Principles of Real Estate II Questions &
Answers 100% Correct
Of the 167,625,000 acres of land in Texas, 1.92% is owned by the state and/or federal government,
ranking Texas _______ of the 50 states. - ANSWER 47
A CMA is what? - ANSWER Comparative Market Analysis
A county clerk who accepts electronic documents for recording is required to do: - ANSWER
continue to accept paper documents,
and place entries for paper documents and electronic documents in the index.
The minimum general requirements for an instrument to qualify as a deed in Texas include: -
ANSWER Contain words of conveyance.
Before the depreciation deduction can be determined, a value of the property, called ____________,
needs to be determined. - ANSWER equity
What does CERCLA do? - ANSWER Provides a Federal "Superfund" to clean up uncontrolled or
abandoned hazardous-waste sites as well as accidents, spills, and other emergency releases of
pollutants and contaminants into the environment.
The disclosure documents that were required prior to 10.3.15 for closed-end credit transactions
were combined to create two new standardized documents commonly called: - ANSWER TILA-RESPA
Integrated Disclosures
The Closing disclosure: - ANSWER Combines and replaces the final Truth-in-Lending disclosure and
the HUD-1
The characteristics of a comprehensive plan does include: - ANSWER An plan for the physical
development of a community, Land us, public facilities, and circulation elements. Being future-
oriented.
, An applicant is allowed to use what electronic devices during the real estate exam? - ANSWER Hand-
held calculator.
General Warranty, Special Warranty, and quitclaim are all forms of? - ANSWER Deeds
When an offer to purchase real estate in Texas is signed, a license holder shall advise each buyer, in
writing, that the buyer should do both: - ANSWER Be provided with or obtain a title insurance policy,
and have the abstract covering the real estate that is the subject of the contract examined by an
attorney chosen by the buyer.
Requirement that need to be met for a REIT: - ANSWER At least 75% of the REIT's total assets must
be invested in real estate assets and cash.
CFPB stands for - ANSWER Consumer Financial Protection Bureau
Furnishings, artwork, antiques, gems and jewelry collectibles, machinery and equipment are
considered to be: - ANSWER personal property
Formula to determined Capital Gain: - ANSWER Profit from Sale- Base Value (equals) Capital Gain
A $288,000 loan (following a $72,000 down) on a home purchased at $360,000 would be what "loan
to value" - ANSWER 80%
The home must remain as the veteran's primary residence for at least three years is a - ANSWER VLB
qualifying requirement
A T-47 affidavit requires that a seller swear under oath to: - ANSWER no easements have been
granted on the property and that no material change exists in the structures, fences, structures on
adjoining propeties, conveyances, or replats
A Certified General Appraiser is authorized to appraise: - ANSWER all types of real property
In a "closing," what actually closes is: - ANSWER The real property sale between the buyer(s) and the
seller(s).
Answers 100% Correct
Of the 167,625,000 acres of land in Texas, 1.92% is owned by the state and/or federal government,
ranking Texas _______ of the 50 states. - ANSWER 47
A CMA is what? - ANSWER Comparative Market Analysis
A county clerk who accepts electronic documents for recording is required to do: - ANSWER
continue to accept paper documents,
and place entries for paper documents and electronic documents in the index.
The minimum general requirements for an instrument to qualify as a deed in Texas include: -
ANSWER Contain words of conveyance.
Before the depreciation deduction can be determined, a value of the property, called ____________,
needs to be determined. - ANSWER equity
What does CERCLA do? - ANSWER Provides a Federal "Superfund" to clean up uncontrolled or
abandoned hazardous-waste sites as well as accidents, spills, and other emergency releases of
pollutants and contaminants into the environment.
The disclosure documents that were required prior to 10.3.15 for closed-end credit transactions
were combined to create two new standardized documents commonly called: - ANSWER TILA-RESPA
Integrated Disclosures
The Closing disclosure: - ANSWER Combines and replaces the final Truth-in-Lending disclosure and
the HUD-1
The characteristics of a comprehensive plan does include: - ANSWER An plan for the physical
development of a community, Land us, public facilities, and circulation elements. Being future-
oriented.
, An applicant is allowed to use what electronic devices during the real estate exam? - ANSWER Hand-
held calculator.
General Warranty, Special Warranty, and quitclaim are all forms of? - ANSWER Deeds
When an offer to purchase real estate in Texas is signed, a license holder shall advise each buyer, in
writing, that the buyer should do both: - ANSWER Be provided with or obtain a title insurance policy,
and have the abstract covering the real estate that is the subject of the contract examined by an
attorney chosen by the buyer.
Requirement that need to be met for a REIT: - ANSWER At least 75% of the REIT's total assets must
be invested in real estate assets and cash.
CFPB stands for - ANSWER Consumer Financial Protection Bureau
Furnishings, artwork, antiques, gems and jewelry collectibles, machinery and equipment are
considered to be: - ANSWER personal property
Formula to determined Capital Gain: - ANSWER Profit from Sale- Base Value (equals) Capital Gain
A $288,000 loan (following a $72,000 down) on a home purchased at $360,000 would be what "loan
to value" - ANSWER 80%
The home must remain as the veteran's primary residence for at least three years is a - ANSWER VLB
qualifying requirement
A T-47 affidavit requires that a seller swear under oath to: - ANSWER no easements have been
granted on the property and that no material change exists in the structures, fences, structures on
adjoining propeties, conveyances, or replats
A Certified General Appraiser is authorized to appraise: - ANSWER all types of real property
In a "closing," what actually closes is: - ANSWER The real property sale between the buyer(s) and the
seller(s).
