PRINCIPLES OF REAL ESTATE 1- CHAMPIONS SCHOOL OF REAL ESTATE 2024-2025, Exams of Nursing

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PRINCIPLES OF REAL ESTATE 1- CHAMPIONS SCHOOL OF

REAL ESTATE 2024- 2025

A freeway has made commuting to a distant suburban neighborhood easier, resulting in an increase in new home sales. This increase in sales is an example of the economic characteristic of A.) scarcity B.) Fixity C.) Situs D.) Modification - ANSWER - >D.) Modification The supply of Real Estate is affected by A.) Land cost B.) Building codes C.) Government regulations D.) All of these - ANSWER - >D.) All of these The least important factor affecting demand for real estate is: A.) Population Growth B.) Personal Preference C.) Availability of Credit D.) Transportation Systems - ANSWER - >B.) Personal Preference A lawsuit was tried on a real estate matter. The judge ruled in the case, citing the decision of a judge in a similar case that was tried ten years ago. The judges decision in the case was most likely based upon: A.) Statutory Law

B.) Civil Law C.) Common Law D.) Local ordinance - ANSWER - >C.) Common Law A license holder was tried in a state district court on a complaint arising from a real estate transaction. The court ruled that, among other transgressions, the defendant had violated the Texas Real Estate License Act. This decision of the judge was based upon: A.) Statutory law B.) Civil Law C.) Common Law D.) Local Ordinance - ANSWER - >A.) Statutory Law RMLOs in Texas are licensed through: A.) Texas Real Estate Commission B.) National Mortgage Bankers Association C.) Texas Department of Savings and Mortgage Lending D.) Texas savings and loan board - ANSWER - >C.) Texas Department of Savings and Mortgage Lending A Freeway has made commuting to a distant suburban neighborhood easier, resulting in an increase in new home sales. This increase in sales is an example of the economic characteristics of: A.) Scarcity B.) Fixity C.) Situs D.) Modification - ANSWER - >D.) Modification

Homes that are built in sections according to local building codes and assembled on the job site are known as: A.) Trailers B.) Mobile Homes C.) Modular Homes D.) Site built Homes - ANSWER - >C.) Modular Homes Manufactured home dealers and sales people in Texas are licensed by: A.) TREC B.) The TDHCA C.) The TALCB D.) TRELA - ANSWER - >B.) The TDHCA Which of the following are considered personal property and may be harvested by the owner of the crop? A.) Trade Fixtures B.) Fixtures C.) Severances D.) Emblements - ANSWER - >D.) Emblements Lenders require _____ naming the lender as a ______ to protect their interest in the property. A.) Insurance coverage, loss payee B.) Coinsurance, trustor C.) A Lien, Creditor D.) Wind Insurance, Guarantor - ANSWER - >A.) Insurance coverage, loss payee

By failing to maintain sufficient ______, the reduction of the payout of a claim may be reduced due to the coinsurance clause. A.) fee simple ownership B.) Capital gains tax C.) Insurance coverage D.) Personal liability - ANSWER - >B.) Capital Gains Tax Most standard homeowners insurance policies do not generally cover damage from ______ A.) Hailstorms B.) Flooding C.) Fire D.) Theft - ANSWER - >B. Flooding Most windstorm insurance in Texas is unwritten by________. A.) TWIA B.) TDHCA C.) TREC D.) HUD - ANSWER - >A.) TWIA The NFIP offers _____ to homeowners, renters and business owners whose property is situated in a community that ordinances that meet or exceed FEMA requirements A.) Fire and Smoke insurance B.) Theft or vandalism insurance C.) Flood insurance D.) Electrical damage insurance - ANSWER - >C.) Flood insurance

B.) IABS form C.) Employment Contract D.) Buyer representation agreement - ANSWER - >B.) IABS form Whether it be a phone call, fax, email or in person, it is important to remember that____ must be disclosed at first contact A.) Representations B.) a signed sales contract C.) the IABS form D.) All of these - ANSWER - >A.) Representation The agency that is responsible for the enforcement of the federal consumer financial law is : A.) CFPB B.) TILA C.) Federal Reserve D.) HUD - ANSWER - >D.) HUD The _____ was passed to ensure that banks would serve the needs of a community in which they were chartered to do business. A.) ADA B.) ECOA C.) CRA D.) None of the above - ANSWER - >C.) CRA The ______ of 1968 does not offer protection for discrimination based on occupation.

