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

Download Texas Real Estate Principles 1 Exam Questions and Answers (Verified Answers) 2023 and more Exams Nursing in PDF only on Docsity! Texas Real Estate Principles 1 Exam Questions and Answers (Verified Answers) 2023 Trec Commission Membership - correct answers ✅9 Members (6 brokers, 3 public) appointed by governor. They serve 6 year staggered term. Texas Real Estate Borker Lawyer Committee - correct answers ✅13 Members (6 brokers, 6 lawyers, 1 public) General Eligibility Requirements to be Licensed by TREC - correct answers ✅18 years old a US citizen or lawfully admitted alien resident of the state A certificate is required seperate of the license when - correct answers ✅buying, selling or leasing an easement pertaining to telecommunicaton, utility, railroad or pipeline services. Payments into Trust Account - correct answers ✅ensures the availibility of a sufficient amount to pay on anticipated claims on the trust account Texas Real Estate Principles 1 Exam Questions and Answers (Verified Answers) 2023 A commission may suspend or revoke a license for - correct answers ✅acting negligently or incompetently, comingling money and soliciting or selling offers for the sale of real estate by means of a lottery An appeal can be made on a decision by the commission - correct answers ✅it must be taken to the district court in the county where the administrative hearing was held. When dealing with a client it is mandatory to give them - correct answers ✅A copy of the "Information about brokerage services" form The three Canons for professional ethics and conduct for Real Estate Licensees - correct answers ✅Fidelity, Integrity, Competency Under what circumstances can a person be called a "Realtor?" - correct answers ✅That agent has to join the "NAR" National Association of Realtors to be called a "Realtor" Texas Real Estate Principles 1 Exam Questions and Answers (Verified Answers) 2023 Fixture - correct answers ✅was personal property but then became real estate because it has been attached to the land Tests of a fixture - correct answers ✅method of attachment (annexation) Fitness or adaptation to property Intention of the parties Trade fixture - correct answers ✅attached to the property under a commercial lease Riparian Rights - correct answers ✅rights to anothers land who borders a stream or river Littoral Rights - correct answers ✅rights to anothers land who borders a lake Accretion - correct answers ✅land is increased in size because of natural deposit of rock and soil usually caused by water movement Texas Real Estate Principles 1 Exam Questions and Answers (Verified Answers) 2023 Alluvion - correct answers ✅the land that has been created by Accretion Reliction - correct answers ✅dry land that results when water withdraws from the land Avulsion - correct answers ✅suddent removal of land by water Erosion - correct answers ✅the gradual wearing away of land and rock by water Physical Characteristics of land - correct answers ✅immobility indestructibility nonhomogeneity economic characteristics of land - correct answers ✅scarcity, modification, improvements, permanence of investment, area preference. Situs - correct answers ✅Area Preference Texas Real Estate Principles 1 Exam Questions and Answers (Verified Answers) 2023 Four types of legal descriptions of land - correct answers ✅Metes and Bounds Rectangular survey system recorded plats reference to documents other than maps metes and bounds - correct answers ✅legal land description most used in the US using distance and direction to define and describe the boundaries of a property Rectangular survey system - correct answers ✅legal land description using latitude, longitude lines, standard parallels and base lines to divide the earth into ares How many acres in each square mile - correct answers ✅640 How many square feet in an acre - correct answers ✅43560 square feet Texas Real Estate Principles 1 Exam Questions and Answers (Verified Answers) 2023 Life Estate - correct answers ✅an estate in land for the duration of someones life (always a gift of land/ real estate) Homestead - correct answers ✅Texas is a Homestead State. The property that you own and live in. It is a constitutional right that cannot be waived. Urban homestead - correct answers ✅homestead limited to 10 acres rural homestead - correct answers ✅limited to 200 acres for a married couple 100 for a single person easement - correct answers ✅right of one person to use the property that belongs to another types of easements - correct answers ✅gross necessity perscription appurtenant Texas Real Estate Principles 1 Exam Questions and Answers (Verified Answers) 2023 easement by necessity - correct answers ✅easement given when one property is landlocked and needs to be given access to from someone elses land Easement in gross - correct answers ✅is a utility easement easement by prescription - correct answers ✅easement granted after dominant estate has used the property in a constant continuous and open manner for a prescribed number of years Easement appurtenant - correct answers ✅used between two lots to allow the owner of one lot to cross the others