Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023, Exams of Nursing

Download Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 and more Exams Nursing in PDF only on Docsity! Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate. - correct answers ✅brokerage 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 - correct answers ✅real estate broker A person performing any of the acts included in the definition of real estate broker but while associated with and supervised by a broker - correct answers ✅real estate salesperson A type of property that includes one to four dwelling units - correct answers ✅residential property Property that produces rental income or that is used in business. Properties with five or more dwelling units are considered commercial property. - correct answers ✅commercial property Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Property that is used by companies or persons for manufacturing, warehousing, or the assemblage of components - correct answers ✅industrial property A category of real property created as a result of combining the land and its improvements for a single highest and best use - correct answers ✅special purpose property 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 - correct answers ✅mixed use property The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate is known as...? - correct answers ✅brokerage Government held properties include which of the following...? - correct answers ✅public parks Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 The total dollar expenditure for labor, materials, and other items related to construction - correct answers ✅cost The amount of goods offered for sale within a given market at a given price during a given time period - correct answers ✅supply The amount of goods consumers are willing and able to buy at any given price during any given time period - correct answers ✅demand The study of the social and economic statistics of a community - correct answers ✅demography Is value the same as price? - correct answers ✅no Which of the following affects supply...? Employment Cost of labor Population All of the above - correct answers ✅cost of labor Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Changes or additions made to a property, such as walls and roads are known as...? - correct answers ✅improvements The present worth of future benefits is referred to as...? - correct answers ✅value A person authorized to act on behalf of another - correct answers ✅agent The employer of an agent - correct answers ✅principal 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, such as a property manager - correct answers ✅general agent An agent with limited authority to act on behalf of the principal, such as created by a listing - correct answers ✅special agent Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 A contract in which a property owner employs a real estate broker to market the property described in the contract - correct answers ✅listing contract 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 - correct answers ✅fiduciary duty 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 - correct answers ✅fiduciary Let the buyer beware. The buyer must examine the goods or property and buy at his or her own risk - correct answers ✅caveat emptor Which of the following is a fiduciary duty owed by an agent to their client...? Indemnification Disclosure Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Fiduciary - correct answers ✅fiduciary 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. - correct answers ✅appraised value A means of comparing similar type properties, which have recently sold, to the subject property. Commonly used in comparing residential properties. - correct answers ✅market comparison approach 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. - correct answers ✅cost approach 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. - correct answers ✅income approach Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 A valuation placed upon a piece of property by a public authority as a basis for levying taxes on the property. - correct answers ✅assessed value The cost of replacing a structure completely destroyed by an insured hazard. - correct answers ✅insured value The basis of a depreciable asset used to compute the taxable gain from its sale; the basis is acquisition cost plus capital improvements less accrued depreciation. - correct answers ✅depreciated value Mark is looking to purchase a commercial office building. An appraiser was hired to assess the value of the building. What appraisal method did the appraiser use...? Market Comparison Approach Income Approach Cost Approach All of the above - correct answers ✅income approach Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 A non-profit organization in looking to purchase a church. An appraiser was hired to assess the value of the church. What appraisal method did the appraiser use...? Market Comparison Approach Income Approach Cost Approach All of the above - correct answers ✅cost approach Improvements typically ............ in value? Rescind Escalate Appreciate Depreciate - correct answers ✅depreciate Price is typically equal to the cost of the property...? True False - correct answers ✅false Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 4 - correct answers ✅2 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 - correct answers ✅A 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 - correct answers ✅A A property manager is an example of what type of agent...? AGeneral Agent Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 BSpecial Agent CSpecific Agent DUniversal Agent - correct answers ✅B The employer of an agent is known as the...? APrincipal BCustomer CEscrow DAll of the above - correct answers ✅A 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. - correct answers ✅land The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property. - correct answers ✅bundle of rights Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 The landowner's ability to take minerals from the earth or to sell or lease this right to others. - correct answers ✅mineral rights The rights in real property to the reasonable use of the air space above the surface of the land. - correct answers ✅air rights Land and everything permanently attached to land. - correct answers ✅real estate The aggregate of rights, powers, and privileges conveyed with ownership of real estate. - correct answers ✅real property 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 Bundle of Rights - correct answers ✅land Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 BReal Property CFixtures DTrade Fixtures - correct answers ✅A The landowner's ability to take minerals from the earth or to sell or lease