Real Estate Course 1 Practice Exam - Aceable
Agent
"Coles Oak Grove subdivision, Block 636, Lot 8, Dallas County, Texas" is an example of which
type of legal description? - ANS-Lot and block
A broker drafting a legal document that transfers an interest in real property could be
considered: - ANS-unauthorized practice of law
A condensed history of title to a tract of land that summarizes the transfers of ownership and
encumbrances is known as: - ANS-an abstract of title
A cooperating broker is a broker who: - ANS-brings a buyer to another broker with a listing
A corporation has what type of ownership? - ANS-Ownership in severalty
A listing agreement is an agency agreement between whom? - ANS-A seller & broker
A member of NAR is called a(n): - ANS-REALTOR®
A prospective agent has up to one year after filing their license application to do what? -
ANS-satisfy their exam requirement
A store owner builds and attaches a display case to the wall when leasing a convenience store
that he will take with him at the end of the lease. The display case is an example of a: -
ANS-trade fixture
According to Article 12 of the NAR Code of Ethics, where is one place that NAR members must
include the word "Realtor"? - ANS-in any ad copy they create
According to the Canons of Professional Ethics, what must every broker do with Consumer
Protection Notice TREC No. CN 1-2? - ANS-display it in a readily noticeable location
According to the Equal Credit Opportunity Act (ECOA), which of these factors can a lender NOT
take into consideration when approving or denying a loan? - ANS-whether or not a person uses
public assistance
According to what legal concept do contracts involving the sale or transfer of real estate need to
be in writing? - ANS-statute of frauds
, Adaptation - ANS-means that if the item becomes an integral part of the home, it cannot be
removed. For example, a pool covering is a fixture because that cover goes with that pool on
the property.
Affixation - ANS-to attach something to real estate in a permanent way, including planting trees
and shrubs, constructing a building, or adding to existing improvements. The key is that affixed
items are permanent and cannot be picked up and moved away like a washing machine.
After a lease expires in a unit where the landlord made modifications for the tenant's disability: -
ANS-the landlord may require tenants to return the property to its unmodified condition
All of the following are examples of legal descriptions of property EXCEPT: - ANS-8647 Notting
Hill Drive, Berkshire, Colorado 52467 is a regular street address, NOT a legal description of
property.
All of the following are grounds for disciplinary action, including revocation or suspension of a
license, EXCEPT: - ANS-asking buyers to provide their own transportation to inspect a property
All partners assume unlimited personal liability in what type of business organization? -
ANS-general partnership
An agreement that gives one broker and the owner the right to sell the property is called a(n): -
ANS-exclusive agency listing
Annexation - ANS-the process of bringing property into the City limits
Antonia owns a piece of land, some human-made additions including a new deck, and has the
full bundle of rights associated with ownership. Because she owns all three elements, Antonia
owns: - ANS-Real property
Are new home builders regulated by TREC? - ANS-No, TREC doesn't regulate new home
builders.
Ashley and Leslie have entered into a contract agreement where they both have promises to
fulfill. Based on this information, you can infer that they have entered into what kind of contract?
- ANS-bilateral
Buyer Nancy has asked her agent, Brad, which of the homeowner's insurance policies she has
examined are best for her. Brad's best course of action would be to: - ANS-inform Nancy that
this advice should come from an insurance professional
Does U.S. property law has its basis in the U.S. Constitution? - ANS-Yes, the U.S. Constitution
is the basis of all property law in the U.S.
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