Texas Principles Of Real Estate 1 Exam prep Questions With Correct Answers
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Course
Texas Principles of Real Estate
Institution
Texas Principles Of Real Estate
Texas Principles Of Real Estate 1 Exam prep
Questions With Correct Answers
What is found in nearly every kind of listing agreement? - answerBroker's commission and
commission fees
What is NOT one of the five canons of ethics? - answerCooperation
Which in NOT a recoverable damage under the DTPA...
Texas Principles Of Real Estate 1 Exam prep
Questions With Correct Answers
What is found in nearly every kind of listing agreement? - answer✔✔Broker's commission and
commission fees
What is NOT one of the five canons of ethics? - answer✔✔Cooperation
Which in NOT a recoverable damage under the DTPA - answer✔✔punitive damages
Situs refers to a location from which of these points of view? - answer✔✔Economic-based rather
than a geographical standpoint
brokers that will post on MLS for a small fee but are not associated with the seller -
answer✔✔limited service brokers
How long does a chapter 13 debtor have to reinvest the proceeds of his or her home sale in a new
homestead or lose their homestead tax exemption status? - answer✔✔6 months
Which on of these is NOT one of the five duties owed by a fiduciary - answer✔✔Infidelity
the seller must provide the buyer with a disclosure statement in the statutorily required form,
which includes disclosure of all the except - answer✔✔history of any HIV/AIDS infected
individuals
The AIBS form is required to be given to all of these prospective participants in a transaction
except - answer✔✔other brokers
In the rectangular survey system, what a straight, imaginary lines running north and south and
parallel to the principal meridian? - answer✔✔range lines
which of the following are common law fiduciary duties? - answer✔✔care, obedience,
accounting, loyalty, disclosure
How much money can a first time home buyer withdraw from their IRA without being
penalized? - answer✔✔$10,000
What is the difference between a class c and class s corporation? - answer✔✔Class C
corporation does not have pass through taxation
Mrs. Murphy Exemption does not allow for this type of discrimination? - answer✔✔Racial
What is the name of the governing body for real estate in texas? - answer✔✔Texas Real Estate
Commission
A C.L.U.E. report advises a customer on: - answer✔✔up to seven years of claims history on a
property
Mortgages are a common type of ____ lien - answer✔✔consensual
According to sec. 1101.159, the commission must ensure that the public is able to interact with
the commission in which of the following matters? - answer✔✔On the internet
the executive director shall give notice or the commission's order to the party under
investigation. The notice must do which of the following? - answer✔✔Inform the person of their
right of judicial review
State the amount of any penalty imposed
Include the findings of fact and conclusions of law, separately stated.
ALL OF THE ABOVE
CFPB stands for - answer✔✔Consumer Financial Protection Bureau
A professional organization or association is usually a not-for- profit organization that seeks to
do what of the following? - answer✔✔Further a particular profession and the interests of
individuals engaged in that profession
A tenancy by the entirety between legally marries spouses differs from joint tenancy because? -
answer✔✔A spouse cannot dispose of their interest without the consent of the other spouse
Which one of these is most likely a piece of information that needs to be disclosed in a real estate
sales transaction of a residential property? - answer✔✔Someone was murdered on the property
The first multiple listing service in the U.S began in which city? - answer✔✔Baltimore
A licensee is liable for a misrepresentation or concealment of a material fact made by a party to a
real estate transaction in which of these circumstances? - answer✔✔The licensee knew of the
concealment or misrepresentation and failed to disclose their knowledge of it.
The licensee was relying on a non-expert third party's representation without confirming or
attempting to confirm
The licensee did not know of the misrepresentation or concealment but should have known if
they had performed their due diligence
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