Texas Principles of Real Estate 1: Exam Questions and Answers 2024-2025, Exams of Real Estate Management

Download Texas Principles of Real Estate 1: Exam Questions and Answers 2024-2025 and more Exams Real Estate Management in PDF only on Docsity! Texas Principles of Real Estate 1 Texas Principles of Real Estate 1 Exam Questions and Answers 2024-2025 brokerage - Answer: The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate. Texas Principles of Real Estate 1 real estate broker - Answer: A person or an organization acting as the agent for others in negotiating the purchase and sale of real property or other commodities for a fee real estate salesperson - Answer: A person performing any of the acts included in the definition of real estate broker but while associated with and supervised by a broker residential property - Answer: A type of property that includes one to four dwelling units commercial property - Answer: Property that produces rental income or that is used in business. Properties with five or more dwelling units are considered commercial property. industrial property - Answer: Property that is used by companies or persons for manufacturing, warehousing, or the assemblage of components special purpose property - Answer: A category of real property created as a result of combining the land and its improvements for a single highest and best use mixed use property - Answer: Any urban, suburban or village development, or even a single building, that blends a combination of residential, commercial, cultural, institutional, or industrial uses, where those functions are physically and functionally integrated, and that provides pedestrian connections brokerage - Answer: The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate is known as...? public parks - Answer: Government held properties include which of the following...? yes - Answer: Must property inspections must be licensed by the Texas Real Estate Commission...? Texas Principles of Real Estate 1 principal - Answer: The employer of an agent customer - Answer: The party the agent brings to the principal as seller or buyer of the property. general agent - Answer: An agent with full authority over one property of the principal, such as a property manager special agent - Answer: An agent with limited authority to act on behalf of the principal, such as created by a listing listing contract - Answer: A contract in which a property owner employs a real estate broker to market the property described in the contract fiduciary duty - Answer: That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure fiduciary - Answer: A person in a position of trust and confidence, as between principal and broker; broker as fiduciary owes certain loyalty which cannot be breached under the rules of agency caveat emptor - Answer: Let the buyer beware. The buyer must examine the goods or property and buy at his or her own risk disclosure - Answer: Which of the following is a fiduciary duty owed by an agent to their client...? Indemnification Disclosure Texas Principles of Real Estate 1 Compensation All of the above Texas Real Estate Dealers Act - Answer: This Act established the real estate licensing requirements in Texas in 1939...? Fair Housing Act Texas Real Estate Commission Act Texas Real Estate Dealers Act U.S. Real Estate Licensing Act someone acting under a power of attorney - Answer: Which of the following is exempt from having to obtain a real estate license to buy or sell real estate on someone else's behalf...? Someone acting under a power of attorney Architects Appraisers All of the above agent - Answer: A person authorized to act on behalf of another is known as a/an...? Principal Agent Customer Attorney customer - Answer: The party the agent brings to the principal as seller or buyer of the property is known as the...? Customer Broker Intermediary All of the above Texas Principles of Real Estate 1 fiduciary - Answer: A person in a position of trust and confidence, as between principal and broker, is known as a...? Customer Principal Client Fiduciary appraised value - Answer: An evaluation of a property's value based on a given point in time that is performed by a professional appraiser during the mortgage origination process. market comparison approach - Answer: A means of comparing similar type properties, which have recently sold, to the subject property. Commonly used in comparing residential properties. cost approach - Answer: An analysis in which a value estimate of a property is derived by estimating the replacement cost of the improvements, deducting therefrom the estimated accrued depreciation, then adding the market value of the land. income approach - Answer: One of the three methods of the appraisal process generally applied to income producing property, and involves a three-step process - (1) find net annual income, (2) set an appropriate capitalization rate or "present worth" factor, and (3) capitalize the income dividing the net income by the capitalization rate. assessed value - Answer: A valuation placed upon a piece of property by a public authority as a basis for levying taxes on the property. insured value - Answer: The cost of replacing a structure completely destroyed by an insured hazard. Texas Principles of Real Estate 1 Revoked Suspended 2 - Answer: Real estate licenses are issued for a period not to exceed how many years...? 