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(1) Real Estate Exam: Principles of Real Estate 1 Exam/73 Answered Questions
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(1) Real Estate Exam: Principles ofReal Estate 1 Exam/73 Answered
Questions
The purpose of the TRELA is to... - -protect the public against unscrupulous
brokers and salespersons.
-What is required to obtain a license in Texas? - -be a resident of Texas at
least 18 yrs of age at the time of application, be of good moral character,
must show competency by passing the exam
-If the licensee pays a commission to any unlicensed person, places a sign
offering a property without the written permission of the owner, sells real
estate by lottery this can happen.... - -A license can be revoked or
suspended by the TREC
-How long does a consumer have to file a complaint with TREC against a
licensee? - -Four years
-Who promulgates real estate contract forms in Texas? - -The Broker
Lawyer Committee
-Which economic characteristic of land describes location preference from
an economic point of view? - -situs
-What is often considered the most important test of a fixture? - -Intentions
of the parties
-Which of the following is an example of an encroachment? - -The
neighbor's fence is on your land.
-PETE: police power, eminent domain (gvt.takes private land for public use),
Taxation, Escheat (gvt. Takes title of land where owner has no heirs or will) -
-The government's rights in land
-A property description that is considered an informal reference is - -a street
address.
-The highest priority lien against real property is - -property tax
-The type of ownership in which the person has the most rights is called - -
fee simple
, -Texas is a community property state. What is true about community
property? - -Property inherited by one spouse can remain separate property
of that spouse.
-When property has only one owner it is called - -severalty
-Property held by two or more owners with rights of survivorship is - -joint
tenancy
-A lease with a specific starting and ending date is called - -an estate for
years or tenancy for years.
-When the landlord pays all of the expenses of the property and then tenant
pays only the rent, this is called - -a gross lease
-An easement can be terminated by - -merger
-Deeds require the signature of - -the grantor
-The deed that gives the buyer the greatest protection is called - -the
general warranty deed
-Title to real property transfers when - -the deed is delivered
-When a grantor transfers a title but retains some rights it is called - -
reservation
-A complete history of the title of a piece of property is called an - -abstract
-A handwritten will is called a - -holographic will
-Inheritance of real property without a will is called - -laws of descent
-Seller financing where the seller retains title until the final payment is
called - -contract for deed
-The duties of the principal include - -performance
-When an agent has unlimited authority to act on behalf of the client it is
called - -universal authority
-The duties of the agent include - -loyalty
-A contract that meets all of the requirements of the law is called - -valid
-A contract that can be canceled by one of the parties is called - -voidable
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