AYPO - Texas - Principles of Real Estate 1 Exam Questions Reviewed With Correct Answers
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Course
AYPO Principles of Real Estate
Institution
AYPO Principles Of Real Estate
AYPO - Texas - Principles of Real
Estate 1
Exam Questions Reviewed With
Correct Answers
1. The MOST significant difference between a mortgage
and a deed of trust is that, after a trustee's sale using a
deed of trust, the trustor has A) no post-sale right of
redemption B) a six-month red...
AYPO - Texas - Principles of Real
Estate 1
Exam Questions Reviewed With
Correct Answers
1. The MOST significant difference between a mortgage
and a deed of trust is that, after a trustee's sale using a
deed of trust, the trustor has A) no post-sale right of
redemption B) a six-month redemption period.
C) a right of first refusal D) a 72-hour redemption period -
ANSWER ✔ : A) no post-sale right of redemption
2. The appraisal principle of substitution states that
A)value increases by assembling parcels B) there is a
reasonable degree of economic similarity in an area C) if
property is scarce, prices will go up D) the value of a
property is determined by the cost of acquiring an equally
desirable substitute property - ANSWER ✔ : D) the value
of a property is determined by the cost of acquiring an
equally desirable substitute property
3. A will that is in the testator's own handwriting is called
A) a statutory will B) a witnessed will C) a holographic will
D) a nuncupative will - ANSWER ✔ : C) a holographic will
, 4. A section contains A) 640 acres B) 36 townships C)
5,280 linear feet D) 43,560 square feet - ANSWER ✔ : A)
640 acres
5. The special fund established to help compensate
parties who have obtained a judgment against licensees
that is uncollectible is called A) the broker trust fund B) the
commissioner's fraud fund C) the impound account D) the
recovery account - ANSWER ✔ : B) the commissioner's
fraud fund
6. To qualify for a tax-deferred exchange, the trade must
be for A) no profit B) trade or business property C)
prorated gain D) like-kind property - ANSWER ✔ : D)
like-kind property
7. The gradual addition to land through natural causes is
called A) alienation B) prescription C) avulsion D)
accretion - ANSWER ✔ : Accretion
8. A deed that conveys after-acquired title and contains
implied warranties is A) a quitclaim deed B) a warranty
deed C) a trust deed D) a grant deed - ANSWER ✔ : D) a
grant deed
9. The penalty for violating a covenant is NOT as harsh
as violating A) a deed restriction B) a condominium bylaw
C) a subdivision deed restriction D) a condition -
ANSWER ✔ : D) a condition
, 10. For a federally related residential mortgage loan, the
lender must give the borrower A) a transfer disclosure
statement form B) an agency disclosure C) a copy of the
completed loan application D) the Closing Disclosure form
- ANSWER ✔ : D) the Closing Disclosure form
11. The instrument usually used to clear clouds on title or
to terminate deed restrictions is A) a quitclaim deed B) a
reconveyance deed C) a trust deed D) a warranty deed -
ANSWER ✔ : A) a quitclaim deed
12. A lease in which a tenant pays a base rent plus some
expenses is called A) a percentage lease B) a net lease
C) a gross lease D) a graduated lease - ANSWER ✔ : B)
a net lease
13. The vertical supports of a house frame are called A)
girders B) studs C) anchor bolts D) sills - ANSWER ✔ :
B) studs
California law requires that every single-family home that
is sold has A) a basement B) an operable smoke detector
C) an energy efficient oven D) an attic - ANSWER ✔ : B)
an operable smoke detector
The appraisal principle that is considered the opposite of
progression is A) regression B) conformity C) contribution
D) change - ANSWER ✔ : A) regression
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