Real Estate Brokerage and Appraisal, Exams of Nursing

Download Real Estate Brokerage and Appraisal and more Exams Nursing in PDF only on Docsity!

brokerage - correct answers The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate. real estate broker - correct answers A person or an organization acting as the agent for others in negotiating the purchase and sale of real property or other commodities for a fee. real estate salesperson - correct answers A person performing any of the acts included in the definition of real estate broker but while associated with and supervised by a broker. residential property - correct answers A type of property that includes one to four dwelling units commercial property - correct answers Property that produces rental income or that is used in business. Properties with five or more dwelling units are considered commercial property. industrial property - correct answers Property that is used by companies or persons for manufacturing, warehousing, or the assemblage of components special purpose property - correct answers A category of real property created as a result of combining the land and its improvements for a single highest and best use mixed use property - correct answers Any urban, suburban or village development, or even a single building, that blends a combination of residential, commercial, cultural, institutional, or industrial uses, where those functions are physically and functionally integrated, and that provides pedestrian connections brokerage - correct answers The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate is known as...? public parks - correct answers Government held properties include which of the following...? yes - correct answers Must property inspections must be licensed by the Texas Real Estate Commission...?

special purpose - correct answers A church is a definition of a _____________ ____________ property. continuing education courses - correct answers What courses must be taken after you obtain your real estate license...? 60 (part I and part II) - correct answers The qualifying Real Estate Principles course consists of how many classroom hours in total...? 3600 - correct answers How many points must an applicant earn in order to obtain their real estate broker's license...? educational standards advisory - correct answers The mission of the _______________ _______________ ________________ Committee (ESAC) is to regularly review and revise the curriculum standards, course content requirements, and instructor certification requirements for qualifying and continuing education courses...? qualifying education - correct answers The pre-licensing courses needed to obtain your real estate license are considered what type of courses...? improvements - correct answers Changes or additional made to a property, such as walls and roads. These typically increase the value of a property, except in some cases of over improvement non-homogeneity - correct answers A physical characteristic of land describing that land as a unique commodity value - correct answers The present worth of future benefits price - correct answers The amount a purchaser agrees to pay and a seller agrees to accept under the circumstances surrounding a transaction cost - correct answers The total dollar expenditure for labor, materials, and other items related to construction

supply - correct answers The amount of goods offered for sale within a given market at a given price during a given time period demand - correct answers The amount of goods consumers are willing and able to buy at any given price during any given time period demography - correct answers The study of the social and economic statistics of a community no - correct answers Is value the same as price? cost of labor - correct answers Which of the following affects supply...? Employment Cost of labor Population All of the above improvements - correct answers Changes or additions made to a property, such as walls and roads are known as...? value - correct answers The present worth of future benefits is referred to as...? agent - correct answers A person authorized to act on behalf of another principal - correct answers The employer of an agent customer - correct answers The party the agent brings to the principal as seller or buyer of the property. general agent - correct answers An agent with full authority over one property of the principal, such as a property manager

special agent - correct answers An agent with limited authority to act on behalf of the principal, such as created by a listing listing contract - correct answers A contract in which a property owner employs a real estate broker to market the property described in the contract fiduciary duty - correct answers That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure fiduciary - correct answers A person in a position of trust and confidence, as between principal and broker; broker as fiduciary owes certain loyalty which cannot be breached under the rules of agency caveat emptor - correct answers Let the buyer beware. The buyer must examine the goods or property and buy at his or her own risk disclosure - correct answers Which of the following is a fiduciary duty owed by an agent to their client...? Indemnification Disclosure Compensation All of the above Texas Real Estate Dealers Act - correct answers This Act established the real estate licensing requirements in Texas in 1939...? Fair Housing Act Texas Real Estate Commission Act Texas Real Estate Dealers Act U.S. Real Estate Licensing Act someone acting under a power of attorney - correct answers Which of the following is exempt from having to obtain a real estate license to buy or sell real estate on someone else's behalf...? Someone acting under a power of attorney

Architects Appraisers All of the above agent - correct answers A person authorized to act on behalf of another is known as a/an...? Principal Agent Customer Attorney customer - correct answers The party the agent brings to the principal as seller or buyer of the property is known as the...? Customer Broker Intermediary All of the above fiduciary - correct answers A person in a position of trust and confidence, as between principal and broker, is known as a...? Customer Principal Client Fiduciary appraised value - correct answers An evaluation of a property's value based on a given point in time that is performed by a professional appraiser during the mortgage origination process. market comparison approach - correct answers A means of comparing similar type properties, which have recently sold, to the subject property. Commonly used in comparing residential properties.

