The CE Shop Principles of Real Estate I Exam Review Questions And Correct Answers
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Course
CE Shop
Institution
CE Shop
The CE Shop Principles of Real Estate I
Exam Review Questions And Correct
Answers
In most markets, in which month would a real estate downcycle typically start? -
answerNovember
You have a listing agreement with Sam, which makes him your ______. - answerClient
Who has the ultimate responsibil...
The CE Shop Principles of Real Estate I
Exam Review Questions And Correct
Answers
In most markets, in which month would a real estate downcycle typically start? -
answer✔✔November
You have a listing agreement with Sam, which makes him your ______. - answer✔✔Client
Who has the ultimate responsibility for the sales agent's actions in Texas? - answer✔✔The sales
agent, and the sales agent's broker
Licensee Dionne pointed out to her buyer client the items in the house she was showing that
would be considered real property. One of the key determinants, she explained, was whether the
item were _______. - answer✔✔Permanently affixed to the property
The seller of property that may be subject to a private transfer fee must provide the prospective
buyer with this written notice. - answer✔✔Private transfer fee obligation
Which term would you most likely see associated with a lake? - answer✔✔Littoral
In order for a lease for real estate to be enforceable, it must be in writing and signed by the
person to be charged with the promise/agreement, or by someone who is legally authorized to
sign for that person. This requirement applies to a lease with a term of ______. - answer✔✔More
than one year
Ginnie's Aunt Becca listed the old family mansion with Ginnie. Ginnie put it on the market for
Becca, but then she and her cousins talked with Becca and decided they wanted to keep the
property in the family. What's the best way to terminate the agreement? - answer✔✔Ginnie and
Becca must mutually agree to terminate the agreement
In Texas, a real estate licensee doesn't have to have any additional licenses to sell manufactured
homes as long as _________________. - answer✔✔The licensee negotiates for the consumer
while acting as the consumer's broker or sales agent
The ESAC makes recommendations to which agency? - answer✔✔The Texas Real Estate
Commission
What must a licensee do regarding property the licensee holds directly or indirectly if it becomes
the subject of a real estate transaction? - answer✔✔Disclose the interest to all parties to the
transaction.
Which of the following is NOT a characteristic of a corporation? - answer✔✔Corporations are
tangible and nontaxable
When working with a client on a real estate sale, a real estate licensee is usually acting as which
type of agent? - answer✔✔Special
Your client submits an application to rent a condo unit. He has excellent credit and been in the
same job for a long time. He uses a cane to help him with mobility. When his application is
rejected, he feels it's due to his disability. He is protected under ______. - answer✔✔Fair
Housing Amendments Act of 1988
Homestead exemptions ______ property taxes for all homeowners by protecting a certain
amount of a Texas home's value from tax. - answer✔✔Decrease
Which stage of the real estate cycle is considered the bottom? - answer✔✔Depression
According to the Uniform Electronic Transactions Act and the Uniform Real Property Electronic
Recording Act of 2005, when are electronic transactions legally enforceable? - answer✔✔Both
parties agree to conduct the transaction electronically
What is the purpose of licensing? - answer✔✔To protect the public by requiring certain
education, training, and standards of licensees
Juan has decided to invest his small inheritance in real estate. He is drawn to the fact that he can
add a building where there wasn't one previously and immediately increase the value of his
investment. Which economic characteristic of real property is this? - answer✔✔Improvements
A legally competent party means that an individual has the capacity, legally and ______, to enter
into a contract. - answer✔✔Mentally
Which of the following would be a violation of the Texas Deceptive Trade Practices—Consumer
Protection Act (DTPA)? - answer✔✔Misrepresenting the facts about the reasons for a price
decrease
The Recovery Trust Account should maintain a balance of at least what amount? -
answer✔✔$1.7 Million
Before being issued a real estate license in Texas, the candidate must submit which of the
following to TREC? - answer✔✔A legible set of candidates fingerprints
Dana is a licensed broker in Texas. She has one primary location from which she conducts most
of her business. However, she does have two additional branch locations. What must be included
on all branch license certificates? - answer✔✔The address at which the broker's office is located
Joshua won his lawsuit against Savannah. The judge awarded him $30,000. Savannah was
unable to pay, so the court placed a ______ on her home. - answer✔✔Judgment lien
An area of 640 acres is equal to ______. - answer✔✔One square mile
What does the parol evidence rule state? - answer✔✔In certain cases, oral evidence can be used
to support or complete an otherwise incomplete or ambiguous contract.
IRA funds distributed under the first-time home buyer program require that borrowers use them
within ___________ to acquire, build or improve a residence, and for closing costs. -
answer✔✔120 days
Which of these statements accurately describes finance- and housing-related legislation? -
answer✔✔The Fair Housing Act of 1968 prohibited discrimination in the sale, rental, and
financing of housing based on race, color, religion, or national origin.
Which federal act protects consumers from unwanted email solicitations? - answer✔✔CAN-
SPAM Act of 2003
Under a land trust, the owner directs a ______ to hold title to the real estate. -
answer✔✔Corporate fiduciary
What's the best definition of real property? - answer✔✔Real estate, plus all of the interests,
benefits, and rights included in ownership
You've just purchased a rural property, and the attorney at the closing tells you, "You have a
dominant estate." What does that mean to you? - answer✔✔You'll be using an easement across
your neighbor Jim's property.
Property owners who live on or next to water have certain rights. An example of one of these
rights includes ______. - answer✔✔Littoral
A Texas applicant must provide two forms of identification at the testing center. What types of
ID are acceptable? - answer✔✔One picture ID and one with your signature
Which of the following best describes what a listing agreement is? - answer✔✔A legally
binding, written contract between a property seller and a listing broker
At least 60 days prior to filing a lawsuit under DTPA, what is the consumer required to do? -
answer✔✔Provide a written notice to the person against whom the suit is to be filed
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