1 2 3 4 A - Answer: A means of comparing similar type properties, which have recently sold, to the subject property is known as the...? AMarket Comparison Approach BIncome Approach CCost Approach DAssessment Approach A - Answer: The amount of goods offered for sale within a given market at a given price during a given time period is known as... ASupply BDemand CGDP DNone of the above B - Answer: A property manager is an example of what type of agent...? AGeneral Agent BSpecial Agent CSpecific Agent DUniversal Agent Texas Principles of Real Estate 1 A - Answer: The employer of an agent is known as the...? APrincipal BCustomer CEscrow DAll of the above land - Answer: The material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, or other substance, and includes free or unoccupied space for an indefinite distance upwards as well as downwards. bundle of rights - Answer: The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property. mineral rights - Answer: The landowner's ability to take minerals from the earth or to sell or lease this right to others. air rights - Answer: The rights in real property to the reasonable use of the air space above the surface of the land. real estate - Answer: Land and everything permanently attached to land. real property - Answer: The aggregate of rights, powers, and privileges conveyed with ownership of real estate. land - Answer: The surface of the earth, the area above and below the surface, and everything permanently attached thereto is known as...? Land Real Property Real Estate Texas Principles of Real Estate 1 Bundle of Rights air rights - Answer: The rights in real property to the reasonable use of the air space above the surface of the land is known as...? Mineral Rights Air Rights Land Rights Riparian Rights all of the above - Answer: Which of the following is considered a permanent man-made improvement to land...? Fences Sheds Wells All of the above trade fixtures - Answer: Items that are installed by a commercial tenant and are removable upon termination of the tenancy are known as...? Emblements Trade Fixtures Chattel Real Property real property - Answer: Trees and shrubbery that are not cultivated annually are considered...? Personal property Chattel Real property Emblements Texas Principles of Real Estate 1 time-share - Answer: license or contractual or membership right of occupancy in a project which is not coupled with an estate in the real property. cooperative - Answer: A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease is known as a...? Cooperative Condominium Townhouse PUD manufactured home dealerships - Answer: Who is responsible for selling newly constructed mobile homes...? Manufactured home dealerships Real estate brokers Real estate agents Mobile home owners true - Answer: Modular homes can typically be built quicker and at a lower cost as compare to homes constructed on-site...? True False shares of stock - Answer: A cooperative owner owns ......................... in the cooperative? Shares of stock A deed Title All of the above deed - Answer: Since a CONDOMINIUM is considered Real Property, Texas Principles of Real Estate 1 each unit owner receives a ____________ at closing. common areas - Answer: Areas in a condominium that are used by all residents. true - Answer: true/false The SHARES OF STOCK are considered PERSONAL PROPERTY NOT REAL PROPERTY proprietary lease - Answer: While cooperative owners do not own their apartment unit, they are allowed to occupy the unit through a __________________ _______________. capital gains - Answer: The profit realized from the sale of real estate or other investment. Capital loss occurs when an investment property or another type of investment is sold at a loss. true - Answer: For tax purposes, real estate taxes can be deducted from personal income...? True False all of the above - Answer: Which of the following is a tax deduction a homeowner can take advantage of...? Mortgage interest payments Real estate taxes Loan origination fees All of the above encourage homeownership - Answer: Tax benefits for homeowners are provided in part to...? Discourage homeownership Encourage homeownership Reduce the length of homeownership Decrease mortgage payments Texas Principles of Real Estate 1 capital gains - Answer: The profit realized from the sale of real estate or other investment is known as...? Capital Gains Debits Credits Deductibles 500,000 - Answer: A married couple is exempt from paying taxes on capital