Real Estate Exam: Principles of Real Estate 1 (Latest Update 2023), Exams of Nursing

Download Real Estate Exam: Principles of Real Estate 1 (Latest Update 2023) and more Exams Nursing in PDF only on Docsity!  Real Estate Exam: Principles of Real Estate 1 (Latest  Update 2023) The purpose of the TRELA is to... - correct answers ✅protect the public against unscrupulous brokers and salespersons. What is required to obtain a license in Texas? - correct answers ✅be a resident of Texas at least 18 yrs of age at the time of application, be of good moral character, must show competency by passing the exam If the licensee pays a commission to any unlicensed person, places a sign offering a property without the written permission of the owner, sells real estate by lottery this can happen.... - correct answers ✅A license can be revoked or suspended by the TREC How long does a consumer have to file a complaint with TREC against a licensee? - correct answers ✅Four years Who promulgates real estate contract forms in Texas? - correct answers  ✅The Broker Lawyer Committee Which economic characteristic of land describes location preference from an economic point of view? - correct answers ✅situs  Real Estate Exam: Principles of Real Estate 1 (Latest  Update 2023) What is often considered the most important test of a fixture? - correct  answers ✅Intentions of the parties Which of the following is an example of an encroachment? - correct answers ✅The neighbor's fence is on your land. PETE: police power, eminent domain (gvt.takes private land for public use), Taxation, Escheat (gvt. Takes title of land where owner has no heirs or will) - correct answers ✅The government's rights in land A property description that is considered an informal reference is - correct  answers ✅a street address. The highest priority lien against real property is - correct answers ✅property tax The type of ownership in which the person has the most rights is called - correct answers ✅fee simple  Real Estate Exam: Principles of Real Estate 1 (Latest  Update 2023) Seller financing where the seller retains title until the final payment is called - correct answers ✅contract for deed The duties of the principal include - correct answers ✅performance When an agent has unlimited authority to act on behalf of the client it is called - correct answers ✅universal authority The duties of the agent include - correct answers ✅loyalty A contract that meets all of the requirements of the law is called - correct  answers ✅valid A contract that can be canceled by one of the parties is called - correct  answers ✅voidable Something of value given to one to induce another to enter into a contract is called - correct answers ✅consideration  Real Estate Exam: Principles of Real Estate 1 (Latest  Update 2023) The law requiring real estate contracts to be in writing is called - correct  answers ✅The Statute of Frauds Contracts that are signed and carried out are called - correct answers  ✅executed When one of the parties of the contract dies, the contract is... - correct  answers ✅binding on the heirs if possible If the parties of a contract agree to terminate the contract, it is called - correct answers ✅mutual rescission TREC promulgated forms are - correct answers ✅mandatory for licensees Where do individuals go to borrow money? - correct answers ✅The Primary Market Loans that meet FMNA guidelines are called - correct answers ✅conforming loans  Real Estate Exam: Principles of Real Estate 1 (Latest  Update 2023) What is a point? - correct answers ✅1% of the loan amount The pledge of real property as security for a debt is called - correct answers  ✅a mortgage The major advantage of a Deed of Trust to a lender is - correct answers  ✅power of sale A mortgage becomes a lien when it is - correct answers ✅recorded The document that is evidence of a borrower's promise to repay a loan is called a - correct answers ✅note When a lender collects principal, interest, taxes, and insurance (PITI) as part of a monthly payment, this is called - correct answers ✅a budget loan  Real Estate Exam: Principles of Real Estate 1 (Latest  Update 2023) If you believe you are a victim of discrimination under the Federal Fair Housing laws, how long do you have to file a complaint? - correct answers  ✅1year commission rate x sales price= - correct answers ✅Commission 100% - commission rate x sales price= - correct answers ✅Seller's net % x total area= - correct answers ✅Usable area 100% + appreciation % x original cost= - correct answers ✅Appreciated value 100% - depreciation % x original cost= - correct answers ✅Depreciated value % x original cost= - correct answers ✅Profit interest rate x loan amount= - correct answers ✅Yearly interest  Real Estate Exam: Principles of Real Estate 1 (Latest  Update 2023) % x list price= - correct answers ✅Sales price % x market value= - correct answers ✅Assessed value tax rate x assessed value= - correct answers ✅Tax qualifying ratio x gross monthly income= - correct answers ✅Monthly PITI capitalization rate x market value= - correct answers ✅Net income % x total= - correct answers ✅Part Part divided by the total = - correct answers ✅% Part divided by the % = - correct answers ✅total