property deed restrictions/covenents - correct answers ✅put into place by developer and are a private control of property Encroachments - correct answers ✅something that extends across a property line onto the property of another Texas Real Estate Principles 1 Exam Questions and Answers (Verified Answers) 2023 Liens - correct answers ✅legal claim on someones property as a security for a debt Types of liens - correct answers ✅mortgage, property tax lien, mechanics lien, judgement and can be voluntary or involuntary and are either specific or general License - correct answers ✅personal priviledge given to someone to use land-not an estate or right to land Estate of Severalty - correct answers ✅sole ownership of property-not part of community property Tenents in common - correct answers ✅two or more people acquire property but ownersship is not equal Joint tenancy - correct answers ✅ownership in property where owners own equal shares and has right of suvivorship-cannot be passed on to others upon their death, cannot be sold or given away either-last surviving owner takes property in severalty Texas Real Estate Principles 1 Exam Questions and Answers (Verified Answers) 2023 consideration - correct answers ✅something of value (dollar amount) habendum clause - correct answers ✅Fee Simple, Life Estate, Defeasable Fee (begins with to have and to hold) does grantee need to sign deed - correct answers ✅NO Jurat - correct answers ✅person signing the document states the info in doc is true (notary public) The deed - correct answers ✅must be delivered and accepted for tilte to transfer Types of deeds - correct answers ✅General Warrenty-best deed in Texas (grantor gives no defects to title) Special Warrenty-used in commercial trans saying owner has done nothing to encumber the title during ownership bargain/sale-no warrenties against encumbrances Texas Real Estate Principles 1 Exam Questions and Answers (Verified Answers) 2023 quitclaim-in divorce gives rights to the property to the other spouse Deed in trust - correct answers ✅delivers ownership of property at another date Two ways to record a Deed - correct answers ✅occupying/using the land recording docs pertaining to property with county clerks office constructive - correct answers ✅recording deed with county clerks office actual notice of anothers interest in property - correct answers ✅what heard, seen and read all documents concerning real estate - correct answers ✅must be recorded at county clerks office in the county where the property is located Lis penden index - correct answers ✅list any lawssuits on property and gives any attachements to theproperty Texas Real Estate Principles 1 Exam Questions and Answers (Verified Answers) 2023 Marketable title - correct answers ✅title that is free from doubt as to who owns theproperty good and indefeasable title - correct answers ✅a title that cannot be defeated by a superior claim chain of title - correct answers ✅everyone who has ever owned that property abstract title - correct answers ✅condensed history of all docs that have been recorded affecting the title of the property title insurance - correct answers ✅policy that will insure against losses from title defects and against errors in title examination title commitment - correct answers ✅states what the title covers and does not cover Texas Real Estate Principles 1 Exam Questions and Answers (Verified Answers) 2023 All contracts - correct answers ✅expressed-writing or oral OR implied-understanding bilateral contract - correct answers ✅promised for a promise (real estate contract) unilateral contract - correct answers ✅a promise in exchange for an act (option paragraph in a sales contract) executor contract - correct answers ✅contract in the process of being performed contracts are - correct answers ✅valid, void (made for illegal purposes) voidable (binding against one party but not the other) unenforceable (oral listing agreement) Texas Real Estate Principles 1 Exam Questions and Answers (Verified Answers) 2023 Five elements that make a contract valid - correct answers ✅competent parties, legal objective, offer andacceptance, contract in writing and signed the only contract that does not have to be in writing to be enforceable - correct answers ✅a lease for one year or less a person holding a power of attorney - correct answers ✅Attorney in Fact Novation - correct answers ✅substitution of a contract with another contract ie. counteroffer breached - correct answers ✅when one party fails to perform the duties of the contract-they can be asked by judge to partially perform or substatially perform earnest money - correct answers ✅money offered to seller to entice seller to go under contract Texas Real Estate Principles 1 Exam Questions and Answers (Verified Answers) 2023 equitable title - correct answers ✅gives buyer the right to demand legal title to the property when the purchase price is paid contract for deed/installment contract - correct answers ✅seller financing and buyer does not get deed until the property has been paid for in full if property was built before 1978 seller must disclose - correct answers ✅that the property may contain lead based paint-Federal Law