gains for up to how much in profit if they lived in their house for at least 2 of the last 5 years...? $100,000 $250,000 $500,000 $1,000,000 all of the above - Answer: What is typically covered in a homeowners policy...? Personal property within the house The house itself Liability All of the above HOB - Answer: What is the most common homeowners policy found in Texas...? HOA HOB HOC HOD 20 - Answer: If the replacement cost of an item with a 5 year life span is $100, and it is 4 years old, what is the actual cash value of the item...? Texas Principles of Real Estate 1 general agent - Answer: An agent with full authority over one property of the principal is known as a...? General Agent Special Agent Specific Agent Real Estate Agent special agent - Answer: An agent with full authority over one property of the principal is known as a...? General Agent Special Agent Specific Agent Real Estate Agent implied agency - Answer: Agency that exists as a result of actions of the parties is known as...? Implied Agency Express Agency General Agency Special Agency sub-agent - Answer: The real estate agent in a transaction is considered a ............ to his/her broker? Principal Client Customer Sub-agent termination - Answer: The sale of the property results in the ............................ of the agency relationship? Texas Principles of Real Estate 1 Beginning Creation Termination The agency relationship is not contingent on the sale of the property universal agent - Answer: An agent who is authorized to perform all acts or duties his/her principal is empowered to perform. - Answer: The 'C' in the acronym C.O.A.L.D. stands for which fiduciary duty...? Consideration Co-sign Care Conditional care, obedience, accounting, loyalty, disclosure - Answer: What does COALD stand for? assisting with counter offers - Answer: The fiduciary duty of care when representing a buyer includes which of the following services...? Assisting with counter offers Evaluating terms and conditions from any offers on the property Disclosing information learned from the seller's broker All of the above loyalty - Answer: A broker must always place his/her client's interests above their own. This is an example of what fiduciary duty...? Disclosure Texas Principles of Real Estate 1 Loyalty Care Accounting disclosure - Answer: A broker must inform their clients of all known facts related to a transaction. This is an example of what fiduciary duty...? Disclosure Loyalty Care Accounting an escrow account - Answer: A buyer's earnest money should be deposited in which of the following...? The broker's account The seller's account An escrow account Any of the above disclosure - Answer: A seller's broker is required to tell their client any relationship they may have with the buyer. This is an example of which fiduciary duty...? Loyalty Disclosure Care Accounting Texas Principles of Real Estate 1 Latent Defect Non-structural Defect Structural Defect Insignificant Defect deceptive trade practices act - Answer: This Act protects consumers against false, misleading, or deceptive acts...? Deceptive Trade Practices Act Consumer Protection Act Fair Trade Act Texas Consumer Act seller's disclosure notice - Answer: The seller is required to provide buyers with which of the following documents...? Survey Property Inspection Report Seller's Disclosure Notice Property Condition Report false - Answer: Real estate agents cannot be held liable for any false or misleading information about a property...? True False Texas Principles of Real Estate 1 consumer - Answer: The Texas Deceptive Trade Practices Act defines this individual as someone who seeks, or acquires, by purchase or lease, any goods or services...? Agent Principal Client Consumer 25,000,000 - Answer: According to the Texas Deceptive Trade Practices Act, businesses with assets exceeding .............. are not considered consumers? $1,000,000 $5,000,000 $10,000,000 $25,000,000 caveat emptor - Answer: When a buyer is required to examine the property and buy at his/her own risk, it is referred to as...? Caveat Emptor Indemnification Fraud Calculated Risk all of the above - Answer: Which of the following is considered misleading under the Texas Deceptive Trade Practices Act...? Representing that something is new when in fact it is not Advertising a property when the agent has no intention of actually selling the property Texas Principles of Real Estate 1 Making false statements about reasons for a sale All of the above A - Answer: As a seller's agent in a transaction, the agent is required to do which of the following...? AAll of the above BInform the seller of any material information CPresent all offers to the seller DAnswer to the seller A - Answer: A contract in which a property owner employs a real estate broker to market the property described in the contract is referred to as the....? AListing Contract BPurchase Contract CExclusive Contract DAgency Contract