Principles of Real Estate 1- Champions Quiz and Correct Answers
(Verified by Expert)
Contracts with a person who lacks mental capacity can be ✔✔ either void or voidable
Community property is a concept of ✔✔ Spanish law, and marriage is regarded as a
partnership.
Intermediary Without Appointments. ✔✔ an agent will have the opportunity to sell their
own listing.
Oil and gas companies employ ✔✔ a large number of individuals with a real estate
background.
The NFIP ✔✔ offers flood insurance
The NFIP offers flood insurance to ✔✔ homeowners, renters, and business owners
The vast majority of homes built in the United States are ✔✔ site built.
When a condominium is sold, three interests are created: ✔✔ fee simple ownership of
the unit, fee simple ownership in an undivided interest in the common areas, and an
easement to the airspace occupied by the unit.
The Bureau [CFPB] is responsible for enforcing ✔✔ federal consumer financial law
To convert 152,460 square feet of land: ✔✔ 152,,560 = 3.5
Exclusive agency agreements ✔✔ list their properties with a broker, primarily to expose
their properties through the multiple listing service
Easements may be created by ✔✔ grant, reservation, implied grant, prescription,
necessity, condemnation.
The Texas Real Estate Commission consists of ✔✔ of nine members and three
members who represent the public.
cooperative sale with single buyer representation ✔✔ If the buyer purchases a property
listed by another firm
If the buyer purchases a property listed by another firm, ✔✔ The listing firm represents
the seller, and the selling firm represents the buyer
, Community property ✔✔ marriage is regarded as a partnership.
Mutual Consent ✔✔ Offer and Acceptance
An estate in severalty ✔✔ involves ownership of real estate by one individual or entity.
Real estate brokers recommend this listing ✔✔ grants an exclusive right to sell the
property during the listing term.
exclusive right to sell ✔✔ A commission is paid even if the property is sold by the owner
TREC has promulgated sales contract forms for most residential properties including
✔✔ One-to-Four Family Residential Contract (Resale), New Home Contract (Incomplete
Construction), New Home Contract (Completed Construction), Unimproved Property
Contract, Residential Condominium Contract (Resale), Farm and Ranch Contract.
Liens can be ✔✔ specific or general
Violation of the law is ✔✔ a civil offense
Passed in 1973 ✔✔ DTPA allows an aggrieved consumer to sue a seller of goods for
damages
Units in a cooperative ✔✔ are most often owned by a corporation
Indestructibility, a physical characteristic of land, is also known as: ✔✔ Durability
A professional association whose local affiliates own and operate MLS systems
throughout the United States is the: ✔✔ NAR
Appraisal is the business of: ✔✔ Providing a professional opinion of the value of real
property
The least important factor affecting demand for real estate is ✔✔ Personal preference
Air rights are commonly leased or conveyed in ✔✔ Cell tower leases, Condominiums,
Outdoor advertising
Rights that are associated with the ownership of real property are often referred to as
the owner's: ✔✔ Bundle of rights
Surface, subsurface and air rights are said to be ✔✔ Severable
(Verified by Expert)
Contracts with a person who lacks mental capacity can be ✔✔ either void or voidable
Community property is a concept of ✔✔ Spanish law, and marriage is regarded as a
partnership.
Intermediary Without Appointments. ✔✔ an agent will have the opportunity to sell their
own listing.
Oil and gas companies employ ✔✔ a large number of individuals with a real estate
background.
The NFIP ✔✔ offers flood insurance
The NFIP offers flood insurance to ✔✔ homeowners, renters, and business owners
The vast majority of homes built in the United States are ✔✔ site built.
When a condominium is sold, three interests are created: ✔✔ fee simple ownership of
the unit, fee simple ownership in an undivided interest in the common areas, and an
easement to the airspace occupied by the unit.
The Bureau [CFPB] is responsible for enforcing ✔✔ federal consumer financial law
To convert 152,460 square feet of land: ✔✔ 152,,560 = 3.5
Exclusive agency agreements ✔✔ list their properties with a broker, primarily to expose
their properties through the multiple listing service
Easements may be created by ✔✔ grant, reservation, implied grant, prescription,
necessity, condemnation.
The Texas Real Estate Commission consists of ✔✔ of nine members and three
members who represent the public.
cooperative sale with single buyer representation ✔✔ If the buyer purchases a property
listed by another firm
If the buyer purchases a property listed by another firm, ✔✔ The listing firm represents
the seller, and the selling firm represents the buyer
, Community property ✔✔ marriage is regarded as a partnership.
Mutual Consent ✔✔ Offer and Acceptance
An estate in severalty ✔✔ involves ownership of real estate by one individual or entity.
Real estate brokers recommend this listing ✔✔ grants an exclusive right to sell the
property during the listing term.
exclusive right to sell ✔✔ A commission is paid even if the property is sold by the owner
TREC has promulgated sales contract forms for most residential properties including
✔✔ One-to-Four Family Residential Contract (Resale), New Home Contract (Incomplete
Construction), New Home Contract (Completed Construction), Unimproved Property
Contract, Residential Condominium Contract (Resale), Farm and Ranch Contract.
Liens can be ✔✔ specific or general
Violation of the law is ✔✔ a civil offense
Passed in 1973 ✔✔ DTPA allows an aggrieved consumer to sue a seller of goods for
damages
Units in a cooperative ✔✔ are most often owned by a corporation
Indestructibility, a physical characteristic of land, is also known as: ✔✔ Durability
A professional association whose local affiliates own and operate MLS systems
throughout the United States is the: ✔✔ NAR
Appraisal is the business of: ✔✔ Providing a professional opinion of the value of real
property
The least important factor affecting demand for real estate is ✔✔ Personal preference
Air rights are commonly leased or conveyed in ✔✔ Cell tower leases, Condominiums,
Outdoor advertising
Rights that are associated with the ownership of real property are often referred to as
the owner's: ✔✔ Bundle of rights
Surface, subsurface and air rights are said to be ✔✔ Severable
