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AYPO Real Estate Test 1 Questions with solutions
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AYPO Real Estate Test 1
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AYPO Real Estate Test 1Disparate impact - answer A set of criteria which are not directly targeted at a specific
group but will disproportionately affect that group.
What purpose is served by regulating real estate licensing? - answer1. protect the
general public during real estate transactions from dishonest or incompetent brokers
and sales agents.
2. maintain high standards or the real estate profession
3. set out minimum standards and qualifications for licensing brokers and sales agents.
The seller must provide the buyer with a disclosure statement in the statutorily required
form, which includes? - answer1. Underground storage tanks
2. the condition of all major appliances, systems, and services
3. the general condition of the property, including basement and roof leaks
Mortgages are a common type of ________ lien. - answer consensual
What are the five duties owned by a fiduciary? - answer1. Care
2. Discosure, confidenciality
3. Loyalty
4. accounting
5. obedience
Texas Landowners Bill of Rights includes. - answer1. adequate compensation if your
property is condemned
2. your property can only be condemned for a public use.
3. your property can only be condemned by a gov entity
4. entity must notify you
6. said entity must provide you written appraisal
6. You can file a written complaint to trec
7. must make. a bona fide offer.
8. you may hire your own appraiser
9. you may hire an attorney
10. you're entitlled to a hearing
11. you've a right to trial
Joint tenancy is ended when - answerUnity of time ends
The commission may require a license holder whose license suspension or revocation
is probated to do what - answerLimit practice to an area prescribed by the commission
, After racial discrimination in housing was ruled unconstitutional, a mechanism used to
get around this ruling was ? - answerRestrictive covenant
what is the purpose of real estate licensing laws? - answer1. to set out minimum
standards and qualifications for licensing brokers and sales agents
2. to protect licensed brokers and sales agents from unfair or improper competition.
3. To protect the general public during real estate transactions from dishonest or
incompetent brokers and sales agents.
An estimate of the amount of money that could be gained if the property was quickly
sold in a low-demand market is called what? - answerLiquidation value.
Which of the following is a general term for properties involving an approved survey
map and plans that describe each lot or unit and that is recorded with the country? -
answerPlatted
An appointed licensee must - answerNot disclose that an owner would accept a price
lower than the asking price.
Which of these is the legal remedy that returns the nonbreaching party to the position
that they would have been in if the contract had not been made? - answerReliance
damages
A tenancy by the entirety between legally married spouses differs from joint tenancy
because of which of - answerA spouse cannot dispose of their interest without consent
of the other spouse.
What defines a condominium? - answerThe form of ownership
Each year the Community Reinvestment Act require federally supervised financial
institutions to prepare annual statements that include - answerAny comments from the
public about the specific financial institutions performance in meeting their communities
needs.
The assessed value of a property is - answerthe value established for tax purposes by
local municipalities.
What is associated with metes and bounds measurements - answerCall, Courses,
monuments
What is the remedy called when one party has made a good faith effort to perform their
obliations under a contract and the other party has NOT perfored their obliations? -
answerSpecific performance.
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