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Texas Real Estate Exam Prep (From PearsonVUE and & Champions National Exam Prep) Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.$7.99
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Texas Real Estate Exam Prep (From PearsonVUE and & Champions National Exam Prep) Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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Course
Texas Real Estate
Institution
Texas Real Estate
A developer decides to build a commercial property in the middle of a residential subdivision. What is
required?
a) approval from surrounding property owners
b) a variance
c) a non-conforming use designation
d) this would violate deed restrictions and cannot be done - b) a variance
A buyer an...
Texas Real Estate Exam Prep (From
PearsonVUE and & Champions National
Exam Prep)
A developer decides to build a commercial property in the middle of a residential subdivision. What is
required?
a) approval from surrounding property owners
b) a variance
c) a non-conforming use designation
d) this would violate deed restrictions and cannot be done - b) a variance
A buyer and seller have negotiated a contract on the seller's property with a closing set for June 14th,
time is of the essence. On June 12th the listing agent calls the buyer's agent and tells him the seller will
be unable to close on the 14th. The seller can close on the 16th. At this time, what is true?
a) the contract is terminated
b) the contract is void
c) the contract is voidable by the buyer
d) the contract is voidable by either party - c) the contract is voidable by the buyer
a broker is running short of funds to meet this month's operating expenses. He places a client's earnest
money deposit in his business account and uses it to pay his rent. After his next closing, he replaces the
client's deposit in his trust account. The broker:
a) is guilty of conversion
b) is guilty of commingling
c) is not guilty of any crime because he replaced the funds before they were needed
d) is guilty of fraud and embezzlement - a) is guilty of conversion
,A broker lists a property. A potential buyer tells the broker that he has heard that the crime rate in the
neighborhood is increasing. Which of the following is the broker's BEST response to the buyer?
a) The crime rate in the neighborhood is no higher than any other area
b) Check with local law enforcement authorities about the crime rate
c) Any information about the crime rate must come directly from the sellers
d) the crime rate is not a defective property condition and need not be disclosed - b) Check with
local law enforcement authorities about the crime rate
A broker who enters into a property management contract is considered a:
a) fiduciary
b) principal
c) trustee
d) trustor - a) fiduciary
A buyer contracts to purchase a previously occupied single-family residence. The buyer did NOT receive a
copy of the Seller's Disclosure Notice before signing the contract. According to the Texas Property Code,
the buyer has the right to:
a) sue for three times the amount of the earnest money
b) file a complaint with the TREC
c) terminate the contract within 7 days after receiving notice
d) reduce the sales price by the necessary repair costs - c) terminate the contract within 7 days
after receiving notice
A buyer has purchased a property and after closing the seller will continue to occupy the property. this is
an example of:
a) subletting
b) assignment
c) sale and leaseback
d) a ground lease - c) sale and leaseback
,A buyer is aware that interest rates should go down over the next few months. What type of loan should
he get to enable him to buy now and take advantage of declining rates in the future?
a) term loan
b) Reverse Annunity Mortgage
c)ARM
d) balloon loan - c) Reverse Annunity Mortgage
A buyer is interested in purchasing a home. He has a home inspection and the inspector notifies the
buyer that the house has 60 amp service. The inspector states that 100 amp service is usual and
customary for a home of this size. The inspector has identified an example of ___________.
a) physical depreciation
b)functional obsolescence
c) economic obsolescence
d) an unimportant detail - b) functional obsolescence
A broker is asked to lease 1,200 square feet of warehouse space at $6 per square foot per year. If the
broker's commission will be 8% of the first year's rental income, the MAXIMUM amount payable is:
a) $576
b) $691
c) $720
d) 960 - a) $576
A buyer purchased a home three years ago for $250,000. The property is in a neighborhood where
homes have been appreciating 5% per year for the last 3 years. Using compound appreciation, what is
the present value of the property to the nearest dollar?
a) $289,406
b) $262,500
c) $275,625
d) $287,500 - a) $289,406
A buyer purchases a furnished condominium apartment as an investment. The document that evidences
the buyer's ownership of the furniture is a:
, a) special warranty deed
b) homeowner's insurance policy
c) bill of sale
d) buyer's inventory - c) bill of sale
A buyer's agent has accidentally forwarded confidential information about his buyer's financial
background to the listing agent. What is true?
a) the buyer's agent is guilty of negligence and the listing agent must disclose the information to the
seller
b)the buyer's agent is guilty of negligence and the listing agent must keep the information confidential
c) the buyer's agent is not guilty of anything because it was an accident and the listing agent must
disclose it to the seller
d) the buyer's agent is not guilty of anything because it was an accident and the listing agent must keep
the information confidential - a) the buyer's agent is guilty of negligence and the listing agent
must disclose the information to the seller
A buyer's interest in real property, acquired at the moment the seller and the buyer enter into a sales
contract, is known as:
a) legal title
b) equitable interest
c) fee simple determinable
d) an option to purchase - b) equitable interest
A commercial tenant is aware that his lease will expire at the end of the month. He has begun to
disassemble his display cabinets and shelves. Which of the following statements about this is true?
A) he cannot take them without first obtaining written permission from the landlord.
b) if the landlord wants them, he can pay the tenant and the tenant must leave them
c) The tenant can take these as they are trade fixtures
d) he must disclose to the landlord that he plans to take them - c) the tenant can take these as
they are trade fixtures
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