Texas Principles 1 Exam Practice Questions with 100% Correct Answers 2024, Exams of Law

Download Texas Principles 1 Exam Practice Questions with 100% Correct Answers 2024 and more Exams Law in PDF only on Docsity! Texas Principles 1 Exam Practice Questions with 100% Correct Answers - Champions School of Real Estate 1) a: Townhomes and single-family homes differ in that a common wall. (a) townhomes share (b) single-family homes are sold as distinct living units within (c) owners of townhomes do not own the land because of (d) townhomes are retro- commissioned and share 2) a: Rights that are associated with the ownership of real property are often referred to as the owner's: (a) Bundle of rights (b) Constitutional rights (c) Statutory rights (d) Civil rights 3) a: The agreement between a broker and a client is most often a(n) agency relationship. (a) Special (b) General (c) Universal (d) Sub 4) a: A professional association whose local affiliates own and operate MLS systems throughout the United States is the: (a) NAR (b) CCIM (c) BOMA (d) ICSC 5) a: The concept behind the government survey system is the of a grid on top of the land. (a) overlay (b) metes and bounds (c) coordinates (d) leaps and bounds 6) a: You can use the acronymto remember the five essential elements of a valid and enforceable contract. (a) COLIC (contractual capacity, offer and acceptance, legality of object, In writing & signed, and Consideration) (b) COLLIE (c) EOVEC (d) OLDCAR (obedience, loyalty, disclosure, confidentiality, accountability, and Reasonable care/diligence) 7) a : Releases can terminate . (a) easements (b) prescriptions (c) implied grants (d) necessities 8) a: Julie, a salesperson at Acme Realty, obtained a listing on Seller Sam's property on Oak Street. The following week, Julie was found to be mentally incompetent and was admitted to the state mental hospital in Rusk. Given Julie's unfortunate status, what is the effect on the listing with Seller Sam? 17) b: In housing, discrimination based upon has been a violation of federal law since 1866. (a) economic status (b) race or color (c) gender (d) any of the above 18) b: All real estate brokers and inspectors must display, in a prominent location the: (a) TILA disclosure(b) Consumer Protection Notice CN 1-2 (c) Information About Brokerage Services (d) License Act 19) c: The right of the government to take privately owned land for public use is called . (a) Condemnation (b) Escheat (c) Eminent domain (d) Inverse condemnation 20) c: In real estate, a buyer or seller is considered an agent's customer until he or she becomes a(n) . (a) subagent (b) intermediary (c) client (d) associate 21) c: Which of the following is not a factor that can affect insurance premiums? (a) Location (b) Policyholder's claims history (c) Policyholder's age (d) Age and condition of the property 22) c: One acre of land contains: (a) 23,459 square feet (b) 640 square feet (c) 43,560 square feet (d) 1 square mile 23) c: Dwayne and Beth, each single persons, own a parcel of land as joint tenants. Beth has a will leaving her entire estate to her brother, Jason. Upon Beth's death, her interest in the land passes to: (a) Jason, because he was named in the will (b) Jason, because he is her brother (c) Dwayne, because he is a joint tenant (d) None of these 24) c: Jill and Adkins are married and live in Texas. They saved for a number of years and purchased a home. In this case, the form of ownership is most likely to be: (a) Separate property (b) Joint property (c) Community property (d) Tenants in common 25) c: RMLOs in Texas are licensed through: (a) Texas Real Estate Commission (b) National Mortgage Bankers Association (c) Texas Department of Savings and Mortgage Lending (d) Texas Savings and Loan Board 26) c: Seller Steve listed his property with City Realty, Acme Realty and Countrywide Realty all at the same time. After signing the listing agreements, Steve continued to run for sale by owner ads on Craigslist. The type of listing agreement Steve signed with the various companies is a(n): (a) Exclusive Right to Sell (b) Exclusive Agency Agreement (c) Open Listing (d) Net Listing 27) c: Appraisal is the business of: (a) Acquisition of land for development into residential subdivisions and retail centers (b) Providing money to individuals or corporations for the conditional transfer or pledge of real estate as security for the payment of a debt (c) Providing a professional opinion of the value of real property (d) Locating units for tenants in multi-family complexes 28) d: Homeowners insurance can protect the policyholders from unexpected losses, including: . (a) fire(b) vandalism(c) personal liability(d) all of these are correct 29) d: A property is owned by two unmarried individuals without right of survivorship. The form of ownership is most likely: (a) Community property (b) Ownership in severalty (c) Joint tenancy(d) Tenancy in common 30) d: The Statute of Frauds is applicable to: (a) Contracts for the sale of real estate (b) Listing agreements(c) Buyer Representation Agreements (d) All of these are correct 31) d: The outcome of a complaint investigation by TREC may result in probation and/or: (a) A fine(b) A reprimand(c) License suspension or revocation (d) Any of these 32) d: The commission shall maintain a recovery trust account that . (a) protects consumers who suffer a loss due to illegal acts of license holders (b) has two maximum payment amounts - $50,000 and $100,000(c) is funded by license holders and applicants(d) all of these are correct