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Texas Principles Of Real Estate II Final Exam (Study Guide) – Qs & As Complete
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Texas Principles Of Real Estate II Final Exam (Study Guide) – Qs & As Complete
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Texas Principles Of Real Estate II Final Exam (StudyGuide) – Qs & As Complete
What is the name of the sworn statement in which the seller assures the title
company (and the buyer) that there are no liens, unpaid bills for repairs or
improvements, or undisclosed defects in the title? Right Ans - affidavits as
to debts and liens
Tax incentives that cover the cost of energy-efficient improvements, EEMs,
and Energy Star-qualified homes are examples of: Right Ans - green
initiatives
Which of the following borrowers would be MOST likely to use a graduated-
payment mortgage? Right Ans - young borrower starting their career,
anticipating an income raise in the next several years
Which type of loan is exempt from RESPA? Right Ans - loans on vacant land
Which TILA regulation requires a disclosure statement where lenders must
make certain loan facts known to borrowers? Right Ans - Regulation Z
The most common formal organization of a syndicate is that of a(n): Right
Ans - LLC
Which of the following BEST describes why RESPA was passed? Right Ans -
to ensure meaningful disclosure of closing costs in a real estate transaction
Property manager William hires an HVAC specialist to repair a broken air
conditioner in an apartment.
This is an example of: Right Ans - corrective maintenance
Which of the following is TRUE? Right Ans - A Texas real estate license
does NOT allow agents and brokers to act as appraisers or home mortgage
originators
A handwritten will created solely by the maker (and not witnessed) is called a:
Right Ans - holographic will
, Ashley just bought a house. To purchase the house, she got a loan for $400,000
with 3 discount points. How much did she pay for the discount points?
Right Ans - One discount point costs 1% of the loan amount; therefore, one
discount point cost $4,000 in Ashley's case. Ashley paid $12,000 for 3 discount
points.
What is the difference between actual and constructive notice? Right Ans -
Constructive notice is the assumption that a diligent individual can search the
public record to gain knowledge; actual notice is direct or first-hand
knowledge.
The investment strategy of taking on debt in order to realize a greater return
is known as: Right Ans - Leverage
What is an easement by prescription? Right Ans - An easement by
prescription is granted after the dominant estate has used the property in a
hostile, continuous, and open manner for a statutorily prescribed number of
years. This type of easement is also called a prescriptive easement.
A new $350,000 home is being built in a neighborhood of mostly $200,000
homes. Although the home has many updates and is in better condition than
the surrounding houses, its value is significantly less than the price.
Which value principle of appraisal explains this? Right Ans - principle of
regression, which states that a subject property situated in the midst of lower-
value homes will experience a downward pull on its own value.
What is investment gain? Right Ans - Investment gain has to do with the
increase in a property's value due to active and purposeful development of a
property.
How many feet are in a mile? Right Ans - 5,280 feet
What is a quitclaim deed? Right Ans - A quitclaim deed provides the
grantee with the least protection of any deed, while putting the least liability
on the grantor. It carries no covenants nor warranties and conveys only such
interest that the grantor may have when the deed is delivered.
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