Texas Real Estate National Exam Test Prep Multiple Choice Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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Course
Texas Real Estate National
Institution
Texas Real Estate National
A licensee is representing a seller in a commercial transaction. The property is under contract and all
contingencies have been met. The listing agent learns the State Department of Transportation has
authorized the construction of an exit ramp to the interstate right behind the commercial proper...
Texas Real Estate National Exam Test
Prep Multiple Choice
A licensee is representing a seller in a commercial transaction. The property is under contract and all
contingencies have been met. The listing agent learns the State Department of Transportation has
authorized the construction of an exit ramp to the interstate right behind the commercial property. The
exit ramp will greatly increase the value of the seller's property. What should the agent do?
a. tell the seller and help the seller to void the contract with
the buyer.
b. tell the seller and encourage the seller to complete the
negotiated sale
c. keep the information to himself
d. tell the seller and convince the seller to speak with an
attorney about voiding the contract - B
A condominium owner's policy will most likely cover the owner if:
a. someone drowns in the condominium pool
b. there is a fire in the elevator
c. a guest slips in the kitchen
d. someone gets hurt in the hallway - C
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
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 Annuity Mortgage
c. ARM
d. balloon loan - C
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
A condominium complex has liability insurance. This is least likely to cover:
a. a unit owner's carpet damaged by a broken water pipe
b. faulty equipment in the gym results in an injury to a resident
c. a car accident in the parking lot hurts a visitor to the complex
, d. a resident has a heart attack in the lobby - A
A couple purchased a condominium. The complex has an exercise room for all residents. The couple does
not use the exercise room and does not want to pay the monthly fee for the use of the facility. What can
they do to avoid this fee?
a. they can deduct the appropriate amount from their
monthly condo fees
b. they can have an attorney send a letter to the
homeowner's association stating their intention to not
pay the fee and then stop paying the fee.
c. they must pay the fee as they have a tenancy in common
interest in all common areas.
d. they can lease their condo and as landlords they would
not have to pay the fee. - C
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 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
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