cost approach - correct answers An analysis in which a value estimate of a property is derived by estimating the replacement cost of the improvements, deducting therefrom the estimated accrued depreciation, then adding the market value of the land. income approach - correct answers One of the three methods of the appraisal process generally applied to income producing property, and involves a three-step process - (1) find net annual income, (2) set an appropriate capitalization rate or "present worth" factor, and (3) capitalize the income dividing the net income by the capitalization rate. assessed value - correct answers A valuation placed upon a piece of property by a public authority as a basis for levying taxes on the property. insured value - correct answers The cost of replacing a structure completely destroyed by an insured hazard. depreciated value - correct answers The basis of a depreciable asset used to compute the taxable gain from its sale; the basis is acquisition cost plus capital improvements less accrued depreciation. income approach - correct answers Mark is looking to purchase a commercial office building. An appraiser was hired to assess the value of the building. What appraisal method did the appraiser use...? Market Comparison Approach Income Approach Cost Approach All of the above cost approach - correct answers A non-profit organization in looking to purchase a church. An appraiser was hired to assess the value of the church. What appraisal method did the appraiser use...? Market Comparison Approach Income Approach Cost Approach All of the above

depreciate - correct answers Improvements typically ............ in value? Rescind Escalate Appreciate Depreciate false - correct answers Price is typically equal to the cost of the property...? True False The licensee is convicted of a felony - correct answers A licensee's license may be suspended or revoked if which of the following occurs...? The licensee changes brokerages The licensee is convicted of a felony The licensee does not close a transaction within one calendar year The licensee negotiates on behalf of his/her client true - correct answers Real estate agents and brokers must be careful not to provide legal advice to their clients...? True False the agent's sponsoring broker - correct answers Who holds the real estate license of an agent...? The agent's sponsoring broker The agent themselves The Texas Real Estate Commission All of the above 18 - correct answers In order to obtain a real estate license, an applicant must be at least how many years of age...?

inactive - correct answers If a real estate salesperson terminates their employment with their sponsoring broker, the salesperson's license is considered what...? Active Inactive Revoked Suspended 2 - correct answers Real estate licenses are issued for a period not to exceed how many years...? 1 2 3 4 A - correct answers A means of comparing similar type properties, which have recently sold, to the subject property is known as the...? AMarket Comparison Approach BIncome Approach CCost Approach DAssessment Approach A - correct answers The amount of goods offered for sale within a given market at a given price during a given time period is known as... ASupply BDemand CGDP

DNone of the above B - correct answers A property manager is an example of what type of agent...? AGeneral Agent BSpecial Agent CSpecific Agent DUniversal Agent A - correct answers The employer of an agent is known as the...? APrincipal BCustomer CEscrow DAll of the above land - correct answers The material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, or other substance, and includes free or unoccupied space for an indefinite distance upwards as well as downwards. bundle of rights - correct answers The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property. mineral rights - correct answers The landowner's ability to take minerals from the earth or to sell or lease this right to others. air rights - correct answers The rights in real property to the reasonable use of the air space above the surface of the land. real estate - correct answers Land and everything permanently attached to land. real property - correct answers The aggregate of rights, powers, and privileges conveyed with ownership of real estate.

land - correct answers The surface of the earth, the area above and below the surface, and everything permanently attached thereto is known as...? Land Real Property Real Estate Bundle of Rights air rights - correct answers The rights in real property to the reasonable use of the air space above the surface of the land is known as...? Mineral Rights Air Rights Land Rights Riparian Rights all of the above - correct answers Which of the following is considered a permanent man-made improvement to land...? Fences Sheds Wells All of the above trade fixtures - correct answers Items that are installed by a commercial tenant and are removable upon termination of the tenancy are known as...? Emblements Trade Fixtures Chattel Real Property real property - correct answers Trees and shrubbery that are not cultivated annually are considered...?

Personal property Chattel Real property Emblements fixture - correct answers Personal property that has become real property by having been permanently attached or adapted to real property is known as a/an...? Fixture Trade Fixture Emblements Chattel A - correct answers Mobile homes not permanently attached to the land are generally considered...? APersonal Property BReal Property CFixtures DTrade Fixtures A - correct answers The landowner's ability to take minerals from the earth or to sell or lease this right to others is known as...? AMineral rights BAir Rights CLand Rights DBundle of RightsA A - correct answers All property that is not land and is not permanently attached to land is known as...? APersonal Property BReal Property CReal Estate

