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Principles of Real Estate 1 Final Exam With Complete Solution
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Principles of Real Estate 1 Final Exam With Complete Solution...
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Principle s of Real Estate 1 Final Exam With Complete Solution To be eligible to receive a license under Chapter 1101 a person must at the time of the application be at least 21 yrs old - Answer False Johnson grants an estate in land to Jones w the stipulation that ownership reverts to Johnson on Jones' death. In this situation, Jones owns a - Answer Life estate The 5 essential elements that make a contract valid are: competent parties, leg al objective, consideration, offer and acceptance and contract in writing and signed - Answer True The equal Credit opportunity act applies to: - Answer both a person that makes lo ans on a regular basis AND a lending institution that makes loans on a regular basis When a contract appears to be good and binding but, in fact, 1 of the parties may leg ally reject it, the contract is said to be - Answer voidable Sam is 64 yrs old and is looking for a new home. He request his agent not show him neighborhoods w kids. What should the agent do? - Answer Show him only communities where everyone is over 62 yrs old An applicant for a broker license must provide to the commission satisfactory evidence that the applicant - Answer has had at least 4 yrs of active experience in the state as a license holder during the 5 yrs preceding the date the application is filed Housing covered by the fair housing law applies to both single family houses not ow ned by private individual and single family houses owned by a private individual who o wns more than 3 such houses or who, in any 2 yr period, sells more than 1 in which the individual was not the most recent resident - Answer True The rt of the government to take ownership of privately held real estate for public use is - Answer eminent domain telephones, electric, and gas lines easements are examples of: - Answer easement i n gross when someone owns property to the exclusion of all other persons, this person is said to hold the property in - Answer severalty an applicant for a salesperson license must complete at least ___ semester h rs, or equivalent classroom hrs, of post secondary education - Answer 12 The Texas Real Estate Commission is composed of - Answer 6 brokers and 3 public members a right or privilege 1 party has to the use of the land of another for a special purpo se consistent w the general use of the land is - Answer an easement _______________means a broker who is employed to negotiate a transaction betw een the parties to a transaction and for that purpose may act as an agent of the pa rties - Answer intermediary The handicapped amendment to fair housing defines handicapped as - Answer having a physical or mental impairment that limits major life actives AND having a record of having such an impairment (Both A and B) A law that requires all contracts for the sale of real estate be in writing and signed in order to be enforceable in a court of law is known as - Answer statute of frauds a claim that limits fee simple title to property is referred to as - Answer an encumbra nce which of the following land description methods identifies a parcel of land by specifying its shape and boundaries - Answer metes and bounds A report of all the insurance claims made on a property is called - Answer CLUE rep ort if a complaint is filed against a licensee through the Texas Real Estate Commission an d the commission finds the licensee guilty of a violation of the Texas Real Estate Licen see Act, the licensee can appeal to the: - Answer District Court The greatest estate or ownership in real property is - Answer a fee simple estate Jane lives at 1226 Main St, Smalltown, TX. This would be used as the legal description in her - Answer none of the above - not legal homesteads in TX are not limited in size - Answer both B and C - False. A rural homestead is limited to 200 acres for a married couple and 100 acres for a single person. AND False An urban homestead is limited to no more than 10 acres of land. A license is - Answer a personal privilege given to someone to use land a form of ownership that allows the owners to have unequal shares and an undivided interest is: - Answer tenancy in commonThe benefits of buying summaries with Stuvia:
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