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PRINCIPLES OF REAL ESTATE 1- CHAMPIONS SCHOOL OF REAL ESTATE QUESTIONS AND CORRECT DETAILE, Exams of Clinical Medicine

Chamberlain College of NursingClinical Medicine

PRINCIPLES OF REAL ESTATE 1- CHAMPIONS SCHOOL OF REAL ESTATE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+ BRAND NEW VERSION.pdf

Typology: Exams

2024/2025

Available from 01/09/2025

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PRINCIPLES OF REAL ESTATE 1- CHAMPIONS SCHOOL OF
REAL ESTATE QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+
BRAND NEW VERSION
1. D.) Modification: 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
2. D.) All of these: The supply of Real Estate is affected by
A.) Land cost
B.) Building codes
C.) Government regulations D.) All of these
3. B.) Personal Preference: The least important factor affecting demand for real
estate is:
A.) Population Growth
B.) Personal Preference
C.) Availability of Credit
D.) Transportation Systems
4. C.) Common Law: 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
5. A.) Statutory 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
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Download PRINCIPLES OF REAL ESTATE 1- CHAMPIONS SCHOOL OF REAL ESTATE QUESTIONS AND CORRECT DETAILE and more Exams Clinical Medicine in PDF only on Docsity!

PRINCIPLES OF REAL ESTATE 1- CHAMPIONS SCHOOL OF

REAL ESTATE QUESTIONS AND CORRECT DETAILED

ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+

BRAND NEW VERSION

  1. D.) Modification: 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
  2. D.) All of these: The supply of Real Estate is affected by A.) Land cost B.) Building codes C.) Government regulations D.) All of these
  3. B.) Personal Preference: The least important factor affecting demand for real estate is: A.) Population Growth B.) Personal Preference C.) Availability of Credit D.) Transportation Systems
  4. C.) Common Law: 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
  5. A.) Statutory 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

  1. C.) Texas Department of Savings and Mortgage Lending: 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
  2. D.) Modification: 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
  3. D) all of these: Air Rights are commonly leased or conveyed in: A.) Cell tower leases B.) Condominiums C.) Outdoor Advertising D.) All of these are correct
  4. C.) Improvements: Building, roads and fences are all examples of: A.) Personal Property B.) Private Property C.) Improvements D.) Public Property
  5. C.) Accession: 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.) Fire D.) Theft

  1. A.) TWIA: Most windstorm insurance in Texas is unwritten by________. A.) TWIA B.) TDHCA C.) TRECD.) HUD
  2. C.) Flood insurance: 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
  3. A.) Claims history database: 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
  4. C.) Insurance Coverage: 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
  5. A.) Agency: 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
  6. C.) Loyalty: The duties of a broker in a fiduciary relationships includes... A.) budgeting B.) Security C.) Loyalty D.) Trust
  1. B.) IABS form: The_____ is used to provide agency information to consumers A.) Sellers Listing Agreement B.) IABS form C.) Employment Contract D.) Buyer representation agreement
  2. A.) Representation: 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
  3. D.) HUD: The agency that is responsible for the enforcement of the federal consumer financial law is : A.) CFPB B.) TILA C.) Federal Reserve D.) HUD
  4. C.) CRA: 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
  5. D.) Civil Rights Act: 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
  6. A.) School: 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
  7. B. Race or Color: In housing discrimination based upon _____ has been violation of federal law since 1866.
  1. C.) All real estate holders are Realtors: 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
  2. B.) Consumer protection notice CN 1-2: 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
  3. A.) Be a US citizen: 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
  4. D.) $100,000: 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,
    1. C.) Placing a sign offering property for sale of lease with written consent of the owner: 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
  5. C.) Any person in Texas, licensed or unlicensed, who violates the rules of TREC: 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

  1. A.) Land Survey: A ______ determines legal property boundaries for property ownership A.) Land survey B.) Topographic survey C.) Seismic survey D.) Green survey
  2. B.) Metes and bounds description: 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
  3. C.) Street address: 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
  4. D.) survey: A ______ might be required in a division of property between multiple owners. A.) Bilateral contract B.) monument C.) unilateral contract D.) survey
  5. C.) a recorded plat: 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
  6. A.) overlay: 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
  1. B.) Two: The right of redemption for homestead property sold at a tax auction in Texas is ____Years A.) One B.) Two C.) Three D.) Four
  2. A.) Always an estate of inheritance: 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 D.) Not common in Texas
  3. C.) Tenancy at sufferance: Which of the following is created when a lease expires and tenant remains on the premises? A.) Holdout tenancy B.) illegal tenancy C.) Tenancy at sufferance D.) periodic tenancy
  4. A.) Encroachment: Tree Limbs from your neighbors property that intrude onto yours are an example of: A.) Encroachment B.) Easement C.) Appurtenance D.) Encumbrance
  5. B.) S corporation: A form of corporation that is taxed much like a partnerships is the _____. A.) C Corporation B.) S Corporation C.) Limited Corporation D.) CS Corporation
  6. C.) community property: Jill and Adkins are married and live in Texas. They saved for a number of years and purchased a home. In this case, the form of ownership is most likely to be: A.) Separate property B.) joint property C.) Community property D.) Tenants in common
  7. b. sole proprietorship: 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

  1. B.) When one spouse dies, the surviving spouse immediately owns all the property of the deceased.: 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.
  2. D.) Tenancy in common: 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
  3. D.) Partition: 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
  4. C.) Dwayne. because he is a joint tenant: 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
  5. B.) Inter vivos trust: A trust that is created during the lifetime of the trustor is an ___. A.) Testamentary trust
  1. Bilateral Contract: a contract which consists of mutual promises to perform some future acts
  2. Unilateral Contract: A contract that contains a promise by only one person to do something if and when the other party performs some act.
  3. 43560: How many square feet in an acre?
  4. Monument or marker: Beginning point used in metes and bounds descriptions
  5. Metes and bounds: Has a starting point and rotates clockwise
  6. 4 years: How long does an individual have to file a complaint with TREC?
  7. TREC: What is the only entity that can revoke your real estate license?
  8. 1939: When was TRELA passed?
  9. Integrity: An agent must employ prudence and caution so as to avoid misrepresentation to practice...
  10. Fidelity: Must be scrupulous and meticulous when practicing...
  11. 9 members (6 Brokers & 3 Citizens): TREC
  12. To protect the public against unlawful brokers and agents: What is the purpose of TRELA?
  13. Subsurface Rights: These are mineral rights to the earth located beneath surface, are often sold separately from surface rights and water rights.
  14. Surface Rights: Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it (air rights) or the minerals below the surface (subsurface rights).
  15. Riparian Rights: Rights to use water from a river or stream
  16. Littoral Rights: rights of a landowner adjacent to a lake Remember "L"
  17. OLDCAR: fiduciary duties to client Obedience;Loyalty;Disclosure;Confidentiality; Accouting;Reasonable Care
  18. IABS: Information About Brokerage Services
  19. Blockbusting: Illegal practice of inducing homeowners to sell their properties by telling them that a certain people of a certain race, national origin or religion are moving into the area
  20. Steering: Channeling prospective buyers or tenants to particular neighborhoods based upon their race, religion, national origin, or ancestry.
  21. Regulation Z (Truth in Lending): A federal law requiring certain disclosures when extending or advertising credit.
  1. 30 Days: How often should a mortgage loan originator update the do not call registry?