A.) National Origin Act B.) Federal Housing Civil Law C.) Religious Persecution Act D.) Civil Rights Act - ANSWER - >D.) Civil Rights Act Of the following building, which is not exempt from the ADA? A.) School B.) A private club C.) historic building D.) A single family home - ANSWER - >A.) School In housing discrimination based upon _____ has been violation of federal law since 1866. A.) Economic status B.) Race or color C.) Gender D.) Any of the Above - ANSWER - >B. Race or Color Advertisements that specify a gender preference are acceptable: A.) Never B.) Always C.) When renting a single family residence D.) When renting a shared living space - ANSWER - >D.) When renting a shared living space Attending designation courses such as the Accredited Buyers Representative course is a good way to demonstrate A.) Integrity

C.) All real estate holders are Realtors D.) All of these are False - ANSWER - >C.) All real estate holders are Realtors All real estate brokers and inspectors must display, In a prominent location the: A.) TILA disclosure B.) Consumer protection notice CN 1- 2 C.) Information about Brokerage Services D.) License Act - ANSWER - >B.) Consumer protection notice CN 1 - 2 To obtain a Texas real estate license it is not a requirement to ____. A.) be a US citizen B.) submit fingerprints to TREC C.) be 18 years or older D.) comply with legal residency requirements - ANSWER - >A.) Be a US citizen In TREC's real estate recovery trust account there is a transaction maximum of _______ on behalf of any one license holder A.)$100 Million B.) $50, C.) $3.5 Million D.) $100,000 - ANSWER - >D.) $100,

TREC may suspend or revoke a license for any of the following reasons EXCEPT: A.) Commingling broker funds with client funds B.) Selling real property by lottery C.) Placing a sign offering property for sale of lease with written consent of the owner D.) Acting in the undisclosed dual capacity of broker and seller within a single transaction - ANSWER - >C.) Placing a sign offering property for sale of lease with written consent of the owner TREC may assess an administrative penalty of up to $5,000 per day for violation of the License Act by: A.) only license holders who violate the rules of TREC B.) only brokers who violate the rules of TREC C.) Any person in Texas, licensed or unlicensed, who violated the rules of TREC D.) Any license holder, if a consumer complaint has been filed in writing - ANSWER - >C.) Any person in Texas, licensed or unlicensed, who violates the rules of TREC A ______ determines legal property boundaries for property ownership A.) Land survey B.) Topographic survey C.) Seismic survey D.) Green survey - ANSWER - >A.) Land Survey

The concept behind the government survey system is the _______ of a grid on top of the land A.) Overlay B.) metes and bounds C.) coordinates D.) leaps and bounds - ANSWER - >A.) overlay Which of the following is not a requirement for a valid and enforceable contract? A.) consideration B.)Recording C.) Mutual consent D.) Competent Parties - ANSWER - >B.) Recording Which of the following is often referred to the "meeting of minds"? A.) Competent parties B.) Consideration C.) Specific performance D.) Mutual consent - ANSWER - >D.) Mutual consent The Statues of Frauds is applicable to: A.) contracts for the sale of real estate B.) Listing agreement C.) Buyer representation agreements D.) All of the above - ANSWER - >D.) All of the above A consideration is defined as ____ A.) An offer

B.) a counteroffer C.) a bribe D.) something given in exchange for a promise - ANSWER - >D.) something given in exchange for a promise You can use the acronym _____ to remember the five essential elements of a valid and enforceable contract. A.) COLIC B.) COLLIE C.) EOVEC D.) OLDCAR - ANSWER - >A.) COLIC Which of the following is not one of the categories of estates? A.) Freehold B.) Executory C.) Statutory D.) Leasehold - ANSWER - >B.) Executory The right of redemption for homestead property sold at a tax auction in Texas is ____Years A.) One B.) Two C.) Three D.) Four - ANSWER - >B.) Two Fee simple ownership is: A.) Always an estate of inheritance B.) is ownership for the duration of someones life C.) Voided if a condition is not met

C.) Community property D.) Tenants in common - ANSWER - >C.) community property The easiest form of organization that gives one individual the greatest control over a business is the _____. A.) Partnerships B.) Sole proprietorship C.) S corporation D.) C Corporation - ANSWER - >b. sole proprietorship When dealing with community property, which of the following statements is true? A.) The signature of either spouse is required to sell it B.) When one spouse dies, the surviving spouse immediately owns all the property of the deceased. C.) property inherited by one spouse can remain the separate property of that spouse. D.) Community property is a concept of English law. - ANSWER -

B.) When one spouse dies, the surviving spouse immediately owns all the property of the deceased. A property is owned by two unmarried individuals without right of survivorship. The form of ownership is most likely: A.) Community property B.) Ownership in severalty C.) Joint Tenancy D.) Tenancy in common - ANSWER - >D.) Tenancy in common

Three co- owners wish to divide their undivided interests in a property into individually owned tracts of land. This process is known as an______ A.) Alienation B.) Lawsuit C.) Waiver D.) Partition - ANSWER - >D.) Partition Dwayne and Beth, each single persons, own a parcel of land as joint tenants. Beth has a will leaving her entire estate to her brother, Jason. Upon Beths death, her interest in the land passes to: A.) Jason, because he was named in the will B.) Jason, because he is her brother C.) Dwayne, because he is a joint tenant D.) None of these - ANSWER - >C.) Dwayne. because he is a joint tenant A trust that is created during the lifetime of the trustor is an ___. A.) Testamentary trust B.) Inter vivos trust C.) business trust D.) None of the above - ANSWER - >B.) Inter vivos trust Seller steve listed his property with City Realty, Acme Realty and countryside realty all at the same time. After signing the listing agreements, steve continued to run for sale by owner