principal - Answer: The employer of an agent is referred to as the...? APrincipal BCustomer CFiduciary DPartner Civil Rights Act of 1866 - Answer: A federal law that prohibits all discrimination on the basis of race. Civil Rights Act of 1964 - Answer: A law that prohibited discrimination on the basis of race, sex, color, national origin, or gender in any housing program receiving federal money. Texas Principles of Real Estate 1 Corpus Christi Dallas All of the above HUD - Answer: The Texas Workforce Commission cannot take fair housing discrimination complaints if the same complaint is also filed with....? HUD US Attorney General Department of State TREC Texas Fair Housing Act - Answer: All buildings built after March 31, 1991 must comply with the design and construction requirements of the...? International Building Code US Fire Code Texas Fair Housing Act All of the above complainants - Answer: Those who file a fair housing complaint with HUD are referred to as...? Defendants Prosecutors Respondents Complainants respondents - Answer: Those who HUD fair housing complaints are filed against are referred to as...? Texas Principles of Real Estate 1 Complainants Prosecutors Respondents Defendants - Answer: A respondent of a HUD fair housing complaint has how many days to submit a response...? 5 10 15 30 A - Answer: 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...? AFidelity BIntegrity CCompetency DObedience A - Answer: The interest of a client must be put before the interests of the agent. This is an example of...? AFidelity BCompetency CIntegrity DAll of the above Texas Principles of Real Estate 1 A - Answer: An agent should be informed on market conditions affecting the real estate business. This is an example of...? ACompetency BLoyalty CFidelity DAll of the above A - Answer: The intricacies in marketing properties for others involves...? ACompetency BFidelity CLoyalty DObedience A - Answer: Exercising judgment and skill in the performance of an agent's practice is also known as...? ACompetency BFidelity CLoyalty DObedience protect the public from incompetent or dishonest salespersons and brokers - Answer: What is the primary purpose of real estate licensing laws...? Protect the public from incompetent or dishonest salespersons and brokers Raise revenue Help licensees earn higher commissions Increase property values - Answer: Who administers the Texas Real Estate License Act...? Texas Principles of Real Estate 1 4 - Answer: Any complaints issued to TREC must be submitted within ............ years of the incident? 2 3 4 7 13 - Answer: The Texas Real Estate Broker Lawyer Committee consists of how many members...? 6 7 11 13 surety bond - Answer: Educational institutions that offer real estate licensing courses in Texas must hold a...? Grant Certificate of Compliance Surety Bond Real estate license fingerprints - Answer: What is an applicant required to submit as part of the licensing application process...? Three forms of valid government IDs Fingerprints Surety Bond Texas Principles of Real Estate 1 All of the above individuals living in Texas under a Visa - Answer: Which of the following is NOT legally capable of obtaining a real estate license...? Individuals living in Texas under a Visa Individuals with a Green Card Permanent residents of the U.S. None of the above 4 - Answer: If an applicant holds a broker's license in another state, how many years of active experience must the applicant have in the other state in order to satisfy the experience requirement in Texas...? 1 2 3 4 6 months - Answer: The education requirements for a broker's application may be waived if the applicant held a broker's license in the State of Texas within the preceding...? 6 months 1 year 2 years 4 years real estate salesperson - Answer: The following exam must be less stringent than the Texas real estate broker's exam...? Texas Principles of Real Estate 1 Texas appraisal exam Texas real estate inspector exam Texas real estate salesperson exam All of the above 30 - Answer: The Commission shall notify examinees of their results within how many days after the exam is taken...? 7 30 45 60 2 years - Answer: TREC may renew a real estate license for no more than...? 1 year 2 years 3 years 4 years 2x or 100% more - Answer: If an individual's license has been expired for greater than 90 days, but less than 6 months, they may renew their license by paying a fee to the Commission equal to...? 1.5x the required renewal fee 50% 2x the required renewal fee 100% more 3x the required renewal fee The required renewal fee Texas Principles of Real Estate 1 Government Survey Metes and Bounds Lot and Block All of the above legal description - Answer: An exact way of describing real estate in a contract, deed, mortgage, or any other document that will be accepted by a court of law is known as a...? Legal Description Site Description Plot Description Bench Mark bench mark - Answer: A monument