Texas Principles of Real Estate 1: Questions and Answers, Exams of Real Estate Management

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Texas Principles of Real Estate 1:

Questions (120 Terms) with Certified

Answers 2024.

A real estate agent is an example of what type of agent...? Universal Agent General Agent

Special Agent Specific Agent - Answer: Special Agent A means of comparing similar type properties, which have recently sold, to the subject property is known as the...? Cost Approach Assessment Approach Income Approach Market Comparison Approach - Answer: Market Comparison Approach A contract in which a property owner employs a real estate broker to market the property described in the contract is known as the... Agency Disclosure Contract Purchase and Sales Contract Closing Contract Listing Contract - Answer: Listing Contract Properties with five or more dwelling units are considered...? Special Purpose Property Commercial Property Industrial Property Residential Property - Answer: Commercial Property

Universal Agent Specific Agent General Agent Special Agent - Answer: General Agent The employer of an agent is known as the...? Principal All of the above Customer Escrow - Answer: Principal The market comparison approach is commonly used for this property type...? Mixed-use Industrial Residential Commercial - Answer: Residential Land and everything permanently attached to land is defined as...? Bundle of Rights Real Property Fixture

Real Estate - Answer: Real Estate A refrigerator is typically considered...? Fixture Real Property Personal Property Emblements - Answer: Personal Property All property that is not land and is not permanently attached to land is known as...? Personal Property Real Property Real Estate Fixture - Answer: Personal Property Mineral rights are typically considered dominant to which of the following rights...? Sub-surface rights None of the above Air rights Surface rights - Answer: Surface Rights

Deed Purchase Contract All of the above Bill of Sale - Answer: Bill of Sale Which of the following is an example of a fixture...? Curtains Removable bookshelves Rugs Kitchen cabinets - Answer: Kitchen Cabinets Mobile homes not permanently attached to the land are generally considered...? Trade Fixtures Fixtures Real Property Personal Property - Answer: Personal Property A mortgage payment typically includes...? Principal Interest Insurance All of the above - Answer: All of the Above

A local real estate developer bought an abandoned school building with the intention of converting it to residential units. This is an example of a...? Planned Unit Development Converted-use property All of the above Cooperative - Answer: Converted-Use Property 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 is known as a...? Cooperative PUD Condominium Townhouse - Answer: Condominium Which of the following is NOT a form of real property...? Cooperative Condominium Townhouse Single family house - Answer: Cooperative

Pride of ownership Potential for asset appreciation All of the above - Answer: All of the Above An individual is exempt from paying taxes on capital gains for up to how much in profit if he/she lived in the house for at least 2 of the last 5 years...? $100, $250, $500, $1,000,000 - Answer: $250, An individual who has not owned real property for at least the previous two years is known as a...? First-time homebuyer Conventional homebuyer Exempt homebuyer Vacant homebuyer - Answer: First-Time Homebuyer When a real estate broker represents a buyer in a transaction, the broker and buyer are bound by which of the following contracts...? Buyer Representation Agreement Listing Agreement

All of the above Purchase Agreement - Answer: Buyer Representation Agreement 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....? Exclusive Contract Purchase Contract Listing Contract Agency Contract - Answer: Listing Contract The 'L' in the acronym C.O.A.L.D. stands for which fiduciary duty...? Loyalty Litigation Listing License - Answer: Loyalty The employer of an agent is referred to as the...? Principal Partner Customer Fiduciary - Answer: Principal

Universal Fiduciary Special General - Answer: Fiduciary As a seller's agent in a transaction, the agent is required to do which of the following...? Answer to the seller Present all offers to the seller Inform the seller of any material information All of the above - Answer: All of the Above The listing agreement is a contract between the real estate broker and the...? Customer Seller Buyer Agent - Answer: Seller Under the Equal Credit Opportunity Act, lenders must provide financing based on which of the following criteria...? Income

Age National origin Race - Answer: Income Blockbusting is also known as...? Panic buying Panic selling Panic lending Panic brokerage - Answer: Panic Selling This federal law requires all federally regulated lenders to describe the geographic market area that they serve...? Community Reinvestment Act ADA Civil Rights Act of 1968 Housing and Urban Development Act - Answer: Community Reinvestment Act Which of the following is considered illegal under the Fair Housing Act...? Refusing to show properties in neighborhoods based on racial criteria Refusing to sell to a protected class Refusing to show properties in neighborhoods based on religious criteria All of the above - Answer: Refusing to Sell to a Protected Class

Advertising that suggests that a particular home is not suited for couples with children is considered a violation of this protected class...? Gender Race Familial Status Religion - Answer: Familial Status The prohibition of fair housing discrimination by a licensee is described in which of the following Acts...? Texas Civil Rights Act Texas Fair Housing Act Texas Real Estate License Act Texas Discrimination Act - Answer: Texas Real Estate License Act Any medical disorder, condition, disfigurement or loss affecting one of the body systems is known as a...? Physical Impairment Mental Impairment Disorder Handicap - Answer: Physical Impairment

If an agent does not abide by the TREC canons of professional ethics, which of the following may occur...? The agent may be placed on probation The agent's license can be suspended The agent's license can be revoked All of the above - Answer: All of the Above This form must be posted in brokerage offices...? Purchase Agreement Form HUD-1 Form Consumer Information Form 1- All of the above - Answer: Consumer Information Form 1- Exercising judgment and skill in the performance of an agent's practice is also known as...? Obedience Loyalty Fidelity Competency - Answer: Competency The intricacies in marketing properties for others involves...?

Fidelity Competency - Answer: Fidelity An agent should be informed on market conditions affecting the real estate business. This is an example of...? Fidelity Competency Loyalty All of the above - Answer: Competency Which of the following is one of the TREC canons of professional ethics...? Fidelity Competency Integrity All of the above - Answer: All of the Above An agent must be honest and truthful. This is an example of...? All of the above Competency Integrity Fidelity - Answer: Integrity

A licensee may have their license suspended or revoked for which of the following actions...? Failing to close a transaction within 2 calendar years Changing brokers Unlawful practice of law All of the above - Answer: Unlawful Practice of Law Which of the following is exempt from holding a real estate license...? Real estate salesperson Real estate broker Associate broker Licensed Texas attorneys - Answer: Licensed Texas Attorneys Which of the following must hold a real estate license...? Real estate salesperson Real estate appraiser Real estate attorney All of the above - Answer: Real Estate Salesperson Who determines the standards for real estate licensing courses in Texas...?