Texas Real Estate Principles 1 (Practice Exam) 2024

Courses for the renewal of an active real estate broker or sales agent license are called - continuing education (CE) What is the maximum amount that the Commission will pay from the real estate recovery trust account for claims against any one license holder, until the account has been repaid in full by the license holder? - $100,000 Which is owned by the tenant? - a trade fixture Which of the following terms refers not only to the surface of the earth but also below to the center of the earth, above to infinity, and natural things permanently attached but does NOT refer to artificial things permanently attached? - land If the court learns that the seller placed a sign that said "Not Included" on the stove every time a buyer looked at the property, the court will consider which of the following in determining whether the stove is a fixture, absent a written agreement? - Intention of the parties What type of estate is complete ownership and exists for an unlimited time? - fee simple If a condition of ownership is violated, title to the subject property automatically reverts to the original owner in - a determinable fee estate An urban homestead is limited to a lot or lots NOT to exceed how many acres? - 10 The method used to describe real estate by distance, direction, and boundaries is - metes-and-bounds method Which equals one square mile or 640 acres? - section Under the federal Fair Housing Act, real estate organizations, such as multiple listing services, may NOT do which because someone is in a protected group? - refuse membership or put conditions on participation Which aspect of the Canons of Professional Ethics and Conduct requires the broker or sales agent to be informed on market conditions and national, state, and local developments affecting the real estate business? - competency. A complaint of discrimination brought under the Texas Fair Housing Act can be filed with the U.S. Department of Housing and Urban Development or with - the Texas Workforce Commission Civil Rights Division