used to establish the elevation of the point, usually relative to Mean Sea Level, is known as a...? Meridian Base Line Bench Mark Range Government Survey System - Answer: A method of specifying the location of a parcel of land using prime meridians, base lines, standard parallels, guide meridians, townships and sections is known as the...? GPS System Metes and Bounds System Government Survey System Texas Principles of Real Estate 1 Lot and Block System range - Answer: A strip or column of land six miles wide, determined by a government survey, running in a north-south direction, lying east or west of a principal meridian is known as a...? Plat Block and Lot Township Range Range lines - Answer: A series of government survey lines running north and south at six-mile intervals starting with the principal meridian and forming the east and west boundaries of townships are known as...? Range Lines Bench Lines Datum Lines Plot Lines metes and bounds - Answer: Land in Texas was originally identified by...? Metes and Bounds Lot and Block Government Survey Townships all of the above - Answer: Which of the following is an example of a monument...? A tree Texas Principles of Real Estate 1 A post A stream All of the above datum - Answer: The Mean Sea Level at New York Harbor is known as a...? Monument Datum Bench Mark Reference Point 43,560 sq.ft. - Answer: 1 acre is equal to...? 1,000 sq.ft. 5,280 sq.ft. 23,040 sq.ft. 43,560 sq.ft. 320 - Answer: ½ of a section is equal to how many acres...? 100 320 500 640 all of the above - Answer: Which of the following is shown on an improvement survey...? Sidewalks Fences Texas Principles of Real Estate 1 Townships Sections express contract - Answer: A contract that has been put into words, either spoken or written is known as a/an...? Express Contract Implied Contract Note Deed all of the above - Answer: Real estate agents use which of the following contracts...? Express Contracts Listing Contracts Buyer Representation Agreements All of the above impied - Answer: When you give your keys to a valet, you assume that the valet will park your car in exchange for a fee. This is because a/an ................... contract was created between you and the valet? Express Voidable Implied Exclusive implied contract - Answer: An agreement that has not been put into words, but is implied by the actions of the parties is known as a/an...? Texas Principles of Real Estate 1 Implied Contract Express Contract Deed Note bilateral contract - Answer: A contract in which each party promises to do something is referred to as a...? Unilateral Contract Bilateral Contract Executed Contract Voided Contract unilateral contract - Answer: This contract is formed only if another party performs the requested act...? Bilateral Contract Executed Contract Unilateral Contract Voided Contract void contract - Answer: A contract that has no force or effect is referred to as a/an...? Void Contract Valid Contract Executory Contract Executed Contract Texas Principles of Real Estate 1 real estate broker - Answer: A listing contract exists between a seller and the...? Real estate broker Real estate salesperson Customer Any of the above Assignment - Answer: A transfer of benefits and obligations within a contract to a 3rd party who is not originally a party to the contract is known as a/an...? Assignment Novation Conversion Offer and acceptance assignment - Answer: If one of the parties to a contract wants to withdraw without terminating the contract, which of the following can be used...? Novation Acknowledgement Assignment Conversion assignees - Answer: Those to whom property or interests therein shall have been transferred are known as...? Trustors Trustees Assignees Texas Principles of Real Estate 1 specific performance - Answer: The sale of a property as an alternative to damages is an example of...? General performance Executed performance Specific performance Special performance all of the above - Answer: Which of the following real estate contracts must be in writing...? Lease contract for greater than 1 year Sales contract All of the above Purchase contract for a multi-family property unenforceable - Answer: Oral listing agreements between a seller and a broker are...? Void Executed Unenforceable Express lease under 1 year - Answer: Which of the following contracts is NOT required to be in writing...? Lease under 1 year Sale contract for a multi-family property Lease for more than 1 year Sales contract for a single family home voidable contract - Answer: If one of the parties in a real estate transaction are not considered competent, the contract between the parties is considered a/an...? Executed contract Texas Principles of Real Estate 1 Enforceable contract Voidable contract Executory contract discharged - Answer: When a contract is fully performed, the contract is considered...? Assigned Converted Acknowledged Discharged commingling - Answer: To mingle or mix, for