DFixture A - correct answers The transfer of personal property is typically done using a...? ABill of Sale BDeed CPurchase Contract DAll of the above A - correct answers Which of the following is an example of a fixture...? AKitchen cabinets BRemovable bookshelves CCurtains DRugs condominium - correct answers A form of ownership of real property recognized in all states that consists of individual ownership of some aspects and co-ownership in other aspects of the property. cooperative - correct answers A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease. planned unit development - correct answers A form of cluster zoning providing for both residential and commercial land uses within a zoned area. mixed-use property - correct answers - Any urban, suburban or village development, or even a single building, that blends a combination of residential, commercial, cultural, institutional, or industrial uses, where those functions are physically and functionally integrated, and that provides pedestrian connections. mobile home - correct answers A structure transportable in one or more sections, designed and equipped to contain not more than two dwelling units to be used with or without a foundation systems.

time-share - correct answers license or contractual or membership right of occupancy in a project which is not coupled with an estate in the real property. cooperative - correct answers A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease is known as a...? Cooperative Condominium Townhouse PUD manufactured home dealerships - correct answers Who is responsible for selling newly constructed mobile homes...? Manufactured home dealerships Real estate brokers Real estate agents Mobile home owners true - correct answers Modular homes can typically be built quicker and at a lower cost as compare to homes constructed on-site...? True False shares of stock - correct answers A cooperative owner owns ......................... in the cooperative? Shares of stock A deed Title All of the above deed - correct answers Since a CONDOMINIUM is considered Real Property, each unit owner receives a ____________ at closing.

common areas - correct answers Areas in a condominium that are used by all residents. true - correct answers true/false The SHARES OF STOCK are considered PERSONAL PROPERTY NOT REAL PROPERTY proprietary lease - correct answers While cooperative owners do not own their apartment unit, they are allowed to occupy the unit through a __________________ _______________. capital gains - correct answers The profit realized from the sale of real estate or other investment. Capital loss occurs when an investment property or another type of investment is sold at a loss. true - correct answers For tax purposes, real estate taxes can be deducted from personal income...? True False all of the above - correct answers Which of the following is a tax deduction a homeowner can take advantage of...? Mortgage interest payments Real estate taxes Loan origination fees All of the above encourage homeownership - correct answers Tax benefits for homeowners are provided in part to...? Discourage homeownership Encourage homeownership Reduce the length of homeownership Decrease mortgage payments

capital gains - correct answers The profit realized from the sale of real estate or other investment is known as...? Capital Gains Debits Credits Deductibles 500,000 - correct answers A married couple is exempt from paying taxes on capital gains for up to how much in profit if they lived in their house for at least 2 of the last 5 years...? $100, $250, $500, $1,000, all of the above - correct answers What is typically covered in a homeowners policy...? Personal property within the house The house itself Liability All of the above HOB - correct answers What is the most common homeowners policy found in Texas...? HOA HOB HOC HOD 20 - correct answers If the replacement cost of an item with a 5 year life span is $100, and it is 4 years old, what is the actual cash value of the item...? flood damage - correct answers Most homeowners policies do NOT cover which of the following...?

Flood damage Smoke damage Fire damage All of the above actual cash value - correct answers The replacement cost minus depreciation is referred to as...? Net cash value Actual cash value Gross cash value Effective cash value A - correct answers Which of the following is an advantage to owning a home...? AAll of the above BTax benefits CPride of ownership DPotential for asset appreciation A - correct answers A form of ownership of real property recognized in all states that consists of individual ownership of some aspects and co-ownership in other aspects of the property is known as a...? ACondominium BCooperative CTownhouse DPUD A - correct answers Which of the following is NOT a form of real property...? ACooperative BCondominium CTownhouse

DSingle family house A - correct answers A local real estate developer bought an abandoned school building with the intention of converting it to residential units. This is an example of a...? AConverted-use property BCooperative CPlanned Unit Development DAll of the above general agent - correct answers An agent with full authority over one property of the principal, such as a property manager. special agent - correct answers An agent with limited authority to act on behalf of the principal, such as created by a listing express agency - correct answers An agency relationship created by oral or written agreement between principal and the agent. implied agency - correct answers Agency that exists as a result of actions of the parties. client - correct answers This refers to the party the agent brings to the principal as seller or buyer of the property...? Client Customer Partner Principle general agent - correct answers An agent with full authority over one property of the principal is known as a...? General Agent Special Agent

Specific Agent Real Estate Agent special agent - correct answers An agent with full authority over one property of the principal is known as a...? General Agent Special Agent Specific Agent Real Estate Agent implied agency - correct answers Agency that exists as a result of actions of the parties is known as...? Implied Agency Express Agency General Agency Special Agency sub-agent - correct answers The real estate agent in a transaction is considered a ............ to his/her broker? Principal Client Customer Sub-agent termination - correct answers The sale of the property results in the ............................ of the agency relationship? Beginning Creation Termination The agency relationship is not contingent on the sale of the property

universal agent - correct answers An agent who is authorized to perform all acts or duties his/her principal is empowered to perform.

