Texas Real Estate Study Questions and 100% Correct Answers
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Course
Texas Real Estate
Institution
Texas Real Estate
A 1031 exchange is:
a. A tax-deferred exchange
b. A duty-free exchange
c. A tax-reduced exchange
d. A tax-free exchange - Answer A tax-deferred exchange
Texas Real Estate Study Questions and 100%
Correct Answers
A 1031 exchange is:
a. A tax-deferred exchange
b. A duty-free exchange
c. A tax-reduced exchange
d. A tax-free exchange - Answer A tax-deferred exchange
Another term for a title search is:
a. Research
b. Due diligence
c. Ratification
d. None of these - Answer Due diligence
When a loan is made on real property, the loan depends on what security?
a. The borrower's personal credit history and character
b. The amount of the earnest money
c. The value of the appreciation over time
,d. The value of the property being purchased - Answer The value of the property being
purchased
This limits the amount the interest rate can increase or decrease over the life of the
mortgage:
a. An interest limit
b. A mortgage cap
c. A fixed cap
d. A life cap - Answer A life cap
A section in real estate is:
a. 7,467 square feet
b. One square mile
c. Thirty six square miles
d. 1,280 acres - Answer One square mile
An agency relationship created by express agreement is created by:
a. Agreement lis pendens
b. Verbal agreement
c. None of these
d. Written agreement - Answer Verbal agreement
, If Leon has a mortgage and decides to transfer title to Derrick but fails to inform the
lender of the title transfer, the lender can demand payment by means of a clause in the
mortgage contract called a(n):
a. Due on instance
b. Acceleration clause
c. Due on transfer
d. Decrepitation clause - Answer Acceleration clause
In Texas, what is the date that salesperson's licenses expire?
a. Every two years on the licensee's birthday
b. Annually on October 31st
c. Annually on January 1st
d. Annually on April 15th - Answer Every two years on the licensee's birthday
A homeowner paid 4 points for a bank loan. The bank sold the loan to an insurance
company at 5-1/2 point discount and received a check for $15,000. The original amount
of the loan was:
a. $15,054.
b. $15,648.72.
c. $15,563.63.
d. $15,873.02. - Answer $15,873.02. Explanation: 100% - 5.5% = 94.5%. $15,000 divided
by 94.5% = $15,873.02.
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