Texas Real Estate Principles 1 (Practice Exam) Questions with Correct Answers () FULL PACKAGE

Supply Correct Answer The amount of goods offered for sale within a given market at a given price during a given time period. General Agent Correct Answer A property manager is an example of what type of agent? Special Agent Correct Answer A real estate agent is an example of what type of agen...

What kind of professionals manage the legal aspects of a development project? Correct Answer Real Estate attorneys, title companies, surveyors, property insurance companies and government regulatory officials What types of professionals are involved in the transfer of rights and interest in Real ...

Trec Commision Membership Correct Answer 9 Members (6 brokers, 3 public) appointed by governor. They serve 6 year staggered term. Texas Real Estate Borker Lawyer Committee Correct Answer 13 Members (6 brokers, 6 lawyers, 1 public) General Eligibility Requirements to be Licensed by TREC Correct...

Emblements are best described by which of the following? Correct answer harveststable plants What states that a party, or parties, associated with a contract will cover certain losses or expenses incurred by another party under the contract? Correct answer an indemnification clause Which of th...

The Committee has _____ members appointed by the Commission. Correct Answer 12 The __________ is a statute that is administered and enforced by the Texas Real Estate Commission (TREC), which is a state agency. Correct Answer Real Estate License Act A successful career in real estate requires s...

Special Agent Correct Answer A real estate agent is an example of what type of agent...? Universal Agent General Agent Special Agent Specific Agent Market Comparison Approach Correct Answer A means of comparing similar type properties, which have recently sold, to the subject property is kn...

A portion of Lance's property can be used by the local utility company to maintain its power lines. What is this an example of? Correct Answer Easement Several brokerages in a certain area agree to stop running advertisements in a local publication. What type of antitrust violation is this? Corr...

Brokerage Correct Answer The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate. Real estate broker Correct Answer A person or an organization acting as the agent for others in negotiating the purchase and sale of real property or o...

A farmer temporarily installs produce coolers in a leased farm stand in order to prevent spoilage. The coolers would be considered which of the following? a) Trade fixtures that are real property. b) Trade fixtures that are personal property. c) Temporary real property. d) Emblements. Correct ...