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Principles of Real Estate 1- Champions
School of Real Estate Actual Exam With
Correct Answers
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 D.) Modification The supply of Real Estate is affected by A.) Land cost B.) Building codes C.) Government regulations D.) All of these 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 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 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 A.) Statutory Law
D) all of these Building, roads and fences are all examples of: A.) Personal Property B.) Private Property C.) Improvements D.) Public Property C.) Improvements If a tenant fails to remove trade fixtures from the leased premises, the fixtures become the property of the landlord through: A.) Remediation B.) Adverse Possession C.) Accession D.) Descent C.) Accession Effective in 1976, manufactured homes have been built according to a building code administered by: A.) Local building departments B.) State code enforcement
C.) HUD
D.) FHA
C.) HUD
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 C.) Modular Homes Manufactured home dealers and sales people in Texas are licensed by: A.) TREC B.) The TDHCA C.) The TALCB D.) TRELA B.) The TDHCA Which of the following are considered personal property and may be harvested by the owner of the crop?
Most standard homeowners insurance policies do not generally cover damage from ______ A.) Hailstorms B.) Flooding C.) Fire D.) Theft B. Flooding Most windstorm insurance in Texas is unwritten by________. A.) TWIA B.) TDHCA C.) TREC D.) HUD 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 C.) Flood insurance The _____ used by the insurance industry is the CLUE A.) Claims history database B.) Contents coverage database C.) MLS state-wide rating system D.) MLS A.) Claims history database 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 C.) Insurance Coverage A _____ relationship exists when one person acts on behalf of another person from whom he has derived authority. A.) Agency
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 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 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
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 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 A.) School In housing discrimination based upon _____ has been violation of federal law since 1866. A.) Economic status B.) Race or color
A.) Fidelity B.) Competency C.) Discriminatory practices D.) Consumer information B.) Competency When it comes to competency, it is best described as the duty of a license holdeer to ______. A.) represent the best interests of his client B.) exercise skill and judgment in the performance of his work C.) avoid misrepresentation D.) All of the above B.) Exercise skill and judgment in the performance of his work 7 The ____ is the largest trade organization in the United States A.) BOMA B.) NAR C.) TREC D.) AIA B.) NAR
Which of the following statements regarding the National association of Realtors is FALSE? A.) The term Realtors is a registered trademark B.) NAR is Americas largest trade organization C.) All real estate holders are Realtors D.) All of these are False 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- C.) Information about Brokerage Services D.) License Act B.) Consumer protection notice CN 1- 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
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 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 A.) Land Survey A legal description that contains the words "beginning at a point"is a: A.) Lot and Block Description B.) Metes and bounds description C.) Informal reference D.) PLSS Description B.) Metes and bounds description
Which of the following is not an acceptable legal description used in a deed? A.) Lot and Block B.) Metes and Bounds C.) Street address D.) Rectangular survey system C.) Street address A ______ might be required in a division of property between multiple owners. A.) Bilateral contract B.) monument C.) unilateral contract D.) survey D.) survey Which of the following is required for a lot and block description of a property? A.) a point of beginning B.) compass directions C.) a recorded plat D.) townships and sections C.) a recorded plat
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 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 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
A.) COLIC
Which of the following is not one of the categories of estates? A.) Freehold B.) Executory C.) Statutory D.) Leasehold 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 B.) Two Fee simple ownership is:
