Texas Real Estate Principles Part 1 Final Exam: Questions and Answers, Exams of Nursing

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RealEstateU: Texas Real Estate

Principles Part 1 Final Exam

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The amount of goods offered for sale within a given market at a given price during a given time period. - Ans>>> supply A property manager is an example of what type of agent? - Ans>>> General Agent A real estate agent is an example of what type of agent? - Ans>>> Special Agent The general uses of real property include the following: - Ans>>> Residential, Commercial, and Industrial

A means of comparing similar type properties would have recently sold to the subject property is known as: - Ans>>> Market Comparison Approach Mineral rights are typically considered dominant to which of the following rights - Ans>>> Surface Rights Land and everything permanently attached to land is defined as - Ans>>> real estate All property that is not land and is not permanently attached to land is known as - Ans>>> Personal Property The right of exclusion which allows a landowner to prevent others from entering or occupying their property is included in the - Ans>>> Bundle of Rights Which of the following is an example of a fixture - Ans>>> Kitchen cabinets Which of the following is considered a legal test for determining if an item is a fixture or not - Ans>>> Intentions of the party, adaption of the item, mold and permanence of house item was attached

This refers to the party the agent brings to the principal as seller or buyer of the property. - Ans>>> customer An agent with full authority over one property of the principal is known as a - Ans>>> General Agent An agent with limited authority to act on behalf of the principal is referred to as a - Ans>>> Special Agent A seller's agent is entitled to a commission after - Ans>>> The agent finds a buyer who is ready, willing, and able to purchase the property. A broker will work for a client and with a - Ans>>> customer The "C" in the acronym COALD stands for which fiduciary duty? - Ans>>> Care The fiduciary duty of care when representing a buyer includes - Ans>>> Assisting with counteroffers. A broker must always place his/her client's interests above their own. This is an example of what fiduciary duty? - Ans>>> loyalty

A seller's broker is required to tell their client any relationship they may have with the buyer. This is an example of what fiduciary duty? - Ans>>> disclosure Which of the following is owed to a customer by an agent? - Ans>>> honesty 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 - Ans>>> condominium Not a form of real property - Ans>>> cooperative Owners of a cooperative apartment holds this type of lease. - Ans>>> Propietary Lease A local real estate developer bought an abandoned school building with the intention of converting it to residential units. This is an example of...

• Ans>>> Converted use property 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. - Ans>>> $250, The employer of an agent is referred to as the... - Ans>>> principal

An agency relationship created by oral or written agreement between principal and the agent is known as... - Ans>>> Express Agency A contract whereby a property owner employs a real estate broker to market the property described in the contract is referred to as the... - Ans>>> Listing Contract When a real estate broker represents a buyer in a transaction, the broker and buyer are bound by which of the following contracts? - Ans>>> Buyer Representation Agreement As a seller's agent in a transaction, the agent is required to do which of the following? - Ans>>> Inform the seller of any material information, present all offers to the seller, and answer to the seller. The "L" in the acronym COALD stands for which fiduciary duty? - Ans>>> loyalty The Deceptive Trade Practices Act discourages agents from which of the following acts? - Ans>>> Puffing This federal law requires all federally regulated lender to describe the geographic market area that they serve. - Ans>>> Community Reinvestment Act

Which of the following is a means to prevent steering? - Ans>>> Ask the client to describe where they want to live based on geographical boundaries. Any medical disorder, condition, disfigurement or loss affecting one of the body systems is known as... - Ans>>> physical impairment Blockbusting is also called _______________. - Ans>>> panic selling The laws governing fair housing are also referred to as... - Ans>>> Equal opportunity housing Which of the following is considered illegal under the Fair Housing Act?

• Ans>>> Refusing to sell to a protected class, refusing to show properties in neighborhoods based on racial criteria, or refusing to show properties based on religious criteria The prohibition of fair housing discrimination by a licensee is described as which of the following... - Ans>>> Texas Real Estate License Act Fidelity on TRECs canons of professional ethics implies... - Ans>>> loyalty

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... - Ans>>> fidelity The intricacies in marketing property for others involves... - Ans>>> Competency The form must be posted in brokerage offices. - Ans>>> Consumer information form 1- Libby is a real estate agent. She knows that she must place her clients interests above her own. This is an example of... - Ans>>> fidelity An agent must be honest and truthful. This is an example of... - Ans>>> integrity In addition to the TREC canons of professional ethics, this organization also publishes a code of ethics that must be followed by its members...

• Ans>>> National association of realtors After the applicant submit their real estate sale persons application, their license will be mailed to which of the following... - Ans>>> The applicants sponsoring broker

Who is legally entitled to receive commission from a principal for a sale or rental of the principal's property? - Ans>>> Real Estate Broker If an administrative penalty is not paid, who is responsible for collecting the payment? - Ans>>> The Attorney General Which of the following is exempt from holding a real estate license? - Ans>>> A homeowner looking to sell their house on their own. A real estate broker is authorized to perform which of the following? - Ans>>> Deal or sell options on real estate; identify properties for purchase or lease; auction off real estate. Who determines the standards for real estate licensing courses in Texas? - Ans>>> Texas Real Estate Commission The point of origin in a metes and bounds survey is also known as a... - Ans>>> point of commencement Metes and bounds is an example of... - Ans>>> Legal Description When using the metes and bounds method to describe a property, the origin point is also the... - Ans>>> end point

This refers to a term used in describing the boundary linked of land, setting forth all the boundary lines together with their terminal points and angles... - Ans>>> Metes and Bounds A territorial subdivision six miles long, six miles wide and containing 36 sections, located between two range lines and two township lines is known as... - Ans>>> Township A subdivision plot method describing property includes which of the following... - Ans>>> Lots and blocks The sale of a property as an alternative to damages is an example of... - Ans>>> Specific Performance Until a purchase contract is closed upon, it is considered... - Ans>>> executory contract When a contract is fully performed the contract is considered... - Ans>>> Discharged A listing contract is an example of an... - Ans>>> Bilateral Contract If a contract is not for legal purpose, it is considered a... - Ans>>> Void Contract

If one of the parties in a real estate transaction are not considered competent, the contract between the parties is considered... - Ans>>> Voidable Contract Oral agreements between a seller and a broker are... - Ans>>> Unenforceable Contract Which of the following real estate contracts must be in writing... - Ans>>> Sales contract, lease contract for greater than a year, purchase contract for a multi family property. Which of the following contract is NOT required to be in writing... - Ans>>> A lease under 1 year Which of the following acronyms can be used to describe government powers with regard to real property. - Ans>>> PETE Which of the following easements is commonly used by utility companies... - Ans>>> Easement in Gross Where a few simple determinable ends, the interest will revert to the...

• Ans>>> Grantor A lien imposed against property without consent of an owner is referred to as an... - Ans>>> Involuntary Lien

the right of government to acquire property for necessary public use by condemnation is known as... - Ans>>> eminent domain A right acquired by one party to use land of another party for a special purpose is known as... - Ans>>> Easements The right of a surviving tenant or tenants to succeed the entire interest of the deceased tenant is known as... - Ans>>> Right of Survivorship Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse... - Ans>>> Community Property An ownership of realty by two or more persons, each of whom has an undivided interest without the "right of survivorship" is known as... - Ans>>> Tenancy in Common property owned by one person only is referred to as... - Ans>>> Severalty Ownership Which of the following is required to create a joint tenancy? - Ans>>> Time, title, interest

A joint tenancy is terminated when which of the following cease to exist? - Ans>>> Interest, possession, title Co-ownership in a property can be terminated by which of the following? - Ans>>> Foreclosure How is ownership is a community property between a husband and wife divided? - Ans>>> Ownership is divided equally among the owners. Which entity produces the most commonly used exclusive rights to sell agreements in Texas? - Ans>>> Texas Association of Realtors If an additional contract term does not belong I. The contract addendum, it will most likely get listed in the... - Ans>>> Special Provisions A broker's compensation is... - Ans>>> negotiable Which of the following listing contracts is discouraged throughout the state of Texas? - Ans>>> Net Listing A listing contract exists between the real estate broker and the... - Ans>>> Client

This type of contract gives the broker the greatest chance at receiving commission... - Ans>>> Exclusive Right to Sell This type of listing provides that the agency may retain a compensation for the agent's services, all sums receives over and over and above the net price to the owner. - Ans>>> Net Listing