriptions on property use that were not disclosed in the title policy - ANS-b. Survivorship rights of a policyholder's spouse (chapter 9)