Real Estate Principles Part 1 Final Exam Questions and Answers, Exams of Real Estate Management

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Real Estate Principles Part 1 Final Exam Questions and Answers (Latest Update 2023- 2024 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  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 Page 1 of 10  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  An agent with full authority over one property of the principal is known as a - correct answers ✅General Agent  An agent with limited authority to act on behalf of the principal is referred to as a - correct answers ✅Special Agent  A seller's agent is entitled to a commission after - correct answers ✅The agent finds a buyer who is ready, willing, and able to purchase the property.  A broker will work for a client and with a - correct answers ✅customer  The "C" in the acronym COALD stands for which fiduciary duty? - correct answers ✅Care  The fiduciary duty of care when representing a buyer includes - correct answers ✅Assisting with counteroffers.  A broker must always place his/her client's interests above their own. This is an example of what fiduciary duty? - correct answers ✅loyalty Page 2 of 10  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  In addition to the loyalty owed by an agent to his/her client, the agent must also act fairly to other customers in the transaction. This is an example of... - correct answers ✅fidelity  The intricacies in marketing property for others involves... - correct answers ✅Competency  The form must be posted in brokerage offices. - correct answers ✅Consumer information form 1-1  Libby is a real estate agent. She knows that she must place her clients interests above her own. This is an example of... - correct answers ✅fidelity  An agent must be honest and truthful. This is an example of... - correct answers ✅integrity Page 5 of 10  In addition to the TREC canons of professional ethics, this organization also publishes a code of ethics that must be followed by its members... - correct answers ✅National association of realtors  After the applicant submit their real estate sale persons application, their license will be mailed to which of the following... - correct answers ✅The applicants sponsoring broker  Who is legally entitled to receive commission from a principal for a sale or rental of the principal's property? - correct answers ✅Real Estate Broker  If an administrative penalty is not paid, who is responsible for collecting the payment? - correct answers ✅The Attorney General  Which of the following is exempt from holding a real estate license? - correct answers ✅A homeowner looking to sell their house on their own.  A real estate broker is authorized to perform which of the following? - correct answers ✅Deal or sell options on real estate; identify properties for purchase or lease; auction off real estate.  Who determines the standards for real estate licensing courses in Texas? - correct answers ✅Texas Real Estate Commission  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 Page 6 of 10  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  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 Page 7 of 10