Texas Real Estate Principles 1 - Unit 1 Exam Questions and Answers (Latest Update 2023), Exams of Nursing

Download Texas Real Estate Principles 1 - Unit 1 Exam Questions and Answers (Latest Update 2023) and more Exams Nursing in PDF only on Docsity! Texas Real Estate Principles 1 - Unit 1 Exam Questions and Answers (Latest Update 2023) The Committee has _____ members appointed by the Commission. - correct answers ✅12 The __________ is a statute that is administered and enforced by the Texas Real Estate Commission (TREC), which is a state agency. - correct answers ✅Real Estate License Act A successful career in real estate requires someone to: - correct answers ✅be a self-started. A peak is characterized as the __________ turning point of a business cycle. - correct answers ✅upper To be eligible to get a Texas real estate sales agent or broker license, a person must: - correct answers ✅All of the choices apply Which of the following is not a duty of TREC? - correct answers ✅Creates state laws, statues, and rules Texas Real Estate Principles 1 - Unit 1 Exam Questions and Answers (Latest Update 2023) What are changes in business and economic activity that occur within the year? - correct answers ✅Short-term fluctuations. The majority of new licensees begin their careers with a __________ to help homeowners sell and homebuyers purchase homes. - correct answers ✅residential brokerage Which of the following statements is true regarding NAR and TAR? - correct answers ✅All of the choices apply. Any person who wants to engage in the real estate business and act as a real estate broker or real estate sales agent within the state of Texas must obtain a license from the: - correct answers ✅Texas Real Estate Commission. The Education Standards Advisory Committee is responsible for reviewing and revising: - correct answers ✅All of the choices apply. A(n) __________ is a rule issued by an administrative agency to enforce or amplify a statute. - correct answers ✅regulation Texas Real Estate Principles 1 - Unit 1 Exam Questions and Answers (Latest Update 2023) If a real estate salesperson closes on a transaction, who pays the salesperson their commission? - correct answers ✅The salesperson's sponsoring broker A means of comparing similar type properties, which have recently sold, to the subject property is known as the? - correct answers ✅Market Comparison Approach The market comparison approach is commonly used for this property type? - correct answers ✅Residential The amount of goods offered for sale within a given market at a given price during a given time period is known as? - correct answers ✅Supply A real estate agent is an example of what type of agent? - correct answers ✅Special agent A refrigerator is typically considered? - correct answers ✅Personal Property Texas Real Estate Principles 1 - Unit 1 Exam Questions and Answers (Latest Update 2023) Mobile homes not permanently attached to the land are generally considered? - correct answers ✅Personal Property Which of the following is considered a legal test for determining if an item is a fixture or not? - correct answers ✅Mode and permanence of how the item was attached Adaptation of the item Intention of the parties All of the above The right of exclusion, which allows a landowner to prevent others from entering or occupying their property, is included in the? - correct answers ✅Bundle of rights Which of the following is an example of a fixture? - correct answers ✅Kitchen cabinets Which of the following is an advantage to owning a home? - correct answers ✅Potential for asset appreciation Texas Real Estate Principles 1 - Unit 1 Exam Questions and Answers (Latest Update 2023) Tax benefits Pride of ownership All of the above An individual who has not owned real property for at least the previous two years is known as a? - correct answers ✅First-time homebuyer Which of the following is NOT a form of real property? - correct answers ✅Cooperative 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? - correct answers ✅Condominium A mortgage payment typically includes? - correct answers ✅Interest Principal Insurance Texas Real Estate Principles 1 - Unit 1 Exam Questions and Answers (Latest Update 2023) Refusing to show properties in neighborhoods based on racial criteria Refusing to show properties in neighborhoods based on religious criteria The intricacies in marketing properties for others involves...? - correct answers ✅Competency An agent must be honest and truthful. This is an example of...? - correct answers ✅integrity Which of the following is one of the TREC canons of professional ethics...? - correct answers ✅Fidelity Integrity Competency If an agent does not abide by the TREC canons of professional ethics, which of the following may occur...? - correct answers ✅The agent's license can be revoked The agent's license can be suspended The agent may be placed on probation Texas Real Estate Principles 1 - Unit 1 Exam Questions and Answers (Latest Update 2023) Fidelity, on TRECs canons of professional ethics, implies? - correct answers ✅Loyalty In addition to the TREC canons of professional ethics, this organization also publishes a code of ethics that must be followed by its members...? - correct answers ✅National Association of Realtors Who is legally entitled to receive a commission from a principal for a sale or rental of the principal's property...? - correct answers ✅real estate broker A real estate broker is authorized to perform which of the following acts...? - correct answers ✅Identify properties for purchase or lease Deal or sell options on real estate Auction off real estate If an administrative penalty is not paid, who is responsible for collecting the payment...? - correct answers ✅Attorney General Texas Real Estate Principles 1 - Unit 1 Exam Questions and Answers (Latest Update 2023) Which of the following is exempt from holding a real estate license...? - correct answers ✅A homeowner looking to sell their house on their own Who determines the standards for real estate licensing courses in Texas...? - correct answers ✅Texas Real Estate Commision The subdivision plat method of describing property includes which of the following...? - correct answers ✅Lots and Blocks When using the metes and bounds method to describe property, the origin point is also the...? - correct answers ✅End Point If an individual uses sections to help describe a property, they are most likely using which of the following methods...? - correct answers ✅Government Survey Metes and bounds is an example of a...? - correct answers ✅Legal description Texas Real Estate Principles 1 - Unit 1 Exam Questions and Answers (Latest Update 2023) How is ownership in a community property between a husband and wife divided...? - correct answers ✅Ownership is divided equally among the owners The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant is known as...? - correct answers ✅right of survivorship A joint tenancy is terminated when which of the following ceases to exist...? - correct answers ✅Interest, Title, Posession Property owned by one person only is referred to as? - correct answers ✅Severalty Ownership A division of real or personal property or the proceeds therefrom among co- owners is known as? - correct answers ✅partition This type of listing provides that the agent may retain as compensation for the agent's services all sums received over and above a net price to the owner...? - correct answers ✅Net Listing Texas Real Estate Principles 1 - Unit 1 Exam Questions and Answers (Latest Update 2023) Which entity produces the most commonly used Exclusive Right to Sell agreement in Texas...? - correct answers ✅Texas Association of Realtors A broker's compensation is - correct answers ✅Negotiable Which of the following is a type of contract used between brokers and sellers...? - correct answers ✅Exclusive Agency Agreement Exclusive Right to Sell Agreement Open Listing Which of the following is an example of an addendum found in a listing contract...? - correct answers ✅Seller Disclosure Notice Request for Information from an Owner's Association Lead Based Paint Disclosure