Texas Real Estate Principles Part 1 Final Exam Questions with Correct Answers

Supply Correct Answer The amount of goods offered for sale within a given market at a given price during a given time period. General Agent Correct Answer A property manager is an example of what type of agent? Special Agent Correct Answer A real estate agent is an example of what type of agent? Residential, Commercial, and Industrial Correct Answer The general uses of real property include the following: Market Comparison Approach Correct Answer A means of comparing similar type properties would have recently sold to the subject property is known as: Surface Rights Correct Answer Mineral rights are typically considered dominant to which of the following rights Real estate Correct Answer Land and everything permanently attached to land is defined as Personal Property Correct Answer All property that is not land and is not permanently attached to land is known as Bundle of Rights Correct Answer The right of exclusion which allows a landowner to prevent others from entering or occupying their property is included in the Kitchen cabinets Correct Answer Which of the following is an example of a fixture Intentions of the party, adaption of the item, mold and permanence of house item was attached Correct Answer Which of the following is considered a legal test for determining if an item is a fixture or not Customer Correct Answer This refers to the party the agent brings to the principal as seller or buyer of the property. General Agent Correct Answer An agent with full authority over one property of the principal is known as a Special Agent Correct Answer An agent with limited authority to act on behalf of the principal is referred to as a