,Texas Principles of Real Estate 1: Quiz
Questions AND ANSWERS 100%
CORRECT!
Special Agent - ANSWER A real estate agent is an example of what type of agent...?
Universal Agent
General Agent
Special Agent
Specific Agent
Market Comparison Approach - ANSWER A means of comparing similar type
properties, which have recently sold, to the subject property is known as the...?
Cost Approach
Assessment Approach
Income Approach
Market Comparison Approach
Listing Contract - ANSWER A contract in which a property owner employs a real estate
broker to market the property described in the contract is known as the...
Agency Disclosure Contract
Purchase and Sales Contract
Closing Contract
Listing Contract
Commercial Property - ANSWER Properties with five or more dwelling units are
considered...?
Special Purpose Property
Commercial Property
Industrial Property
Residential Property
Supply - ANSWER The amount of goods offered for sale within a given market at a
given price during a given time period is known as...
, Demand
GDP
Supply
None of the above
The Salesperson's Sponsoring Broker - ANSWER If a real estate salesperson closes
on a transaction, who pays the salesperson their commission...?
The Buyer
The salesperson's sponsoring broker
Whatever is stated in the listing agreement
The Seller
General Agent - ANSWER A property manager is an example of what type of agent...?
Universal Agent
Specific Agent
General Agent
Special Agent
Principal - ANSWER The employer of an agent is known as the...?
Principal
All of the above
Customer
Escrow
Residential - ANSWER The market comparison approach is commonly used for this
property type...?
Mixed-use
Industrial
Residential
Commercial
Real Estate - ANSWER Land and everything permanently attached to land is defined
as...?
Bundle of Rights
Real Property
Questions AND ANSWERS 100%
CORRECT!
Special Agent - ANSWER A real estate agent is an example of what type of agent...?
Universal Agent
General Agent
Special Agent
Specific Agent
Market Comparison Approach - ANSWER A means of comparing similar type
properties, which have recently sold, to the subject property is known as the...?
Cost Approach
Assessment Approach
Income Approach
Market Comparison Approach
Listing Contract - ANSWER A contract in which a property owner employs a real estate
broker to market the property described in the contract is known as the...
Agency Disclosure Contract
Purchase and Sales Contract
Closing Contract
Listing Contract
Commercial Property - ANSWER Properties with five or more dwelling units are
considered...?
Special Purpose Property
Commercial Property
Industrial Property
Residential Property
Supply - ANSWER The amount of goods offered for sale within a given market at a
given price during a given time period is known as...
, Demand
GDP
Supply
None of the above
The Salesperson's Sponsoring Broker - ANSWER If a real estate salesperson closes
on a transaction, who pays the salesperson their commission...?
The Buyer
The salesperson's sponsoring broker
Whatever is stated in the listing agreement
The Seller
General Agent - ANSWER A property manager is an example of what type of agent...?
Universal Agent
Specific Agent
General Agent
Special Agent
Principal - ANSWER The employer of an agent is known as the...?
Principal
All of the above
Customer
Escrow
Residential - ANSWER The market comparison approach is commonly used for this
property type...?
Mixed-use
Industrial
Residential
Commercial
Real Estate - ANSWER Land and everything permanently attached to land is defined
as...?
Bundle of Rights
Real Property
