Principles 1 Aceable Practice Tests Study Questions and Answers Graded A 2024

What is the money in the Recovery Trust Account used for? A) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction B) To pay commission that agents were wrongfully deprived of C) For taxes for the state of Texas D) For TREC to recover the funds to keep their computer systems up to date - A) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction 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? A) Water Rights B) Littoral Rights C) Riparian Rights D) Agricultural Use Rights - C) Riparian Rights According to the canons of professional ethics, what two things MUST be linked to a brokerage's website? A) A sample contract and TREC Notice of Representation No. 24 B) The Canons of Professional Ethics and the listing agreement C) The IABS Notice and the Consumer Protection Notice TREC No. CN 1-2 D) The Consumer Protection Notice and the NAR Code of Ethics - C) The IABS Notice and the Consumer Protection Notice TREC No. CN 1-2 A couple owns property as community property. If one spouse dies testate (that is, with a will) and had children outside of this marriage, how will the community property be distributed? A) It all goes to the surviving spouse B) The deceased spouse's 1/2 share will go to his or her children C) The deceased spouse's 1/2 share will be split between the surviving spouse and the children of the deceased spouse D) According to the will - D) According to the will Which of these owners or groups of owners are MOST likely to take title as tenants in common with no rights of survivorship? A) David and Julie, a married couple B) Sarah and Sally, an unmarried couple C) Jim, an unmarried single guy D) Tomato Real Estate Holdings, a corporation - B) Sarah and Sally, an unmarried couple Which of the following is an example of a statutory lien? A) An equitable lien B) A mortgage C) A vendor's lien D) An IRS tax lien - D) An IRS tax lien What is the difference between personal property and real property? A) Personal property is an unattached, moveable asset not considered real estate. Real property is land, improvements, and its corresponding rights. B) Personal property can be turned into real property, but real property can't be turned into personal property. C) Personal property includes all real property. D) Real property always goes with the seller. Personal property always goes with the buyer. - A) Personal property is an unattached, moveable asset not considered real estate. Real property is land, improvements, and its corresponding rights. Which of these attributes is NOT a protected class under the Texas Real Estate License Act? A) Familial Status B) Religion C) Sexual Orientation D) Disability - C) Sexual Orientation If pursuing action through HUD, a fair housing complaint must be filed within how long of the alleged violation? A) 90 days B) 1 year C) 180 days D) 2 years - B) 1 year Jasmine lives in a single-family home and shares amenities like a pool, golf course, and park with her neighbors. An HOA owns and maintains these amenities, and Jasmine pays a monthly fee to the HOA. She most likely lives in a: A) Timeshare B) Co-Op C) Multi-Family Home D) PUD - D) PUD To legally act as an intermediary in the state of Texas, a broker must do what? A) Include the promulgated Intermediary Attachment to the contract B) Get the okay of their lawyer C) Get written consent from both parties D) Temporarily reassign one agent to another supervising broker - C) Get written consent from both parties According to what legal concept do contracts involving the sale or transfer of real estate need to be in writing? A) Parol evidence rule B) Statute of frauds C) Statute of limitations D) Power of attorney - B) Statute of frauds Before a new license holder can engage in the practice of real estate, who must receive a copy of that sales agent's license? A) Any broker involved in a transaction with that sales agent B) The broker that is sponsoring the sales agent C) Texas REALTORS® D) The National Association of REALTORS® - B) The broker that is sponsoring the sales agent "Beginning at the intersection of Main Street, and Oakgrove Lane, proceed due north 300 feet to the creek; then due east 500 feet, more or less, to the U.S.G.S. benchmark; then proceed due south 300 feet to the maple tree, then proceed west about 500 feet, returning to the point of beginning." is an example of a legal description using which type of survey method? A) Metes and bounds B) Rectangular survey C) Lot and block D) Recorded plat - A) Metes and bound The first 9 articles of the NAR Code of Ethics are known as the: