Texas Principles of Real Estate 1 Latest 2023-2024 study guide, Exams of Nursing

Download Texas Principles of Real Estate 1 Latest 2023-2024 study guide and more Exams Nursing in PDF only on Docsity! Texas Principles of Real Estate 1 Latest 2023-2024 study guide Texas Principles of Real Estate 1 Latest 2023 study guide brokerage - The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate. real estate broker - 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 - 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 - A type of property that includes one to four dwelling units commercial property - Property that produces rental income or that is used in business. Properties with five or more dwelling units are considered commercial property. industrial property - Property that is used by companies or persons for manufacturing, warehousing, or the assemblage of components special purpose property - 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 - 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 - 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 - Government held properties include which of the following...? yes - Texas Principles of Real Estate 1 Latest 2023-2024 study guide Must property inspections must be licensed by the Texas Real Estate Commission...? special purpose - A church is a definition of a _____________ ____________ property. continuing education courses - What courses must be taken after you obtain your real estate license...? 60 (part I and part II) - The qualifying Real Estate Principles course consists of how many classroom hours in total...? 3600 - How many points must an applicant earn in order to obtain their real estate broker's license...? educational standards advisory - The mission of the _______________ _______________ ________________ Committee (ESAC) is to regularly review and revise the curriculum standards, course content requirements, and instructor certification requirements for qualifying and continuing education courses...? qualifying education - The pre-licensing courses needed to obtain your real estate license are considered what type of courses...? improvements - Changes or additional made to a property, such as walls and roads. These typically increase the value of a property, except in some cases of over improvement non-homogeneity - A physical characteristic of land describing that land as a unique commodity value - The present worth of future benefits price - The amount a purchaser agrees to pay and a seller agrees to accept under the circumstances surrounding a transaction cost - The total dollar expenditure for labor, materials, and other items related to construction supply - The amount of goods offered for sale within a given market at a given price during a given time period Texas Principles of Real Estate 1 Latest 2023-2024 study guide All of the above fiduciary - A person in a position of trust and confidence, as between principal and broker, is known as a...? Customer Principal Client Fiduciary appraised value - 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 - A means of comparing similar type properties, which have recently sold, to the subject property. Commonly used in comparing residential properties. cost 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. income 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. assessed value - A valuation placed upon a piece of property by a public authority as a basis for levying taxes on the property. insured value - The cost of replacing a structure completely destroyed by an insured hazard. depreciated 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. income approach - 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 Texas Principles of Real Estate 1 Latest 2023-2024 study guide cost approach - 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 depreciate - Improvements typically ............ in value? Rescind Escalate Appreciate Depreciate false - Price is typically equal to the cost of the property...? True False The licensee is convicted of a felony - A licensee's license may be suspended or revoked if which of the following occurs...? The licensee changes brokerages The licensee is convicted of a felony The licensee does not close a transaction within one calendar year The licensee negotiates on behalf of his/her client true - Real estate agents and brokers must be careful not to provide legal advice to their clients...? True False the agent's sponsoring broker - Who holds the real estate license of an agent...? The agent's sponsoring broker The agent themselves The Texas Real Estate Commission All of the above 18 - In order to obtain a real estate license, an applicant must be at least how many years of age...? 18 20 21 22 Texas Principles of Real Estate 1 Latest 2023-2024 study guide inactive - If a real estate salesperson terminates their employment with their sponsoring broker, the salesperson's license is considered what...? Active Inactive Revoked Suspended 2 - Real estate licenses are issued for a period not to exceed how many years...? 1 2 3 4 A - 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 - 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 - A property manager is an example of what type of agent...? AGeneral Agent BSpecial Agent CSpecific Agent DUniversal Agent A - The employer of an agent is known as the...? APrincipal BCustomer CEscrow DAll of the above land - Texas Principles of Real Estate 1 Latest 2023-2024 study guide CPurchase Contract DAll of the above A - Which of the following is an example of a fixture...? AKitchen cabinets BRemovable bookshelves CCurtains DRugs condominium - 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. cooperative - A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease. planned unit development - A form of cluster zoning providing for both residential and commercial land uses within a zoned area. mixed-use 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. mobile home - 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. time-share - license or contractual or membership right of occupancy in a project which is not coupled with an estate in the real property. cooperative - 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 - Who is responsible for selling newly constructed mobile homes...? Manufactured home dealerships Texas Principles of Real Estate 1 Latest 2023-2024 study guide Real estate brokers Real estate agents Mobile home owners true - Modular homes can typically be built quicker and at a lower cost as compare to homes constructed on-site...? True False shares of stock - A cooperative owner owns ......................... in the cooperative? Shares of stock A deed Title All of the above deed - Since a CONDOMINIUM is considered Real Property, each unit owner receives a ____________ at closing. common areas - Areas in a condominium that are used by all residents. true - true/false The SHARES OF STOCK are considered PERSONAL PROPERTY NOT REAL PROPERTY proprietary lease - While cooperative owners do not own their apartment unit, they are allowed to occupy the unit through a __________________ _______________. capital gains - 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 - For tax purposes, real estate taxes can be deducted from personal income...? True False all of the above - 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 Texas Principles of Real Estate 1 Latest 2023-2024 study guide encourage homeownership - Tax benefits for homeowners are provided in part to...? Discourage homeownership Encourage homeownership Reduce the length of homeownership Decrease mortgage payments capital gains - The profit realized from the sale of real estate or other investment is known as...? Capital Gains Debits Credits Deductibles 500,000 - 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 - What is typically covered in a homeowners policy...? Personal property within the house The house itself Liability All of the above HOB - What is the most common homeowners policy found in Texas...? HOA HOB HOC HOD 20 - 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...? flood damage - Most homeowners policies do NOT cover which of the following...? Flood damage Smoke damage Fire damage All of the above actual cash value - Texas Principles of Real Estate 1 Latest 2023-2024 study guide An agent who is authorized to perform all acts or duties his/her principal is empowered to perform. - 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 - What does COALD stand for? assisting with counter offers - 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 - A broker must always place his/her client's interests above their own. This is an example of what fiduciary duty...? Disclosure Loyalty Care Accounting disclosure - 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 - 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 Texas Principles of Real Estate 1 Latest 2023-2024 study guide disclosure - 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 Indemnification - Reimbursement or compensation paid to someone for a loss already suffered. indemnification - This reimbursement or compensation paid to someone for a loss already suffered is known as...? Indemnification Consideration Arbitration Conversion puffing - 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 compensation - The 'C' in the acronym C.I.I.A. stands for...? Care Consideration Confidentiality Compensation availability - 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 Texas Principles of Real Estate 1 Latest 2023-2024 study guide all of the above - 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 honesty - Which of the following is owed to a customer by an agent...? Honesty Accounting Availability Indemnification information - According to this responsibility, the seller must always provide any known material facts about the property...? Care Information Loyalty Accounting latent defect - A defect known to the seller but not to the buyer, and is not discoverable by ordinary inspections is referred to as a/an...? Latent Defect Non-structural Defect Structural Defect Insignificant Defect deceptive trade practices act - 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 - The seller is required to provide buyers with which of the following documents...? Survey Property Inspection Report Seller's Disclosure Notice Texas Principles of Real Estate 1 Latest 2023-2024 study guide redlining - The practice of refusing to make loans or otherwise denying financial assistance for housing in a particular area. familial status - Anyone younger than 18 being domiciled with a parent or other person having legal custody of such individual, or the designee of such parent or other person having such custody, with the written permission of the parent. physical impairment - Any medical disorder, condition, disfigurement or loss affecting one of the body systems, such as neurological, musculoskeletal, special sense organs, respiratory, cardiovascular, reproductive, digestive, genitourinary, immune, circulatory, hemic, lymphatic, skin, and endocrine. mental impairment - Any mental or psychological disorder, such as intellectual disability, organic brain syndrome, emotional or mental illness, and specific learning disabilities. 12 - A fair housing complaint should be filed within ................................. months of the incident? 12 24 36 48 100 - Based on the Texas Fair Housing Act of 1989, the Texas Workforce Commission has .......................... days to investigate a fair housing complaint? 30 45 60 100 Texas Real Estate License Act - 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 All of the above - Texas Principles of Real Estate 1 Latest 2023-2024 study guide Fair housing complaints cannot be filed through the Texas Workforce Commission in which of the following cities...? Austin Corpus Christi Dallas All of the above HUD - 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 - 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 - Those who file a fair housing complaint with HUD are referred to as...? Defendants Prosecutors Respondents Complainants respondents - Those who HUD fair housing complaints are filed against are referred to as...? Complainants Prosecutors Respondents Defendants - A respondent of a HUD fair housing complaint has how many days to submit a response...? 