this right to others is known as...? AMineral rights BAir Rights CLand Rights DBundle of RightsA - correct answers ✅A All property that is not land and is not permanently attached to land is known as...? APersonal Property BReal Property CReal Estate DFixture - correct answers ✅A Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 The transfer of personal property is typically done using a...? ABill of Sale BDeed CPurchase Contract DAll of the above - correct answers ✅A Which of the following is an example of a fixture...? AKitchen cabinets BRemovable bookshelves CCurtains DRugs - correct answers ✅A A form of ownership of real property recognized in all states that consists of individual ownership of some aspects and co-ownership in other aspects of the property. - correct answers ✅condominium A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease. - correct answers ✅cooperative Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 A form of cluster zoning providing for both residential and commercial land uses within a zoned area. - correct answers ✅planned unit development - 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. - correct answers ✅mixed-use property A structure transportable in one or more sections, designed and equipped to contain not more than two dwelling units to be used with or without a foundation systems. - correct answers ✅mobile home license or contractual or membership right of occupancy in a project which is not coupled with an estate in the real property. - correct answers ✅time- share A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease is known as a...? Cooperative Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 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. - correct answers ✅capital gains For tax purposes, real estate taxes can be deducted from personal income...? True False - correct answers ✅true 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 - correct answers ✅all of the above Tax benefits for homeowners are provided in part to...? Discourage homeownership Encourage homeownership Reduce the length of homeownership Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Decrease mortgage payments - correct answers ✅encourage homeownership The profit realized from the sale of real estate or other investment is known as...? Capital Gains Debits Credits Deductibles - correct answers ✅capital gains 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 - correct answers ✅500,000 What is typically covered in a homeowners policy...? Personal property within the house Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 The house itself Liability All of the above - correct answers ✅all of the above What is the most common homeowners policy found in Texas...? HOA HOB HOC HOD - correct answers ✅HOB 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...? - correct answers ✅20 Most homeowners policies do NOT cover which of the following...? Flood damage Smoke damage Fire damage All of the above - correct answers ✅flood damage Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 An agent with limited authority to act on behalf of the principal, such as created by a listing - correct answers ✅special agent An agency relationship created by oral or written agreement between principal and the agent. - correct answers ✅express agency Agency that exists as a result of actions of the parties. - correct answers ✅implied agency This refers to the party the agent brings to the principal as seller or buyer of the property...? Client Customer Partner Principle - correct answers ✅client An agent with full authority over one property of the principal is known as a...? Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 General Agent Special Agent Specific Agent Real Estate Agent - correct answers ✅general agent An agent with full authority over one property of the principal is known as a...? General Agent Special Agent Specific Agent Real Estate Agent - correct answers ✅special agent Agency that exists as a result of actions of the parties is known as...? Implied Agency Express Agency General Agency Special Agency - correct answers ✅implied agency Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 The real estate agent in a transaction is considered a ............ to his/her broker? Principal Client Customer Sub-agent - correct answers ✅sub-agent The sale of the property results in the ............................ of the agency relationship? Beginning Creation Termination The agency relationship is not contingent on the sale of the property - correct answers ✅termination An agent who is authorized to perform all acts or duties his/her principal is empowered to perform. - correct answers ✅universal agent Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 The broker's account The seller's account An escrow account Any of the above - correct answers ✅an escrow account 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 - correct answers ✅disclosure Reimbursement or compensation paid to someone for a loss already suffered. - correct answers ✅Indemnification This reimbursement or compensation paid to someone for a loss already suffered is known as...? Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Indemnification Consideration Arbitration Conversion - correct answers ✅indemnification The exaggeration of the good points of a product, or real property, and the prospects for future rise in value, profits, and growth is known as...? Redlining Novation Puffing Steering - correct answers ✅puffing The 'C' in the acronym C.I.I.A. stands for...? Care Consideration Confidentiality Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Compensation - correct answers ✅compensation The seller must allow their agent to show the property to prospective buyers. This is an example of what responsibility owed by the seller to the agent...? Availability Care Disclosure Accounting - correct answers ✅availability Which of the following is owed to a customer by an agent...? Reasonable care and skill Honesty Disclosure of any known material facts All of the above - correct answers ✅all of the above Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Property Condition Report - correct answers ✅seller's disclosure notice Real estate agents cannot be held liable for any false or misleading information about a property...? True False - correct answers ✅false 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 - correct answers ✅consumer According to the Texas Deceptive Trade Practices Act, businesses with assets exceeding .............. are not considered consumers? Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 $1,000,000 $5,000,000 $10,000,000 $25,000,000 - correct answers ✅25,000,000 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 - correct answers ✅caveat emptor 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 Exam Questions Solved (Verified Answers) 2023 Making false statements about reasons for a sale All of the above - correct answers ✅all of the above 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 - correct answers ✅A 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 - correct answers ✅A The employer of an agent is referred to as the...? Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 circulatory, hemic, lymphatic, skin, and endocrine. - correct answers ✅physical impairment Any mental or psychological disorder, such as intellectual disability, organic brain syndrome, emotional or mental illness, and specific learning disabilities. - correct answers ✅mental impairment A fair housing complaint should be filed within ................................. months of the incident? 12 24 36 48 - correct answers ✅12 Based on the Texas Fair Housing Act of 1989, the Texas Workforce Commission has .......................... days to investigate a fair housing complaint? Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 30 45 60 100 - correct answers ✅100 Which of the following is a Texas statute that deals with fair housing and discrimination...? Texas Fair Housing Act Texas Real Estate License Act Texas Discrimination Act Texas Civil Rights Act - correct answers ✅Texas Real Estate License Act Fair housing complaints cannot be filed through the Texas Workforce Commission in which of the following cities...? Austin Corpus Christi Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Dallas All of the above - correct answers ✅All of the above 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 - correct answers ✅HUD 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 - correct answers ✅Texas Fair Housing Act Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 DAll of the above - correct answers ✅A 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 - correct answers ✅A The intricacies in marketing properties for others involves...? ACompetency BFidelity CLoyalty DObedience - correct answers ✅A Exercising judgment and skill in the performance of an agent's practice is also known as...? ACompetency Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 BFidelity CLoyalty DObedience - correct answers ✅A 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 - correct answers ✅protect the public from incompetent or dishonest salespersons and brokers Who administers the Texas Real Estate License Act...? U.S. Attorney General National Association of Realtors Texas Real Estate Commission Texas Association of Realtors - correct answers ✅ Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Who administers the Texas Real Estate License Act...? U.S. Attorney General National Association of Realtors Texas Real Estate Commission Texas Association of Realtors - correct answers ✅ The Texas Real Estate Commission consists of how many members...? 5 6 7 9 - correct answers ✅9 How many members of the Texas Real Estate Commission are real estate brokers...? 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Individuals living in Texas under a Visa Individuals with a Green Card Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Permanent residents of the U.S. None of the above - correct answers ✅individuals living in Texas under a Visa 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 - correct answers ✅4 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 - correct answers ✅6 months Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 The Real Estate Recovery Trust Account The Texas Escrow Account The U.S. Recovery Trust Account - correct answers ✅Real Estate Recovery Trust Account An action for judgment for order of payment from the Real Estate Recovery Trust Account must be made within .......... years of the cause of action? 2 3 4 7 - correct answers ✅2 As a real estate salesperson, all commissions must be paid to them by the...? Principal Client Sponsoring broker Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Customer - correct answers ✅sponsoring broker A broker who acts as an intermediary in a transaction operates as a...? Universal agent General agent Single agent Dual agent - correct answers ✅dual agent Payments into the Real Estate Recovery Trust Account are provided by which of the following...? License application fees Certificate of Registration fees Administrative penalty fees All of the above - correct answers ✅all of the above Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 David is a real estate agent who referred a client to Andrew, another agent in the office. Andrew agreed to give David a 25% referral fee. Who must pay the referral fee to David...? David's sponsoring broker Andrew The Client The Principal - correct answers ✅David's sponsoring broker A legal description is typically ascertained through a...? Key Plan Site Map Survey All of the above - correct answers ✅survey Which of the following is a method used to describe property in the United States...? Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Range - correct answers ✅range 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 - correct answers ✅Range lines Land in Texas was originally identified by...? Metes and Bounds Lot and Block Government Survey Townships - correct answers ✅metes and bounds Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Which of the following is an example of a monument...? A tree A post A stream All of the above - correct answers ✅all of the above The Mean Sea Level at New York Harbor is known as a...? Monument Datum Bench Mark Reference Point - correct answers ✅datum 1 acre is equal to...? 1,000 sq.ft. 5,280 sq.ft. Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 23,040 sq.ft. 43,560 sq.ft. - correct answers ✅43,560 sq.ft. ½ of a section is equal to how many acres...? 100 320 500 640 - correct answers ✅320 Which of the following is shown on an improvement survey...? Sidewalks Fences Buildings All of the above - correct answers ✅all of the above A township consists of how many sections...? Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Base Lines - correct answers ✅principal meridians When using the metes and bounds method to describe property, the origin point is also the...? Datum Reference point End point Base point - correct answers ✅end point 1 square foot is equal to...? 144 square inches 640 square inches 1,000 square inches 100 square inches - correct answers ✅144 square inches The subdivision plat method of describing property includes which of the following...? Monuments Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Lot and Blocks Townships Sections - correct answers ✅lot and blocks A contract that has been put into words, either spoken or written is known as a/an...? Express Contract Implied Contract Note Deed - correct answers ✅express contract Real estate agents use which of the following contracts...? Express Contracts Listing Contracts Buyer Representation Agreements All of the above - correct answers ✅all of the above Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 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 - correct answers ✅impied An agreement that has not been put into words, but is implied by the actions of the parties is known as a/an...? Implied Contract Express Contract Deed Note - correct answers ✅implied contract Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 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 - correct answers ✅assignment Those to whom property or interests therein shall have been transferred are known as...? Trustors Trustees Assignees Assignors - correct answers ✅assignees One who assigns or transfers property is known as a/an...? Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Assignor Assignee Trustor Trustee - correct answers ✅assignor A violation of the terms or conditions of a contract without a legal excuse is known as a...? Discharge Conversion Breach All of the above - correct answers ✅breach Damages benefiting the non-defaulting party as a result of a default of a contract are known as...? Liquidated Damages Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Consideration Novation Punitive Damages - correct answers ✅liquidated damages A contract by which a buyer and seller agree to the terms of a sale is known as a...? Listing contract Sales contract Bill of Sale contract Listing agreement - correct answers ✅sales contract An interest in real estate such that a court will take notice and protect the owner's rights is known as...? Legal Title Secured Title Protected Title Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 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 - correct answers ✅lease under 1 year 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 Enforceable contract Voidable contract Executory contract - correct answers ✅voidable contract When a contract is fully performed, the contract is considered...? Assigned Converted Acknowledged Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Discharged - correct answers ✅discharged 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 - correct answers ✅commingling Building codes are an example of...? Police Power Novation Escheat Eminent Domain - correct answers ✅police power The taking of private property for public use, with fair compensation to the owner is known as...? Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Escheat Novation Condemnation Police Power - correct answers ✅condemnation Real property ownership rights in the United States are based on this legal system...? Feudal system Allodial system Spanish system European system - correct answers ✅alloidial When the government exercises its power of eminent domain, the owner...? Will not be compensated Must be fairly compensated Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Life estate Leasehold estate Fee simple estate Land estate - correct answers ✅life estate A legal life estate in land that is owned and occupied as a family home is known as a...? Easement Reversionary interest Homestead Fee simple determinable - correct answers ✅homestead In Texas, what is the limitation on homesteads in urban areas...? 10 acres 15 acres 50 acres Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 100 acres - correct answers ✅10 acres In Texas, what is the limitation on homesteads of a family in rural areas...? 10 acres 50 acres 100 acres 200 acres - correct answers ✅200 acres A claim, charge, or liability that attaches to, and is binding on real estate is known as a...? Prescription Rescission Encumbrance Novation - correct answers ✅encumbrance A limitation on the use of real property is known as a...? Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Restriction Prescription Rescission Novation - correct answers ✅restriction 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 - correct answers ✅lien This type of easement exists when a landowner has no access to roads and is landlocked...? Easement by necessity Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Voluntary lien Involuntary lien Subordinate lien Owner lien - correct answers ✅voluntary lien Which of the following acronyms describes the various ways a lien can be created...? VISE CATTL PETE OLD CAR - correct answers ✅VISE A form of action taken to impose a tax is known as a...? Tax lien Tax proposal Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Tax levy Eminent domain - correct answers ✅tax levy 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 - correct answers ✅tax rate Which of the following is an example of a taxing entity...? Water districts Hospital districts School districts All of the above - correct answers ✅all of the above Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 A specific lien that gives security to persons or companies who perform labor or furnish material to improve real property is known as a...? Judgment lien General lien Mechanic's lien Voluntary lien - correct answers ✅mechanic's lien A legal claim on all of the property of a judgment debtor which enables the judgment creditor to have the property sold for payment of the amount of the judgment is known as a...? Mechanic's lien Voluntary lien Judgment lien Tax lien - correct answers ✅judgement lien Mortgage lenders typically require a...? Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 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 - correct answers ✅police power A fee simple estate is an example of which of the following estates...? AFreehold Estate BLeasehold Estate CLand Estate DAll of the above - correct answers ✅freehold estate When someone is the sole owner of a property, they are said to have this type of ownership...? Joint Tenancy Community Property Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 Severalty Ownership Tenancy in Common - correct answers ✅severalty ownership Real property can be owned in which of the following forms...? Severalty Co-ownership In trust All of the above - correct answers ✅all of the above Which of the following is an example of co-ownership...? Tenancy in common Joint tenancy Community property All of the above - correct answers ✅all of the above Texas Principles of Real Estate 1 Exam Questions Solved (Verified Answers) 2023 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 - correct answers ✅community property Each spouse in a community property has equal rights to which of the following...? Alienation Management Testamentary disposition All of the above - correct answers ✅all of the above One entitled to the benefit of a trust is referred to as the...?