Principles of Real Estate 1: Champions School of Real Estate Questions and Answers, Exams of Advanced Education

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Principles Of Real Estate 1- Champions

School Of Real Estate Questions With

Complete Solution 2023

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 - Correct Answer-D.) Modification The supply of Real Estate is affected by A.) Land cost B.) Building codes C.) Government regulations D.) All of these - Correct 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 - Correct 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 - Correct 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 - Correct 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 - Correct 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 - Correct Answer-D.) Modification Air Rights are commonly leased or conveyed in: A.) Cell tower leases B.) Condominiums C.) Outdoor Advertising D.) All of these are correct - Correct Answer-D) all of these Building, roads and fences are all examples of: A.) Personal Property B.) Private Property C.) Improvements D.) Public Property - Correct Answer-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 - Correct Answer-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 - Correct Answer-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 - Correct Answer-C.) Modular Homes

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 - Correct Answer-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 - Correct Answer-C.) Insurance Coverage A _____ relationship exists when one person acts on behalf of another person from whom he has derived authority. A.) Agency B.) Principal C.) Client D.) Broker - Correct Answer-A.) Agency The duties of a broker in a fiduciary relationships includes... A.) budgeting B.) Security C.) Loyalty D.) Trust - Correct Answer-C.) Loyalty The_____ is used to provide agency information to consumers A.) Sellers Listing Agreement B.) IABS form C.) Employment Contract D.) Buyer representation agreement - Correct 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 - Correct 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 - Correct 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 - Correct 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 - Correct 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 - Correct Answer-A.) School In housing discrimination based upon _____ has been violation of federal law since

A.) Economic status B.) Race or color C.) Gender D.) Any of the Above - Correct 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 - Correct 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 B.) Fidelity C.) Competency D.) Perseverance - Correct Answer-A.) Integrity _______ decribes the obligation of a license holder to be knowledgeable as a real estate brokerage practitioner. A.) Fidelity B.) Competency C.) Discriminatory practices

D.) Acting in the undisclosed dual capacity of broker and seller within a single transaction - Correct 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 - Correct 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 - Correct Answer-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 - Correct Answer-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 - Correct Answer-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 - Correct Answer-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 - Correct Answer-C.) a recorded plat 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 - Correct 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 - Correct 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 - Correct 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 - Correct 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 - Correct 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 - Correct Answer-A.) COLIC Which of the following is not one of the categories of estates? A.) Freehold B.) Executory C.) Statutory D.) Leasehold - Correct Answer-B.) Executory The right of redemption for homestead property sold at a tax auction in Texas is ____Years A.) One B.) Two

C.) property inherited by one spouse can remain the separate property of that spouse. D.) Community property is a concept of English law. - Correct 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 - Correct 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 - Correct 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 - Correct 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 - Correct 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 ads on Craigslist. The type of listing agreement Steve signed with various companies is a : A.) Exclusive Right to sell B.) Exclusive Agency Agreement C.) Open Listing D.) Net Listing - Correct Answer-C.) Open Listing In order to successfully sue for commission: A.) The broker must have an active real estate license B.) the broker must be the procuring cause of sale C.) The broker must have an employment agreement signed by the party to be charged D.) All of these are correct - Correct Answer-D.) All of these are correct

The Federal law that requires that states make available online information related to known sex offenders is : A.) Sex offender disclosure act B.) Megans Law C.) RESPA D.) Dangerous offenders law - Correct Answer-B.) Megans Law