5 10 Texas Principles of Real Estate 1 Latest 2023-2024 study guide 15 30 A - 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 - 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 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 A - The intricacies in marketing properties for others involves...? ACompetency BFidelity CLoyalty DObedience A - 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 - 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 Texas Principles of Real Estate 1 Latest 2023-2024 study guide What is an applicant required to submit as part of the licensing application process...? Three forms of valid government IDs Fingerprints Surety Bond All of the above individuals living in Texas under a Visa - 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 - 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 - 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 - The following exam must be less stringent than the Texas real estate broker's exam...? Texas appraisal exam Texas real estate inspector exam Texas real estate salesperson exam All of the above 30 - The Commission shall notify examinees of their results within how many days after the exam is taken...? Texas Principles of Real Estate 1 Latest 2023-2024 study guide 7 30 45 60 2 years - TREC may renew a real estate license for no more than...? 1 year 2 years 3 years 4 years 2x or 100% more - 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 Real Estate Recovery Trust Account - A seller may be reimbursed for damages caused by their real estate agent or broker from which of the following...? The Texas Association of Realtors The Real Estate Recovery Trust Account The Texas Escrow Account The U.S. Recovery Trust Account 2 - 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 sponsoring broker - As a real estate salesperson, all commissions must be paid to them by the...? Principal Client Sponsoring broker Customer Texas Principles of Real Estate 1 Latest 2023-2024 study guide dual agent - A broker who acts as an intermediary in a transaction operates as a...? Universal agent General agent Single agent Dual agent all of the above - 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 David's sponsoring broker - 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 survey - A legal description is typically ascertained through a...? Key Plan Site Map Survey All of the above all of the above - Which of the following is a method used to describe property in the United States...? Government Survey Metes and Bounds Lot and Block All of the above legal description - 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 Texas Principles of Real Estate 1 Latest 2023-2024 study guide 140 improvement survey - When a survey describes the structures on a property in addition to the land itself, it is known as a...? Improvement Survey Site Plan Dimensional Survey Plot Map - Which of the following property descriptions is not used in the State of Texas...? Government Survey Metes and Bounds Lot and Block All of the above township - 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 a...? metes and bounds - This refers to a term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles...? Plot Map Government Survey Metes and Bounds Lot and Block principal meridians - The imaginary north-south lines used in a government survey are referred to as...? Principal Meridians Reference Lines Survey Lines Base Lines end point - When using the metes and bounds method to describe property, the origin point is also the...? Datum Reference point End point Base point 144 square inches - 1 square foot is equal to...? 144 square inches Texas Principles of Real Estate 1 Latest 2023-2024 study guide 640 square inches 1,000 square inches 100 square inches lot and blocks - The subdivision plat method of describing property includes which of the following...? Monuments Lot and Blocks Townships Sections express contract - 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 - Real estate agents use which of the following contracts...? Express Contracts Listing Contracts Buyer Representation Agreements All of the above impied - 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 - 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 Texas Principles of Real Estate 1 Latest 2023-2024 study guide bilateral contract - 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 - This contract is formed only if another party performs the requested act...? Bilateral Contract Executed Contract Unilateral Contract Voided Contract void contract - A contract that has no force or effect is referred to as a/an...? Void Contract Valid Contract Executory Contract Executed Contract real estate broker - A listing contract exists between a seller and the...? Real estate broker Real estate salesperson Customer Any of the above Assignment - 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 - 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 Texas Principles of Real Estate 1 Latest 2023-2024 study guide Sale contract for a multi-family property Lease for more than 1 year Sales contract for a single family home voidable contract - 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 discharged - When a contract is fully performed, the contract is considered...? Assigned Converted Acknowledged Discharged commingling - 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 - Building codes are an example of...? Police Power Novation Escheat Eminent Domain condemnation - The taking of private property for public use, with fair compensation to the owner is known as...? Escheat Novation Condemnation Police Power alloidial - Real property ownership rights in the United States are based on this legal system...? Texas Principles of Real Estate 1 Latest 2023-2024 study guide Feudal system Allodial system Spanish system European system must be fairly compensated - 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 - An estate of indeterminable duration is known as a...? Leasehold Estate Freehold Estate Land Estate All of the above freehold estate - An estate of indeterminable duration is known as a...? Leasehold Estate Freehold Estate Land Estate All of the above fee simple estate - Absolute ownership of real property is considered this type of estate...? Leasehold estate Land Estate Fee simple estate Estate in reversion fee simple absolute - An inheritable estate in land providing the greatest interest of any form of title is known as a/an...? Leasehold estate Estate in Remainder Fee simple absolute Fee simple determinable life estate - Texas Principles of Real Estate 1 Latest 2023-2024 study guide A freehold estate created for the duration of the life, or lives, of certain named persons is known as a...? Life estate Leasehold estate Fee simple estate Land estate homestead - 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 10 acres - In Texas, what is the limitation on homesteads in urban areas...? 10 acres 15 acres 50 acres 100 acres 200 acres - In Texas, what is the limitation on homesteads of a family in rural areas...? 10 acres 50 acres 100 acres 200 acres encumbrance - A claim, charge, or liability that attaches to, and is binding on real estate is known as a...? Prescription Rescission Encumbrance Novation restriction - A limitation on the use of real property is known as a...? Restriction Prescription Rescission Texas Principles of Real Estate 1 Latest 2023-2024 study guide mechanic's lien - 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 judgement 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 preferred lien - Mortgage lenders typically require a...? Involuntary lien General lien Tax lien Preferred lien accession - An addition to property through the efforts of man or by natural forces is known as...? Accretion Accession Erosion Avulsion accretion - The increasing in land area resulting from the deposit of soil by the natural action of the water is known as...? Accretion Avulsion Erosion Accession alluvium - The gradual increase of earth on a shore of an ocean or bank of a stream resulting from the action of the water is known as...? Texas Principles of Real Estate 1 Latest 2023-2024 study guide Accretion Erosion Avulsion Alluvium servient tenement - The land that is encumbered by an easement is referred to as the...? Devisee Devisor Servient tenement Dominant tenement police power - 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 - 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 - 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 - Real property can be owned in which of the following forms...? Severalty Co-ownership In trust All of the above all of the above - Which of the following is an example of co-ownership...? Texas Principles of Real Estate 1 Latest 2023-2024 study guide Tenancy in common Joint tenancy Community property All of the above community property - 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 - Each spouse in a community property has equal rights to which of the following...? Alienation Management Testamentary disposition All of the above beneficiary - One entitled to the benefit of a trust is referred to as the...? Devisee Beneficiary Trustor Primary owner living trust - 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 - 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 Texas Principles of Real Estate 1 Latest 2023-2024 study guide Net Listing Open Listing Non-Exclusive Listing Exclusive Right to Sell Listing Agreement non exclusive - An open listing is also referred to as a/an...? Non-Exclusive Listing Net Listing Exclusive Agency Agreement Exclusive Right to Sell Agreement listing contract - What is the name of the employment contract between a client and an agent...? Listing Contract Purchase Contract Sales Contract Escrow Contract open listing - 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 - 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 - Sub-agents in a transaction are typically compensated by which of the following means...? 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 - Texas Principles of Real Estate 1 Latest 2023-2024 study guide 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 - 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 - 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 vacant - Insurance companies may deny coverage on a property if which of the following occurs...? The property is occupied full-time The property will remain vacant The property is mortgaged The property is burdened by an easement contract addendum - If an additional contract item does not belong in the Special Provisions, it will most likely get listed in the...? Contract addendum Contract bulletin Contract notice form HUD-1 form percentage of the listing price - If a seller breaches the contract, and the sales price is not determinable, the broker's compensation should be based on which of the following...? A percentage of the assessed value A percentage of the market value A percentage of the listing price Texas Principles of Real Estate 1 Latest 2023-2024 study guide A percentage of the investment value mediation - If a dispute between the seller and the agent cannot be resolved through negotiations, the dispute should be resolved using the following method...? Civil Action Litigation Arbitration Mediation all - Which of the following may appear on a survey...? Improvements Driveways Fences All of the above 1978 - Lead based paint can be found in buildings built prior to...? 1964 1978 1988 1991 seller disclosure - This document gets completed by the seller and lists the condition of various items and appliances in the house...? HUD-1 Form Seller Disclosure Notice Property Condition Disclosure Personal Property Notice property survey - The T-47 Residential Real Property Affidavit verifies that which of the following documents is up to date...? Property survey Seller Disclosure Notice Floor plans Site Map seller disclosure - 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...?