Texas Real Estate Principles 1 (Practice Exam) Questions and Answers, Exams of Real Estate Management

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Texas Real Estate Principles 1 (Practice

Exam) Questions and Verified Answers.

Graded A

"I hear they're moving in. There goes the neighborhood! Better put your house on the market before values drop!" This is an example of - ANSblockbusting A complaint of discrimination brought under the Texas Fair Housing Act can be filed with the U.S. Department of Housing and Urban Development or with - ANSthe Texas Workforce Commission Civil Rights Division A consumer has sent a complaint to the Texas Real Estate Commission (TREC) against a real estate agent, claiming a violation of the Canon of Integrity. The agent is accused of - ANSmisrepresenting the condition of the property by omitting pertinent facts A license holder must use the earnest money contract forms promulgated by the Commission unless - ANSan attorney prepares the forms and the property owner requires their use A licensed real estate broker is not authorized to practice law unless the broker also is a licensed attorney. Which activity is permitted to be performed by a real estate license holder? - ANSFilling in the blanks of a contract form promulgated or approved for that use by the Texas Real Estate Commission (TREC)

A real estate agent tells a seller during a listing presentation that the firm's real estate commission is in line with those of other real estate firms in the area. The broker may - ANSbe guilty of price-fixing A real estate broker's license is NOT required of persons who - ANSadvertise and lease their own properties A sales agent has which agency relationship with the sponsoring broker? - ANSA general agency relationship An acre consists of how many square feet? - ANS43, An aggrieved person who believes illegal discrimination has occurred may file a complaint within what time frame following the alleged discriminatory act? - ANSONE YEAR An owner sells part of his land that has no access to a public road but does have access over his remaining land. This creates an easement by - ANSnecessity An urban homestead is limited to a lot or lots NOT to exceed how many acres? - ANS Appurtenant easement rights transfer with - ANSthe dominant tenement

Misleading or deceptive practices according to the Deceptive Trade Practices Act (DTPA) include all of the following EXCEPT - ANSstating that a property is being sold "as is." Randy has constructed a fence that extends 1 foot over his lot line onto the property of a neighbor. The fence is an example of - ANSan encroachment The act of channeling homeseekers to a particular area either to maintain or to change the character of a neighborhood is - ANSsteering The Deceptive Trade Practices Act (DTPA) does NOT apply to the actions of real estate agents when an agent - ANSmakes an exaggerated or unsubstantiated statement of value given as advice, judgment, or opinion when selling real estate The federal Fair Housing Act of 1968 - ANSprohibits discrimination in residential housing based on race, color, national origin, and religion The method used to describe real estate by distance, direction, and boundaries is - ANSmetes-and-bounds method The priority of a mechanic's lien is established from the date - ANSwork was begun or materials were delivered, in whole or in part The right of defaulted taxpayers to recover their property before its sale for unpaid taxes is the - ANSequitable right of redemption

The Texas Real Estate Commission is composed of - ANSnine members, six of whom are brokers and three of whom are lay members, each appointed by the governor with senate approval Under the federal Fair Housing Act, real estate organizations, such as multiple listing services, may NOT do which because someone is in a protected group? - ANSrefuse membership or put conditions on participation What is a section of land? - ANS640 acres What is the maximum amount that the Commission will pay from the real estate recovery trust account for claims against any one license holder, until the account has been repaid in full by the license holder? - ANS$100, What type of estate is complete ownership and exists for an unlimited time?

• ANSfee simple When there are two or more liens on a property, the order in which the liens will be satisfied when the property is sold will be determined by - ANSthe priority of the liens Where are subdivision plats filed? - ANSIn the county clerk's office of the county in which the land is located

Which of the following is NOT a violation for which the Texas Real Estate Commission (TREC) may suspend or revoke a license or take other disciplinary action? - ANSFailing to advise a buyer or a seller regarding the validity of title to real estate Which of the following is NOT included in the bundle of legal rights regarding real property? - ANSRight of first refusal Which of the following may be a natural object, such as a tree or a boulder, or an artificial object, such as a steel rod or a stake driven into the ground?

• ANSMonument Which of the following terms refers not only to the surface of the earth but also below to the center of the earth, above to infinity, and natural things permanently attached but does NOT refer to artificial things permanently attached? - ANSland Which would NOT be considered a violation of antitrust laws? - ANSBrokers throughout the city set their commission rates unilaterally without consulting with competitors