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Real Estate Principles 1 Practice Exam questions with right answers.
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Real Estate Principles 1 Practice Exam questions with right answers.
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Real Estate Principles 1 Practice Examquestions with right answers.
Homestead rights don't offer protections from ..... ANS -tax liens
Which of the following is NOT one of the physical characteristics of land? ANS -Density
Which of these is an example of emblements? ANS -an annually cultivated crop
Which of the following serves as the basis of all real estate law in the United States? ANS -US
Constitution
For which of following things can an agent NOT discriminate: ANS -National Origin
A plat is used in which method of land description? ANS -Lot and Block
Wesley just bought a house with a creek that flows along the south boundary. He wants to use the
water to irrigate his garden. Through which set of rights is he entitled to use this water? ANS -Riparian
What is the name of the law that requires a commission to examine state agencies every 12 years to see
if they're still needed? ANS -Sunset Act
What does the term real property NOT include? ANS -chattel
Mutual assent, legally competent parties, consideration, lawful objective, and adherence to the statute
of frauds are: ANS -the five components of a valid contract
The National Association of Realtor's ethical guidelines are known as: ANS -First adopted in 1913, the
National Association of Realtor's ethical standard is laid out in the Code of Ethics.
, How many TREC promulgated contract forms are there? ANS -The six TREC promulgated contract forms
are: One to Four Family Residential Contract (Resale), Unimproved Property Contract, New Home
Contract (Incomplete Construction), New Home Contract (Completed Construction), Farm and Ranch
Contract, and Residential Condominium Contract (Resale).
Which land description is used for elevated areas such as in a condo? ANS -Vertical land description
Texas homestead laws would protect a primary residence from being seized and used as collateral by:
ANS -Credit card companies
Can the original offer be reconsidered and accepted by a party after they have already extended a
counteroffer? ANS -No. A counteroffer is a rejection of the original offer, therefore, the original offer
can no longer be accepted.
A detailed description that uniquely identifies the property in such a way that a surveyor would be able
to locate it is called a(n): ANS -legal description
Surface, subsurface, and air rights are all parts of: ANS -land
Which real estate body is made up of 9 members and which is made up of 13 members? ANS -The Texas
Real Estate Commission is comprised of 9 members and the Broker Lawyer Committee is comprised of
13 members.
Which of the following best describes when a broker might act as an intermediary in Texas? ANS -when
both the seller and the buyer are clients of the same broker
Charles is currently living in London, but is hoping to close on a property he's interested in in San
Francisco. He is tied up with work, and won't be able to make it to the closing, so he asks his sales agent
to sign everything for him. What type of situation is being illustrated in this scenario? ANS -Charles
designated his sales agent as his Power of Attorney.
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
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