Principles of Real Estate questions and answers graded A+ 2023/2024

Principles of Real EstateAppraisal is the business of: (a) Acquiring land for development into residential subdivisions and retail centers (b) Providing money to individuals or corporations for the conditional transfer or pledge of real estate as security for the payment of a debt (c) Providing a professional opinion of the value of real property (d) Locating units for tenants in multifamily complexes - correct answer c. Providing a professional opinion of the value of real property A professional association whose local affiliates own and operate MLS systems throughout the United States is the ________. (a) NAR (b) CCIM (c) BOMA (d) ICSC - correct answer a. NAR A license holder was tried in a state district court on a complaint arising from a real estate transaction. The court ruled that, among other transgressions, the defendant had violated the Texas Real Estate License Act. This decision of the judge was based upon _____. (a) Statutory law (b) Civil law (c) Common law (d) Local ordinance - correct answer a. Statutory law Rights that are associated with the ownership of real property are often referred to as the owner's ______. (a) Bundle of rights (b) Constitutional rights (c) Statutory rights (d) Civil rights - correct answer a. Bundle of rights Surface, subsurfacen and air rights are said to be ______. (a) Indivisible (b) Severable (c) Divisible (d) Unitary - correct answer b. Severable Air rights are commonly leased or conveyed in ______. (a) Cell tower leases (b) Condominiums (c) Outdoor advertising (d) All of these are correct - correct answer d. All of these are correct In order to be valid, a lease must have which of the following requirements? (a) Competent parties (lessor and lessee) (b) Consideration (rent) (c) Legal purpose (d) All of these are correct - correct answer d. All of these are correct If a landowner sues the government in order to force it to buy his/her land, this is called ______. (a) Condemnation (b) Escheat (c) Eminent domain (d) Inverse condemnation - correct answer d. Inverse condemnation Releases can terminate ________. (a) easements (b) prescriptions (c) implied grants (d) necessities - correct answer a. easements Under some circumstances, the _____ paid on a mortgage may be tax-deductible. (a) Principal (b) Late fees (c) Interest (d) Down payment - correct answer c. Interest Homeowners insurance can protect the policyholders from unexpected losses, including _____. (a) Fire (b) Vandalism (c) Personal liability (d) All of these are correct - correct answer d. All of these are correct _____, also known as homeowners insurance can cover losses related to the main structure, contents, and outbuildings of a private residence. (a) General liability (b) Errors and omissions (c) Hazard (d) Rent loss insurance - correct answer c. Hazard Scenario 1: - correct answer The Chandlers have listed their home with Reba, whose eye-catching billboards along the interstate proclaim her to be her brokerage's "Top Agent of the Year." The Chandlers' two-story home is 1,817 . and shares a party wall on the north side of the home, separating it from their next-door neighbor's home. The homeowner's association controls the exterior of the home, including the upkeep of the 12×14 patch of grass in the gated back area, for a quarterly $428 maintenance fee. The Chandlers, who have lived in the home for the last four years, are leaving because Mr. Chandler's job is moving to another city, and his company said if he wants to keep his job, he'd better move too. Reba advises the couple to list their property at $358,000, which she thinks is a fair market value for the area. The Chandlers agree with her, but they are secretly worried that they may have to pay capital gains tax on the sale of the home. They will be making quite a bit on the sale as they bought the ho