Principles of Real Estate 1- Champions School of Real Estate Exam Questions and Answers

Principles of Real Estate 1- Champions School of Real Estate Exam Questions and Answers a freeway has made commuting to a distant suburban neighborhood easier, resulting in an increase in new home sales. This increase in sales is an example of the economic characteristic of A.) scarcity B.) Fixity C.) Situs D.) Modification - Answer- D.) Modification The supply of Real Estate is affected by A.) Land cost B.) Building codes C.) Government regulations D.) All of these - Answer- D.) All of these The least important factor affecting demand for real estate is: A.) Population Growth B.) Personal Preference C.) Availability of Credit D.) Transportation Systems - Answer- B.) Personal Preference A lawsuit was tried on a real estate matter. The judge ruled in the case, citing the decision of a judge in a similar case that was tried ten years ago. The judges decision in the case was most likely based upon: A.) Statutory Law B.) Civil Law C.) Common Law D.) Local ordinance - Answer- C.) Common Law 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 - Answer- A.) Statutory Law RMLOs in Texas are licensed through: A.) Texas Real Estate Commission B.) National Mortgage Bankers Association C.) Texas Department of Savings and Mortgage Lending D.) Texas savings and loan board - Answer- C.) Texas Department of Savings and Mortgage Lending A Freeway has made commuting to a distant suburban neighborhood easier, resulting in an increase in new home sales. This increase in sales is an example of the economic characteristics of: A.) Scarcity B.) Fixity C.) Situs D.) Modification - Answer- D.) Modification Air Rights are commonly leased or conveyed in: A.) Cell tower leases B.) Condominiums C.) Outdoor Advertising D.) All of these are correct - Answer- D) all of these Building, roads and fences are all examples of: A.) Personal Property B.) Private Property C.) Improvements D.) Public Property - Answer- C.) Improvements If a tenant fails to remove trade fixtures from the leased premises, the fixtures become the property of the landlord through: A.) Remediation B.) Adverse Possession C.) Accession D.) Descent - Answer- C.) Accession Effective in 1976, manufactured homes have been built according to a building code administered by: A.) Local building departments B.) State code enforcement C.) HUD D.) FHA - Answer- C.) HUD