,Texas Principles of Real Estate 1 (Exam
Prep) QUESTIONS AND ANSWERS 100%
ACCURATE!
The purpose of the Texas Real Estate License Act is:
A. to regulate the sale of real property in Texas
B. to prevent commission splits among licensees
C. To protect the public against unscrupulous brokers and salesmen
D. to define the rule of agents in real estate transactions - ANSWER C
Climate, views, access to natural recreation, good schools and job opportunities are
some factors that contribute to the desirability of land in particular locations. These
factors best describe:
A. Scarcity
B. Situs
C. Modification
D. Fixity - ANSWER B
When real property is sold:
A. Fixtures remain with the property
B. Fixtures require a bill of sale
C. Fixtures can be removed by the seller
D. Fixtures are considered chattel - ANSWER A
Emblements are:
A. Personal property
B. Annually cultivated crops
C. Attached to the land
D. All of the above - ANSWER D
What is often considered the most important test of a fixture?
A. Cost
,B. Method of attachment
C. Adaptation to the property
D. Intention of the parties - ANSWER B
Homeowners insurance can protect the policyholder from unexpected losses, including:
A. Fire
B. Vandalism
C. Personal liability
D. All of the above - ANSWER D
When an agent is authorized to carry out the affairs of a business for another this is:
A. Universal agency
B. Special agency
C. General agency
D. Limited agency - ANSWER C
The duties of an agent include:
A. Loyalty, confidentiality, and disclosure
B. Trust, performance, and obedience
C. Competence, confidentiality, and reasonable care
D. Reimbursement, accounting, and disclosure - ANSWER A
One who represents another from who he has derived authority is called:
A. An agent
B. A Principal
C. A client
D. A broker - ANSWER A
A licensee who represents a party must disclose this representation:
A. At first contact
B. At a meeting after the parties have signed a sales contract
C. On the IABS form
D. All of these are correct - ANSWER A
All of these are factors which can affect insurance premiums, EXCEPT:
, A. Location
B. Policyholder's claims history
C. Policyholder's age
D. Age and condition of the property - ANSWER C
The main distinction between a townhouse and a single-family home is that:
A. Townhomes share a common wall (party wall)
B. Single-family homes are sold as distinct living units on individual lots
C. Owners of townhomes do not own the land beneath the structure
D. Townhomes are retro-conditioned - ANSWER A
The duties of a broker in a fiduciary relationship do NOT include:
A. Accounting
B. Loyalty
C. Care
D. Trust - ANSWER D
The IABS form is used:
A. In place of a Seller's Listing Agreement
B. To provide agency information to consumers
C. As an employment contract
D. In place of a Buyer Representation Agreement - ANSWER B
Appointed associates under an Intermediary may:
A. Communicate advice and opinions to both parties
B. Carry out instructions of both parties
C. Give advice and opinions to their respective parties
D. Give advice and opinions to either party - ANSWER C
The Intermediary Relationship Notice:
A. Is give at the first face-to-face meeting with a prospect
B. Is used to disclose representation
C. Names the appointed associates when intermediary with appointments is used
D. Is a mandatory form in all transactions - ANSWER C
Prep) QUESTIONS AND ANSWERS 100%
ACCURATE!
The purpose of the Texas Real Estate License Act is:
A. to regulate the sale of real property in Texas
B. to prevent commission splits among licensees
C. To protect the public against unscrupulous brokers and salesmen
D. to define the rule of agents in real estate transactions - ANSWER C
Climate, views, access to natural recreation, good schools and job opportunities are
some factors that contribute to the desirability of land in particular locations. These
factors best describe:
A. Scarcity
B. Situs
C. Modification
D. Fixity - ANSWER B
When real property is sold:
A. Fixtures remain with the property
B. Fixtures require a bill of sale
C. Fixtures can be removed by the seller
D. Fixtures are considered chattel - ANSWER A
Emblements are:
A. Personal property
B. Annually cultivated crops
C. Attached to the land
D. All of the above - ANSWER D
What is often considered the most important test of a fixture?
A. Cost
,B. Method of attachment
C. Adaptation to the property
D. Intention of the parties - ANSWER B
Homeowners insurance can protect the policyholder from unexpected losses, including:
A. Fire
B. Vandalism
C. Personal liability
D. All of the above - ANSWER D
When an agent is authorized to carry out the affairs of a business for another this is:
A. Universal agency
B. Special agency
C. General agency
D. Limited agency - ANSWER C
The duties of an agent include:
A. Loyalty, confidentiality, and disclosure
B. Trust, performance, and obedience
C. Competence, confidentiality, and reasonable care
D. Reimbursement, accounting, and disclosure - ANSWER A
One who represents another from who he has derived authority is called:
A. An agent
B. A Principal
C. A client
D. A broker - ANSWER A
A licensee who represents a party must disclose this representation:
A. At first contact
B. At a meeting after the parties have signed a sales contract
C. On the IABS form
D. All of these are correct - ANSWER A
All of these are factors which can affect insurance premiums, EXCEPT:
, A. Location
B. Policyholder's claims history
C. Policyholder's age
D. Age and condition of the property - ANSWER C
The main distinction between a townhouse and a single-family home is that:
A. Townhomes share a common wall (party wall)
B. Single-family homes are sold as distinct living units on individual lots
C. Owners of townhomes do not own the land beneath the structure
D. Townhomes are retro-conditioned - ANSWER A
The duties of a broker in a fiduciary relationship do NOT include:
A. Accounting
B. Loyalty
C. Care
D. Trust - ANSWER D
The IABS form is used:
A. In place of a Seller's Listing Agreement
B. To provide agency information to consumers
C. As an employment contract
D. In place of a Buyer Representation Agreement - ANSWER B
Appointed associates under an Intermediary may:
A. Communicate advice and opinions to both parties
B. Carry out instructions of both parties
C. Give advice and opinions to their respective parties
D. Give advice and opinions to either party - ANSWER C
The Intermediary Relationship Notice:
A. Is give at the first face-to-face meeting with a prospect
B. Is used to disclose representation
C. Names the appointed associates when intermediary with appointments is used
D. Is a mandatory form in all transactions - ANSWER C
