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Real Estate Exam: Principles Of Real Estate 1 Questions And Answers 2024, Exams of Advanced Education

Real Estate Exam: Principles Of Real Estate 1 Questions And Answers 2024 The purpose of the TRELA is to... - Correct Answer-protect the public against unscrupulous brokers and salespersons. What is required to obtain a license in Texas? - Correct Answer-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 Answer-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 Answer-Four years Who promulgates real estate contract forms in Texas? - Correct Answer-The Broker Lawyer Committee Which economic characteristic of land describes location preference from an economic point of view? - Correct Answer-situs

Typology: Exams

2023/2024

Available from 07/11/2024

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Real Estate Exam: Principles Of Real

Estate 1 Questions And Answers 2024

The purpose of the TRELA is to... - Correct Answer-protect the public against unscrupulous brokers and salespersons. What is required to obtain a license in Texas? - Correct Answer-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 Answer-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 Answer-Four years Who promulgates real estate contract forms in Texas? - Correct Answer-The Broker Lawyer Committee Which economic characteristic of land describes location preference from an economic point of view? - Correct Answer-situs What is often considered the most important test of a fixture? - Correct Answer- Intentions of the parties Which of the following is an example of an encroachment? - Correct Answer-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 Answer-The government's rights in land A property description that is considered an informal reference is - Correct Answer-a street address. The highest priority lien against real property is - Correct Answer-property tax The type of ownership in which the person has the most rights is called - Correct Answer-fee simple Texas is a community property state. What is true about community property? - Correct Answer-Property inherited by one spouse can remain separate property of that spouse.

When property has only one owner it is called - Correct Answer-severalty Property held by two or more owners with rights of survivorship is - Correct Answer-joint tenancy A lease with a specific starting and ending date is called - Correct Answer-an estate for years or tenancy for years. When the landlord pays all of the expenses of the property and then tenant pays only the rent, this is called - Correct Answer-a gross lease An easement can be terminated by - Correct Answer-merger Deeds require the signature of - Correct Answer-the grantor The deed that gives the buyer the greatest protection is called - Correct Answer-the general warranty deed Title to real property transfers when - Correct Answer-the deed is delivered When a grantor transfers a title but retains some rights it is called - Correct Answer- reservation A complete history of the title of a piece of property is called an - Correct Answer- abstract A handwritten will is called a - Correct Answer-holographic will Inheritance of real property without a will is called - Correct Answer-laws of descent Seller financing where the seller retains title until the final payment is called - Correct Answer-contract for deed The duties of the principal include - Correct Answer-performance When an agent has unlimited authority to act on behalf of the client it is called - Correct Answer-universal authority The duties of the agent include - Correct Answer-loyalty A contract that meets all of the requirements of the law is called - Correct Answer-valid A contract that can be canceled by one of the parties is called - Correct Answer- voidable

Something of value given to one to induce another to enter into a contract is called - Correct Answer-consideration The law requiring real estate contracts to be in writing is called - Correct Answer-The Statute of Frauds Contracts that are signed and carried out are called - Correct Answer-executed When one of the parties of the contract dies, the contract is... - Correct Answer-binding on the heirs if possible If the parties of a contract agree to terminate the contract, it is called - Correct Answer- mutual rescission TREC promulgated forms are - Correct Answer-mandatory for licensees Where do individuals go to borrow money? - Correct Answer-The Primary Market Loans that meet FMNA guidelines are called - Correct Answer-conforming loans What is a point? - Correct Answer-1% of the loan amount The pledge of real property as security for a debt is called - Correct Answer-a mortgage The major advantage of a Deed of Trust to a lender is - Correct Answer-power of sale A mortgage becomes a lien when it is - Correct Answer-recorded The document that is evidence of a borrower's promise to repay a loan is called a - Correct Answer-note When a lender collects principal, interest, taxes, and insurance (PITI) as part of a monthly payment, this is called - Correct Answer-a budget loan When a buyer purchases a property and takes over the payments and liability on an existing loan it is called - Correct Answer-a straight assumption A loan that covers two or more pieces of property on one note is called - Correct Answer-a blanket loan The most common approach for the appraisal of residential properties is the - Correct Answer-Market Data Approach The characteristics of value of land include demand, utility, scarcity, and transferability but not this... - Correct Answer-taxes

Using the Cost Approach, the appraiser will calculate - Correct Answer-land value+ building replacement cost- depreciation Regulates closings on 1-4 residential properties with federally related financing - Correct Answer-RESPA When lower value properties in an area cause a decline in the value of the subject property this is called - Correct Answer-Regression Higher value properties cause an increase in the value of the subject property is called - Correct Answer-Progression 1 acre= how many sq ft? - Correct Answer-43,560 sq. ft Taking buyers to or away from a particular area based on any of the protected categories under Fair Housing Laws is called - Correct Answer-steering or channeling The largest fine for any single violation of the Fair Housing Act is - Correct Answer- $110, The Civil Rights Act of 1968 does NOT offer protection against discrimination based on... - Correct Answer-occupation 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 Answer-1year commission rate x sales price= - Correct Answer-Commission 100% - commission rate x sales price= - Correct Answer-Seller's net % x total area= - Correct Answer-Usable area 100% + appreciation % x original cost= - Correct Answer-Appreciated value 100% - depreciation % x original cost= - Correct Answer-Depreciated value % x original cost= - Correct Answer-Profit interest rate x loan amount= - Correct Answer-Yearly interest % x list price= - Correct Answer-Sales price % x market value= - Correct Answer-Assessed value tax rate x assessed value= - Correct Answer-Tax

qualifying ratio x gross monthly income= - Correct Answer-Monthly PITI capitalization rate x market value= - Correct Answer-Net income % x total= - Correct Answer-Part Part divided by the total = - Correct Answer-% Part divided by the % = - Correct Answer-total