Texas Principles of Real Estate 1 Final Exam| Questions and Verified Answers| Grade A| 2023/ 2024 Update
Q: An insurance policy protecting against a variety of hazards is referred to as a...?
Homestead Policy
Individual Policy
Homeowners Policy
Package Policy
Answer:
Homeowners Polic...
Texas Principles of Real Estate 1 Final Exam | Ques tions and Verified Answers| Grade A| 2023/ 2024 Upda te Q: An insurance policy protecting against a variety of hazards is referred to as a...? Homestead Policy Individual Policy Homeowners Policy Package Policy Answer: Homeowners Policy Q: Which of the following is an advantage to owning a home...? Tax benefits Pride of ownership Potential for asset appreciation All of the above Answer: All of the Above Q: 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...? $100,000 $250,000 $500,000 $1,000,000 Answer: $250,000 Q: An individual who has not owned real property for at least the previous two years is known as a...? First-time homebuyer Conventional homebuyer Exempt homebuyer Vacant homebuyer Answer: First-Time Homebuyer Q: When a real estate broker represents a buyer in a transaction, the broker and buyer are bound by which of the following contracts...? Buyer Representation Agreement Listing Agreement All of the above Purchase Agreement Answer: Buyer Representation Agreement Q: A contract in which a property owner employs a real estate broker to market the property described in the contract is referred to as the....? Exclusive Contract Purchase Contract Listing Contract Agency Contract Answer: Listing Contract Q: The 'L' in the acronym C.O.A.L.D. stands for which fiduciary duty...? Loyalty Litigation Listing License Answer: Loyalty Q: The employer of an agent is referred to as the...? Principal Partner Customer Fiduciary Answer: Principal Q: An agency relationship created by oral or written agreement between the principal and the agent is known as...? General Agency Brokerage Implied Agency Express Agency Answer: Express Agency Q: Which of the following acronyms summarizes the fiduciary duties a broker owes to his/her principal...? C.O.A.L.D. O.L.D.C.A W.B.V.A. C.A.T.T.L. Answer: C.O.A.L.D. Q: The Deceptive Trade Practices Act discourages agent from which of the following acts...? Puffing Exclusive agency Indemnification All of the above Answer: Puffing Q: Real estate brokers have a ................... relationship with the principal? Universal Fiduciary Special General Answer: Fiduciary Q: As a seller's agent in a transaction, the agent is required to do which of the following...? Answer to the seller Present all offers to the seller Inform the seller of any material information All of the above Answer: All of the Above
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