Texas Principles of Real Estate 1 Quiz 2023, Exams of Nursing

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Special Agent - correct answers A real estate agent is an example of what type of agent...? Universal Agent. General Agent Special Agent Specific Agent Market Comparison Approach - correct answers 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 Listing Contract - correct answers 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 Commercial Property - correct answers Properties with five or more dwelling units are considered...? Special Purpose Property Commercial Property Industrial Property Residential Property Supply - correct answers The amount of goods offered for sale within a given market at a given price during a given time period is known as... Demand GDP Supply None of the above All of the Above - correct answers The general uses of real property include which of the following...?

Residential Industrial Commercial All of the above The Salesperson's Sponsoring Broker - correct answers If a real estate salesperson closes on a transaction, who pays the salesperson their commission...? The Buyer The salesperson's sponsoring broker Whatever is stated in the listing agreement The Seller General Agent - correct answers A property manager is an example of what type of agent...? Universal Agent Specific Agent General Agent Special Agent

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

Real Estate Personal Property - correct answers A refrigerator is typically considered...? Fixture Real Property Personal Property Emblements Personal Property - correct answers All property that is not land and is not permanently attached to land is known as...? Personal Property Real Property Real Estate Fixture Surface Rights - correct answers Mineral rights are typically considered dominant to which of the following rights...? Sub-surface rights

None of the above Air rights Surface rights All of the Above - correct answers Which of the following is considered a legal test for determining if an item is a fixture or not...? Intention of the parties Mode and permanence of how the item was attached Adaptation of the item All of the above Bundle of Rights - correct answers The right of exclusion, which allows a landowner to prevent others from entering or occupying their property, is included in the...? Riparian Rights Littoral Rights Air Rights Bundle of Rights

Mineral Rights - correct answers The landowner's ability to take minerals from the earth or to sell or lease this right to others is known as...? Bundle of Rights Land Rights Mineral rights Air Rights Bill of Sale - correct answers The transfer of personal property is typically done using a...? Deed Purchase Contract All of the above Bill of Sale Kitchen Cabinets - correct answers Which of the following is an example of a fixture...? Curtains Removable bookshelves Rugs

Kitchen cabinets Personal Property - correct answers Mobile homes not permanently attached to the land are generally considered...? Trade Fixtures Fixtures Real Property Personal Property All of the Above - correct answers A mortgage payment typically includes...? Principal Interest Insurance All of the above Converted-Use Property - correct answers 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 Condominium - correct answers 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 Cooperative - correct answers Which of the following is NOT a form of real property...? Cooperative Condominium Townhouse Single family house

Proprietary Lease - correct answers Owners of a cooperative apartment hold which of the following...? Proprietary lease All of the above Deed Deed of Trust Replacement Costs - correct answers When an insured homeowner is covered and reimbursed for the actual cost of replacing the damaged property, these costs are known as...? Replacement Costs Title Costs Estimated Costs Insurance Costs Homeowners Policy - correct answers An insurance policy protecting against a variety of hazards is referred to as a...? Homestead Policy

Individual Policy Homeowners Policy Package Policy All of the Above - correct answers Which of the following is an advantage to owning a home...? Tax benefits Pride of ownership Potential for asset appreciation All of the above $250,000 - correct answers 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,

First-Time Homebuyer - correct answers 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 Buyer Representation Agreement - correct answers 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 Listing Contract - correct answers 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 Loyalty - correct answers The 'L' in the acronym C.O.A.L.D. stands for which fiduciary duty...? Loyalty Litigation Listing License Principal - correct answers The employer of an agent is referred to as the...? Principal Partner Customer Fiduciary

Express Agency - correct answers An agency relationship created by oral or written agreement between the principal and the agent is known as...? General Agency Brokerage Implied Agency Express Agency C.O.A.L.D. - correct answers Which of the following acronyms summarizes the fiduciary duties a broker owes to his/her principal...? C.O.A.L.D. O.L.D.C.A W.B.V.A. C.A.T.T.L. Puffing - correct answers The Deceptive Trade Practices Act discourages agent from which of the following acts...? Puffing Exclusive agency

Indemnification All of the above Fiduciary - correct answers Real estate brokers have a ................... relationship with the principal? Universal Fiduciary Special General All of the Above - correct answers 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 Seller - correct answers The listing agreement is a contract between the real estate broker and the...?

Customer Seller Buyer Agent Income - correct answers Under the Equal Credit Opportunity Act, lenders must provide financing based on which of the following criteria...? Income Age National origin Race Panic Selling - correct answers Blockbusting is also known as...? Panic buying Panic selling Panic lending Panic brokerage

Community Reinvestment Act - correct answers 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 Refusing to Sell to a Protected Class - correct answers 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 All of the Above - correct answers HUD fair housing complaints can be filed in which of the following ways...? Mail

Phone Online All of the above Equal Opportunity Housing - correct answers The laws governing fair housing are also referred to as...? Federal Housing Equal Opportunity Housing Free Housing Civil Rights Housing Ask the client to describe where they want to live based on geographical boundaries - correct answers Which of the following is a means to prevent steering...? Ask the client to describe where they want to live based on the racial make-up of the neighborhood Ask the client to describe where they want to live based on geographical boundaries Ask the client to describe where they want to live based on the religious make-up of the neighborhood All of the above

Familial Status - correct answers 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 Texas Real Estate License Act - correct answers 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 Physical Impairment - correct answers Any medical disorder, condition, disfigurement or loss affecting one of the body systems is known as a...?

Physical Impairment Mental Impairment Disorder Handicap All of the Above - correct answers 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 Consumer Information Form 1-1 - correct answers This form must be posted in brokerage offices...? Purchase Agreement Form HUD-1 Form Consumer Information Form 1- All of the above

Competency - correct answers Exercising judgment and skill in the performance of an agent's practice is also known as...? Obedience Loyalty Fidelity Competency Competency - correct answers The intricacies in marketing properties for others involves...? Competency Fidelity Obedience Loyalty Fidelity - correct answers Abby is a real estate agent. She knows that she must place her client's interests above her own. This is an example of...? Fidelity Competency

Accounting Confidentiality Loyalty - correct answers Fidelity, on TRECs canons of professional ethics, implies...? Loyalty Reasonable Care Obedience All of the above Fidelity - correct answers 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...? Obedience Integrity Fidelity Competency Competency - correct answers 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 All of the Above - correct answers Which of the following is one of the TREC canons of professional ethics...? Fidelity Competency Integrity All of the above Integrity - correct answers An agent must be honest and truthful. This is an example of...? All of the above Competency Integrity Fidelity

Unlawful Practice of Law - correct answers 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 Licensed Texas Attorneys - correct answers Which of the following is exempt from holding a real estate license...? Real estate salesperson Real estate broker Associate broker Licensed Texas attorneys Real Estate Salesperson - correct answers Which of the following must hold a real estate license...? Real estate salesperson Real estate appraiser

Real estate attorney All of the above Texas Real Estate Commission - correct answers Who determines the standards for real estate licensing courses in Texas...? Texas Association of Realtors National Association of Realtors Arello Texas Real Estate Commission All of the Above - correct answers A real estate broker is authorized to perform which of the following acts...? Auction off real estate Identify properties for purchase or lease Deal or sell options on real estate All of the above Real Estate Broker - correct answers Who is legally entitled to receive a commission from a principal for a sale or rental of the principal's property...?