• correct answers The 'C' in the acronym C.O.A.L.D. stands for which fiduciary duty...? Consideration Co-sign Care Conditional care, obedience, accounting, loyalty, disclosure - correct answers What does COALD stand for? assisting with counter offers - correct answers The fiduciary duty of care when representing a buyer includes which of the following services...? Assisting with counter offers Evaluating terms and conditions from any offers on the property Disclosing information learned from the seller's broker All of the above loyalty - correct answers A broker must always place his/her client's interests above their own. This is an example of what fiduciary duty...? Disclosure Loyalty Care Accounting disclosure - correct answers A broker must inform their clients of all known facts related to a transaction. This is an example of what fiduciary duty...?

Disclosure Loyalty Care Accounting an escrow account - correct answers A buyer's earnest money should be deposited in which of the following...? The broker's account The seller's account An escrow account Any of the above disclosure - correct answers A seller's broker is required to tell their client any relationship they may have with the buyer. This is an example of which fiduciary duty...? Loyalty Disclosure Care Accounting Indemnification - correct answers Reimbursement or compensation paid to someone for a loss already suffered. indemnification - correct answers This reimbursement or compensation paid to someone for a loss already suffered is known as...? Indemnification Consideration

Arbitration Conversion puffing - correct answers The exaggeration of the good points of a product, or real property, and the prospects for future rise in value, profits, and growth is known as...? Redlining Novation Puffing Steering compensation - correct answers The 'C' in the acronym C.I.I.A. stands for...? Care Consideration Confidentiality Compensation availability - correct answers The seller must allow their agent to show the property to prospective buyers. This is an example of what responsibility owed by the seller to the agent...? Availability Care Disclosure Accounting all of the above - correct answers Which of the following is owed to a customer by an agent...? Reasonable care and skill

Honesty Disclosure of any known material facts All of the above honesty - correct answers Which of the following is owed to a customer by an agent...? Honesty Accounting Availability Indemnification information - correct answers According to this responsibility, the seller must always provide any known material facts about the property...? Care Information Loyalty Accounting latent defect - correct answers A defect known to the seller but not to the buyer, and is not discoverable by ordinary inspections is referred to as a/an...? Latent Defect Non-structural Defect Structural Defect Insignificant Defect deceptive trade practices act - correct answers This Act protects consumers against false, misleading, or deceptive acts...?

Deceptive Trade Practices Act Consumer Protection Act Fair Trade Act Texas Consumer Act seller's disclosure notice - correct answers The seller is required to provide buyers with which of the following documents...? Survey Property Inspection Report Seller's Disclosure Notice Property Condition Report false - correct answers Real estate agents cannot be held liable for any false or misleading information about a property...? True False consumer - correct answers The Texas Deceptive Trade Practices Act defines this individual as someone who seeks, or acquires, by purchase or lease, any goods or services...? Agent Principal Client Consumer 25,000,000 - correct answers According to the Texas Deceptive Trade Practices Act, businesses with assets exceeding .............. are not considered consumers?

$1,000,000

$5,000,000

$10,000,000

$25,000,000

caveat emptor - correct answers When a buyer is required to examine the property and buy at his/her own risk, it is referred to as...? Caveat Emptor Indemnification Fraud Calculated Risk all of the above - correct answers Which of the following is considered misleading under the Texas Deceptive Trade Practices Act...? Representing that something is new when in fact it is not Advertising a property when the agent has no intention of actually selling the property Making false statements about reasons for a sale All of the above A - correct answers As a seller's agent in a transaction, the agent is required to do which of the following...? AAll of the above BInform the seller of any material information CPresent all offers to the seller DAnswer to the seller A - correct answers A contract in which a property owner employs a real estate broker to market the property described in the contract is referred to as the....?

AListing Contract BPurchase Contract CExclusive Contract DAgency Contract principal - correct answers The employer of an agent is referred to as the...? APrincipal BCustomer CFiduciary DPartner Civil Rights Act of 1866 - correct answers A federal law that prohibits all discrimination on the basis of race. Civil Rights Act of 1964 - correct answers A law that prohibited discrimination on the basis of race, sex, color, national origin, or gender in any housing program receiving federal money. Fair Housing Act of 1968 - correct answers A federal prohibition on discrimination in sale, rental, financing, or appraisal of housing on the basis of race, color, religion, gender, national origin, handicap, or familial status. Americans with Disabilities Act - correct answers federal law protecting the rights of individuals with physical or mental impairments. steering - correct answers The channeling of home seekers to a particular area, or areas, on the basis of race, religion, country of origin, or other protected class either to maintain the homogeneity of an area, or to change the character of an area in order to create a speculative situation. blockbusting - correct answers The illegal practice of inducing homeowners to sell their properties by making representations regarding the entry, or prospective entry of minority persons into the neighborhood.