example, a client's funds in the broker's personal or general account is known as...? Steering Commingling Redlining Conversion police power - Answer: Building codes are an example of...? Police Power Novation Escheat Eminent Domain condemnation - Answer: The taking of private property for public use, with fair compensation to the owner is known as...? Escheat Novation Texas Principles of Real Estate 1 Condemnation Police Power alloidial - Answer: Real property ownership rights in the United States are based on this legal system...? Feudal system Allodial system Spanish system European system must be fairly compensated - Answer: When the government exercises its power of eminent domain, the owner...? Will not be compensated Must be fairly compensated Will not be notified Must forfeit the property within 14 days freehold estate - Answer: An estate of indeterminable duration is known as a...? Leasehold Estate Freehold Estate Land Estate All of the above freehold estate - Answer: An estate of indeterminable duration is known as a...? Leasehold Estate Texas Principles of Real Estate 1 restriction - Answer: A limitation on the use of real property is known as a...? Restriction Prescription Rescission Novation lien - Answer: A claim against a property that provides security for the repayment of a debt or an obligation of the property owner is known as a/an...? Easement Grant Prescription Lien easement by necessity - Answer: This type of easement exists when a landowner has no access to roads and is landlocked...? Easement by necessity Easement appurtenance Easement in gross Easement by prescription deed - Answer: Restrictive covenants are typically found in which of the following documents...? Mortgage Plot map Deed Texas Principles of Real Estate 1 All of the above general lien - Answer: A lien on all the property of a debtor is referred to as a...? Specific lien General lien Universal lien Special lien specific lien - Answer: A lien that attaches to one specific property only is referred to as a...? General lien Universal lien Specific lien Special lien priority of liens - Answer: The order in which liens are given legal precedence or preference is known as...? Assessment of liens Lien ladder Rank of liens Priority of liens voluntary lien - Answer: Any lien placed on property with consent of, or as a result of, the voluntary act of the owner is referred to as a/an...? Voluntary lien Involuntary lien Texas Principles of Real Estate 1 Subordinate lien Owner lien VISE - Answer: Which of the following acronyms describes the various ways a lien can be created...? VISE CATTL PETE OLD CAR tax levy - Answer: A form of action taken to impose a tax is known as a...? Tax lien Tax proposal Tax levy Eminent domain tax rate - Answer: The amount of money needed by a municipality to meet budgetary requirements divided by the taxable assessed and nonexempt value of all real property within that jurisdiction is known as the...? Tax levy Yield rate Cap rate Tax rate all of the above - Answer: Which of the following is an example of a taxing entity...? Texas Principles of Real Estate 1 Dominant tenement police power - Answer: The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public is known as...? Police Power Eminent Domain Escheat Condemnation freehold estate - Answer: A fee simple estate is an example of which of the following estates...? AFreehold Estate BLeasehold Estate CLand Estate DAll of the above severalty ownership - Answer: When someone is the sole owner of a property, they are said to have this type of ownership...? Joint Tenancy Community Property Severalty Ownership Tenancy in Common all of the above - Answer: Real property can be owned in which of the following forms...? Severalty Co-ownership In trust All of the above Texas Principles of Real Estate 1 all of the above - Answer: Which of the following is an example of co-ownership...? Tenancy in common Joint tenancy Community property All of the above community property - Answer: Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship is known as...? Joint tenancy Tenancy in common Community property Severalty ownership all of the above - Answer: Each spouse in a community property has equal rights to which of the following...? Alienation Management Testamentary disposition All of the above beneficiary - Answer: One entitled to the benefit of a trust is referred to as the...? Devisee Beneficiary Texas Principles of Real Estate 1 Trustor Primary owner living trust - Answer: An agreement where the trustee holds legal possession of a fund or assets that belong to another person, the beneficiary, and it is created while the person is alive is referred to as a/an...? Living partition Escheat Living escrow Living trust corporation - Answer: An entity established and treated by law as an individual or unit with rights and liabilities, or both, distinct and apart from those of the persons composing it is referred