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Texas Principles of Real Estate Final Exam 2 questions & actual answers.
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Texas Principles of Real Estate Final Exam 2 questions & actual answers.
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Texas Principles of Real Estate FinalExam 2 questions & actual answers.
What purpose do the Bureau of Land Management, Forest Service, Fish and Wildlife Service, and
National Parks System serve? ANS -They are federal agencies that control public land.
The escrow fees are $500 to be split equally between the parties. How should this appear on the closing
statement? ANS -$250 debit to buyer, $250 debit to seller.
Jennifer and Mallory, a buyer and a seller, are going through the closing process of their real estate
transaction. In their transaction, like in most sales transactions, two closings will take place ANS -The
closing of the sale and the closing of the buyer's loan.
Which of these is an example of voluntary alienation? ANS -Marjorie wills her home to her children.
Cheryl is comparing two properties and she wants to know the acreage of each property. One property
is 695 ft. x 834 ft. The other property is 928 ft. x 294 ft. What are the properties' respective acreages?
ANS -13.3 acres and 6.26 acres
What has been the impact of the FHA's practice of insuring (protecting) approved lenders of FHA loans
against losses? ANS -It expanded the pool of potential homebuyers that lenders were willing to
underwrite loans for.
Property owners and property managers MUST clarify factors such as the manager's duties and
responsibilities, the owner's purpose, an allocation of costs, and the scope of authority through: ANS -A
written property management agreement.
Which of these scenarios would be most likely to result in the granting of a conditional-use permit? ANS
-Amy wants to build a bed and breakfast in an area zoned for residential use.
Marvin took out a loan of $15,000 to remodel his house at a 5% interest rate. If no principal had been
repaid, how much would he owe in interest after a year? ANS -$750
, Sally, a landlord, charges her tenant a late fee. The lease specifies that there will be a late charge for late
rents, the tenant is two full days late, and the late fee is equal to the total monthly rent due.
Under Texas regulations, what would be the best Sally's tenant argument against paying the late fee be?
ANS -That a late fee equal to the monthly rent due is unreasonable.
What are restrictive covenants? ANS -Non-governmental limitations that control how buyers of lots
within residential subdivisions use their land.
Which of the following is an example of inverse condemnation? ANS -The government takes some of
Leslie's farmland to expand a highway. The government does NOT provide just compensation for the
land acquisition.
A variable lease is a leasehold agreement in which the base rent changes. Variable leases can take the
form of: ANS -A graduated lease or index lease.
Which is NOT one of the three approaches to value? ANS -Anticipation
What is a periodic estate? ANS -A fixed lease period in which the lease is automatically renewed at the
end of each lease period until the landlord or tenant acts to terminate it.
Which of the following is NOT one of the minimum requirements for a deed to be valid in Texas? ANS -
The deed must be signed by a municipal agent.
Which of the following BEST describes why RESPA was passed? ANS -To ensure meaningful disclosure of
closing costs in a real estate transaction.
What is a special purpose vehicle (SPV)? ANS -A limited corporate entity created with a specific
objective.
What is the legal process by which a court determines the validity of a will and establishes the assets of
a decedent and who will inherit those assets? ANS -Probate
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