Texas Real Estate Principles 1 - Unit 1 Exam with 100% Correct Answers 2023, Exams of Advanced Education

Download Texas Real Estate Principles 1 - Unit 1 Exam with 100% Correct Answers 2023 and more Exams Advanced Education in PDF only on Docsity! Texas Real Estate Principles 1 - Unit 1 Exam with 100% Correct Answers 2023 The Committee has _____ members appointed by the Commission. - Correct Answer-12 The __________ is a statute that is administered and enforced by the Texas Real Estate Commission (TREC), which is a state agency. - Correct Answer-Real Estate License Act A successful career in real estate requires someone to: - Correct Answer-be a self-started. A peak is characterized as the __________ turning point of a business cycle. - Correct Answer-upper To be eligible to get a Texas real estate sales agent or broker license, a person must: - Correct Answer-All of the choices apply Which of the following is not a duty of TREC? - Correct Answer-Creates state laws, statues, and rules What are changes in business and economic activity that occur within the year? - Correct Answer-Short-term fluctuations. The majority of new licensees begin their careers with a __________ to help homeowners sell and homebuyers purchase homes. - Correct Answer-residential brokerage Which of the following statements is true regarding NAR and TAR? - Correct Answer-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 Answer-Texas Real Estate Commission. The Education Standards Advisory Committee is responsible for reviewing and revising: - Correct Answer-All of the choices apply. A(n) __________ is a rule issued by an administrative agency to enforce or amplify a statute. - Correct Answer-regulation A __________ is a voluntary nonprofit organization of independent and competing business units engaged in the same industry or trade, formed to help solve industry problems, promote progress, and enhance service. - Correct Answer-trade association Which of the following is true regarding the employee tax status for real estate sales agents or broker-sales agents? - Correct Answer-All of the choices apply. Which of the following gives buyers the best opportunity to purchase real estate? - Correct Answer-Trough In addition to the legal and ethical requirements, to be eligible to get a Texas real estate sales agent or broker license, the applicant must: - Correct Answer-both complete the required courses of study and pass the state licensing examination. Real estate agents who do not comply with the duties and obligations required by law may be subject to: - Correct Answer-All of the choices apply. Any form of online presence that allows end users to engage in multi-directional conversations in or around the content on the website is referred to as: - Correct Answer-Social Media Advertisements must include a designation, such as __________, that identifies the advertiser as a real estate agent. - Correct Answer-all of the choices apply The two main types of real estate licenses are the: - Correct Answer-broker's license and sales agent's license. __________ is written law enacted by state (or federal) legislative bodies. - Correct Answer-Statutory law What encompasses the activities a sales agent performs in order to seek out potential clients? - Correct Answer-Prospecting The Education Standards Advisory Committee was created in: - Correct Answer- 2012. If a real estate salesperson closes on a transaction, who pays the salesperson their commission? - Correct Answer-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 Answer-Market Comparison Approach An agent must be honest and truthful. This is an example of...? - Correct Answer- integrity Which of the following is one of the TREC canons of professional ethics...? - Correct Answer-Fidelity Integrity Competency If an agent does not abide by the TREC canons of professional ethics, which of the following may occur...? - Correct Answer-The agent's license can be revoked The agent's license can be suspended The agent may be placed on probation Fidelity, on TRECs canons of professional ethics, implies? - Correct Answer- 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 Answer-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 Answer-real estate broker A real estate broker is authorized to perform which of the following acts...? - Correct Answer-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 Answer-Attorney General Which of the following is exempt from holding a real estate license...? - Correct Answer-A homeowner looking to sell their house on their own Who determines the standards for real estate licensing courses in Texas...? - Correct Answer-Texas Real Estate Commision The subdivision plat method of describing property includes which of the following...? - Correct Answer-Lots and Blocks When using the metes and bounds method to describe property, the origin point is also the...? - Correct Answer-End Point If an individual uses sections to help describe a property, they are most likely using which of the following methods...? - Correct Answer-Government Survey Metes and bounds is an example of a...? - Correct Answer-Legal description Which of the following property descriptions is not used in the State of Texas? - Correct Answer-Government Survey Until a purchase contract is closed upon, it is considered a/an...? - Correct Answer-Executory contract If one of the parties in a real estate transaction are not considered competent, the contract between the parties is considered a/an...? - Correct Answer-voidable contract To mingle or mix, for example, a client's funds in the broker's personal or general account is known as...? - Correct Answer-commingling Which of the following real estate contracts must be in writing...? - Correct Answer-Purchase contract for a multi-family property Lease contract for greater than 1 year Sales contract Oral listing agreements between a seller and a broker are...? - Correct Answer- Unenforceable A fee simple estate is an example of which of the following estates...? - Correct Answer-Freehold estate A lien imposed against property without consent of an owner is referred to as a/an...? - Correct Answer-involuntary lien A right acquired by one party to use the land of another party for a special purpose is known as a...? - Correct Answer-Easement Which of the following acronyms can be used to describe government powers with regards to real property...? - Correct Answer-PETE The land that is encumbered by an easement is referred to as the...? - Correct Answer-Servient tenement How is ownership in a community property between a husband and wife divided...? - Correct Answer-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 Answer-right of survivorship A joint tenancy is terminated when which of the following ceases to exist...? - Correct Answer-Interest, Title, Posession Property owned by one person only is referred to as? - Correct Answer-Severalty Ownership A division of real or personal property or the proceeds therefrom among co- owners is known as? - Correct Answer-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 Answer-Net Listing Which entity produces the most commonly used Exclusive Right to Sell agreement in Texas...? - Correct Answer-Texas Association of Realtors A broker's compensation is - Correct Answer-Negotiable Which of the following is a type of contract used between brokers and sellers...? - Correct Answer-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 Answer-Seller Disclosure Notice Request for Information from an Owner's Association Lead Based Paint Disclosure