Principles of Real Estate 1 EXAM REVIEW Questions And Complete Answers
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Aceable Principles of Real Estate
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Aceable Principles Of Real Estate
Principles of Real Estate 1 EXAM REVIEW
Questions And Complete Answers
An owner lives in a single family dwelling but only owns the building. The homeowners
association owns and maintains the grounds, the pool, and the exercise room. All of the owners
in the area share the common areas. What ...
Principles of Real Estate 1 EXAM REVIEW
Questions And Complete Answers
An owner lives in a single family dwelling but only owns the building. The homeowners
association owns and maintains the grounds, the pool, and the exercise room. All of the owners
in the area share the common areas. What does the owner live in? A condominium
Which of the following is NOT a unique characteristic of land that also sets it apart from
personal property? Malleability
One way land is special and separate from personal property is that it has three unique physical
characteristics, inmobility, indestructibility and non homogeneity.
According to what legal concept do contracts involving the sale or transfer of real estate need to
be in writing? Statute of Frauds
The statute of frauds that real estate contracts be in writing in order to be enforceable in court.
Attachments can be natural or manmade. Those that are manmade are commonly known as
what? Fixtures
, Principles of Real Estate 1 EXAM REVIEW
Questions And Complete Answers
Manmade attachments to land are commonly known as fixtures
In what kind of contract is only one of the parties obligated to perform? Unilateral
A unilateral contract, where one of the contracting parties is bound to act. It is a contract made
between two or more parties in which only one of those parties makes a promise or otherwise
accepts an obligation
An agent owes the duty of obedience to which of the following people? The client (the
principal)
The duties of an agent to the principal include fidelity and loyalty, and reasonable care, and
competency, obedience, accounting, and disclosure.
Which of these are TRELA's protected classes? Race, color, religion, sex, disability,
familial status, national origin, and ancestry.
Stealing a client from another license holder is Grounds for losing your license
, Principles of Real Estate 1 EXAM REVIEW
Questions And Complete Answers
What does severance mean? Turning real property into personal property.
Peter's home is being foreclosed on. He owes $3,700 in property taxes. He owes $11,000 on the
second mortgage he took out in 2017. He also owes $215,000 on his original mortgage, which
was taken out in 2013. According to lien priority, after the taxes are paid, which debt is most
likely to be paid next, and why? The primary mortgage, because debts are paid in the
order they were recorded.
Lien priority states that tax debt goes first, then the "first in time is first in line" rule applies.
Debts are paid in the order they are recorded, unless there is a subordination clause at work.
Which of these requires a higher standard than ethics laws. NAR Code of Ethics
The National Association of REALTORS Code of Ethics requires a higher standard than ethical
laws.
Which canon states to treat all parties honestly and fairly? The canon of fidelity
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