to as a...? Corporation Partnership LLC Limited Partnership General partnership - Answer: In this type of arrangement, partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligations...? LLP Corporation General partnership LLC Texas Principles of Real Estate 1 partition - Answer: A division of real or personal property or the proceeds therefrom among co- owners is known as...? Separation Termination Right of survivorship Partition exclusive agency agreement - Answer: This type of listing is given to only one broker who is entitled to the commission if the broker or any agent of the listing broker effects a sale but imposes no commission obligation on the owner who sells the property to a person who was not interested in the property by efforts of the listing broker or an agent of the listing broker...? Non-Exclusive Agreement Net Listing Exclusive Agency Agreement Open Listing exclusive right to sell - Answer: A listing given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract is referred to as this type of listing...? Net Listing Open Listing Non-Exclusive Listing Exclusive Right to Sell Listing Agreement non exclusive - Answer: An open listing is also referred to as a/an...? Non-Exclusive Listing Texas Principles of Real Estate 1 Net Listing Exclusive Agency Agreement Exclusive Right to Sell Agreement listing contract - Answer: What is the name of the employment contract between a client and an agent...? Listing Contract Purchase Contract Sales Contract Escrow Contract open listing - Answer: Which of the following listing contracts serves as a unilateral contract...? Open listing Exclusive Agency Agreement Exclusive Right to Sell Agreement All of the above not listing on MLS - Answer: Which of the following will most likely make it more difficult to market a property...? Listing the property on the MLS Notifying other agents in the office about the property Using a 'For Sale' sign in the front yard Not listing the property on the MLS percentage of sales price - Answer: Sub-agents in a transaction are typically compensated by which of the following means...? Texas Principles of Real Estate 1 A percentage of the sales price A percentage of the listing price A percentage of the appraised value A percentage of the assessed value dual agent - Answer: If a broker acts as an intermediary in a transaction, they also serve as a...? Single agent Dual agent General agent Universal agent all of the above - Answer: When is a broker entitled to a commission...? After they find a buyer who is willing and capable of paying all cash After they find a ready, willing, and able buyer After they find a buyer who is willing to buy and qualified to obtain a mortgage All of the above material facts about the property - Answer: What is a listing broker allowed to disclose to a buyer...? Confidential information about the seller The lowest price the seller is willing to accept Material facts about the property All of the above Texas Principles of Real Estate 1 Seller Disclosure Notice Floor plans Site Map seller disclosure - Answer: Sarah is in the process of selling her house. What must Sarah complete, which states the condition of various items and appliances in the house...? Seller Disclosure Notice HUD-1 Form Property Condition Disclosure Personal Property Notice find a ready... - Answer: A broker is entitled to a commission after they...? All of the above Show the property to a prospective buyer Market the property Find a ready, willing, and able buyer client - Answer: A listing contract exists between the real estate broker and the...? Real estate salesperson Customer Client All of the above net listing - Answer: Which of the following listing contracts is discouraged throughout the State of Texas...? Exclusive Right to Sell Agreement Exclusive Agency Agreement Open Listing Texas Principles of Real Estate 1 Net Listing Texas Association of Realtors - Answer: Which entity produces the most commonly used Exclusive Right to Sell agreement in Texas...? National Association of Realtors Real Estate Commission Texas Association of Realtors Texas Bar Association net listing - Answer: This type of listing provides that the agent may retain as compensation for the agent's services all sums received over and above a net price to the owner...? Open Listing Exclusive Agency Agreement Exclusive Right to Sell Agreement Net Listing special provisions - Answer: If an additional contract item does not belong in the contract Addendum, it will most likely get listed in the...? Contract bulletin Contract notice form Special Provisions HUD-1 form exclusive right to sell - Answer: This type of contract gives the broker the greatest chance at receiving a commission...? Exclusive Agency Agreement Open Listing Contract Exclusive Right to Sell Agreement Net Listing Contract Texas Principles of Real Estate 1 negotiable - Answer: A broker's compensation is...? Variable Fixed Negotiable Controlled