Principles of Real Estate Exam With 100% Correct Answers 2024

Principles of Real Estate Exam With 100% Correct Answers 2024 real property - answerresidential, commercial, mixed use, industrial, agricultural, special purpose 1949 - answerTexas Real Estate License Act was passed in Legislative Acts - answerrules and regulations adopted by government agencies are used to implement and enforce ___ real property - answerare fixtures real or personal property? real property - answerrefers to the surface of the earth, below to the center of the earth, above to infinity, natural things permanently attached, man-made things permanently attached, and legal interests, rights, and privileges Tests for determining whether an item is a fixture include: - answer-Intent: Did the owner intend for it to be permanent? -Adaptation to real estate: like a screen -Method of annexation: Can it be removed without causing damage? demand - answerthe amount of goods consumers are willing and able to buy at a given price during a given time period. factors that would affect supply - answerlabor supply, construction costs, government controls and policies -when supply increases and demand remains the same, prices go down -when demand increases and supply remains the same, prices go up - answerdo supply and price move in the same or opposite directions? physical characteristics of land - answernonhomogenity, immobility, indestructibility 80% - answerIf a homeowner has a property insurance policy with a coinsurance clause, the homeowner must usually insure the property for at least what percent of replacement cost to collect for full replacement cost when damage occurs? equity - answerThe value that an owner has in the property that exceeds the amount of the mortgage debt is $250,000 - answerIf a single person who is otherwise eligible for a capital gains tax exclusion marries someone who has used the exclusion within the two years prior to the marriage, the newly married homeowner would be allowed a maximum exclusion of intermediary - answerIf one broker, through appointed licensees, communicates with and carries out the instructions of different principals in one transaction he/she is acting as an Accepted and signed - answerUnless some other written agreement has been made, the broker will usually receive the sales c