Real Estate Principles Part 1 Final Exam Questions and Answers (Latest Update 2023) 100%Co, Exams of Nursing

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Real Estate Principles Part 1 Final Exam Questions and Answers (Latest Update 2023) 100%Correct Answers The amount of goods offered for sale within a given market at a given price during a given time period. - correct answers ✅supply A property manager is an example of what type of agent? - correct answers ✅General Agent A real estate agent is an example of what type of agent? - correct answers ✅Special Agent The general uses of real property include the following: - correct answers ✅Residential, Commercial, and Industrial A means of comparing similar type properties would have recently sold to the subject property is known as: - correct answers ✅Market Comparison Approach Mineral rights are typically considered dominant to which of the following rights - correct answers ✅Surface Rights Real Estate Principles Part 1 Final Exam Questions and Answers (Latest Update 2023) 100%Correct Answers Land and everything permanently attached to land is defined as - correct answers ✅real estate All property that is not land and is not permanently attached to land is known as - correct answers ✅Personal Property The right of exclusion which allows a landowner to prevent others from entering or occupying their property is included in the - correct answers ✅Bundle of Rights Which of the following is an example of a fixture - correct answers ✅Kitchen cabinets Which of the following is considered a legal test for determining if an item is a fixture or not - correct answers ✅Intentions of the party, adaption of the item, mold and permanence of house item was attached This refers to the party the agent brings to the principal as seller or buyer of the property. - correct answers ✅customer Real Estate Principles Part 1 Final Exam Questions and Answers (Latest Update 2023) 100%Correct Answers An individual is exempt from paying taxes on capital gains for up to how much in profit if he/she lived in the house for at least 2 of the last 5 years. - correct answers ✅$250,000 The employer of an agent is referred to as the... - correct answers ✅principal An agency relationship created by oral or written agreement between principal and the agent is known as... - correct answers ✅Express Agency A contract whereby a property owner employs a real estate broker to market the property described in the contract is referred to as the... - correct answers ✅Listing Contract When a real estate broker represents a buyer in a transaction, the broker and buyer are bound by which of the following contracts? - correct answers ✅Buyer Representation Agreement Real Estate Principles Part 1 Final Exam Questions and Answers (Latest Update 2023) 100%Correct Answers As a seller's agent in a transaction, the agent is required to do which of the following? - correct answers ✅Inform the seller of any material information, present all offers to the seller, and answer to the seller. The "L" in the acronym COALD stands for which fiduciary duty? - correct answers ✅loyalty The Deceptive Trade Practices Act discourages agents from which of the following acts? - correct answers ✅Puffing This federal law requires all federally regulated lender to describe the geographic market area that they serve. - correct answers ✅Community Reinvestment Act Which of the following is a means to prevent steering? - correct answers ✅Ask the client to describe where they want to live based on geographical boundaries. Any medical disorder, condition, disfigurement or loss affecting one of the body systems is known as... - correct answers ✅physical impairment Real Estate Principles Part 1 Final Exam Questions and Answers (Latest Update 2023) 100%Correct Answers Blockbusting is also called _______________. - correct answers ✅panic selling The laws governing fair housing are also referred to as... - correct answers ✅Equal opportunity housing Which of the following is considered illegal under the Fair Housing Act? - correct answers ✅Refusing to sell to a protected class, refusing to show properties in neighborhoods based on racial criteria, or refusing to show properties based on religious criteria The prohibition of fair housing discrimination by a licensee is described as which of the following... - correct answers ✅Texas Real Estate License Act Fidelity on TRECs canons of professional ethics implies... - correct answers ✅loyalty Real Estate Principles Part 1 Final Exam Questions and Answers (Latest Update 2023) 100%Correct Answers The point of origin in a metes and bounds survey is also known as a... - correct answers ✅point of commencement Metes and bounds is an example of... - correct answers ✅Legal Description When using the metes and bounds method to describe a property, the origin point is also the... - correct answers ✅end point This refers to a term used in describing the boundary linked of land, setting forth all the boundary lines together with their terminal points and angles... - correct answers ✅Metes and Bounds A territorial subdivision six miles long, six miles wide and containing 36 sections, located between two range lines and two township lines is known as... - correct answers ✅Township A subdivision plot method describing property includes which of the following... - correct answers ✅Lots and blocks Real Estate Principles Part 1 Final Exam Questions and Answers (Latest Update 2023) 100%Correct Answers The sale of a property as an alternative to damages is an example of... - correct answers ✅Specific Performance Until a purchase contract is closed upon, it is considered... - correct answers ✅executory contract When a contract is fully performed the contract is considered... - correct answers ✅Discharged A listing contract is an example of an... - correct answers ✅Bilateral Contract If a contract is not for legal purpose, it is considered a... - correct answers ✅Void Contract If one of the parties in a real estate transaction are not considered competent, the contract between the parties is considered... - correct answers ✅Voidable Contract Real Estate Principles Part 1 Final Exam Questions and Answers (Latest Update 2023) 100%Correct Answers Oral agreements between a seller and a broker are... - correct answers ✅Unenforceable Contract Which of the following real estate contracts must be in writing... - correct answers ✅Sales contract, lease contract for greater than a year, purchase contract for a multi family property. Which of the following contract is NOT required to be in writing... - correct answers ✅A lease under 1 year Which of the following acronyms can be used to describe government powers with regard to real property. - correct answers ✅PETE Which of the following easements is commonly used by utility companies... - correct answers ✅Easement in Gross Where a few simple determinable ends, the interest will revert to the... - correct answers ✅Grantor