AYPO Real Estate Principles of Real
Estate I Exam Study Guide question with
answers
TREC has the authority under TRELA to suspend or even revoke a broker's license if:
- -They conduct the unlawful practice of law
-ESAC stands for: - -Education Standards Advisory Committee
-What refers to a location from an economic rather than a geographic standpoint? -
-Situs.
-Which amendment guarantees that a citizen will not be deprived of property
without due process of law? - -5th Amendment.
-The CFPB is the: - -Consumer Financial Protection Bureau
-A professional organization or association is usually a not-for-profit organization
that seeks to: - -further a particular profession and the interests of individuals
engaged in that profession.
-A contraction or generally slowing down of the economy is a: - -Recession.
-What is the primary purpose for real estate licensing laws? - -1. To protect the
general public during real estate transactions from dishonest or incompetent
brokers and sales agents.
2. To set out minimum standards and qualifications for licensing brokers and sales
agents.
3. To protect licensed brokers and sales agents from unfair or improper competition.
-Per 1101.2051(b), information or material prepared or compiled by the
commission in connection with a complaint, investigation, or audit may be
disclosed: - -to the respondent of the complaint.
-What type of property category includes churches, other places of worship, schools
and colleges, cemeteries and certain government-held properties? - -Special-
purpose.
-Emblements are best described by which of the following? - -Harvestable plants,
trees, and uncultivated vegetation.
-A manufactured home can be considered real property if: - -1. both the Texas
Department of Housing and Community Affairs and the home's county's chief tax
appraiser have been notified of the filing
2. a certified copy of the "Statement of ownership and location" for the home has
been filed by the owner in the real property records of the county where the home
is located
, 3. the owner of the home has elected to treat the home as their real property
-The number one reason that people move is: - -Employment opportunity
-How much money can a first time homebuyer draw from his or her own IRA
without tax penalty for the purchase? - -$10,000
-According to the Texas Department of Insurance, most homeowners policies in
Texas include which of the following coverages? - -1. Loss of use.
2. Medical payments.
3. Dwelling.
-A C.L.U.E. report advises a consumer on: - -up to seven years of claims history on
a property
-Prior to the introduction of the condominium concept, property ownership had
been limited to ownership of... - -Land.
-All the meanings of agent and agency refer to someone who does which of the
following? (Best answer.) - -Acts on behalf of someone else to perform a task or
range of tasks.
-An appointed licensee must do which of the following? - -Not disclose that an
owner would accept a price lower than the asking price
-Which of the following fulfills Section 1101.806 of TRELA requirements for
compensation? - -The agreement to pay was in writing and signed by the party to
be charged
-Multiple real estate brokerages establishing an across-the-board 6% commission
for their agents would be guilty of... - -price fixing.
-Which of the following are common law fiduciary duties? - -Care, disclosure,
loyalty, accounting, & obedience
-Which of the following is not used as a test to determine whether a statement is
mere "puffing"? - -The cost of the good or service
-The term "false, misleading, or deceptive acts or practices" includes, but is not
limited to which of the following acts? - -1. Using deceptive representations or
designations of geographic origin in connection with goods or services
2. Passing off goods or services as those of another
3. Disparaging the goods, services, or business of another by false or misleading
representation of facts
-Changes to the Fair Housing Act include: - -Public and common areas must be
accessible to persons with disabilities
Estate I Exam Study Guide question with
answers
TREC has the authority under TRELA to suspend or even revoke a broker's license if:
- -They conduct the unlawful practice of law
-ESAC stands for: - -Education Standards Advisory Committee
-What refers to a location from an economic rather than a geographic standpoint? -
-Situs.
-Which amendment guarantees that a citizen will not be deprived of property
without due process of law? - -5th Amendment.
-The CFPB is the: - -Consumer Financial Protection Bureau
-A professional organization or association is usually a not-for-profit organization
that seeks to: - -further a particular profession and the interests of individuals
engaged in that profession.
-A contraction or generally slowing down of the economy is a: - -Recession.
-What is the primary purpose for real estate licensing laws? - -1. To protect the
general public during real estate transactions from dishonest or incompetent
brokers and sales agents.
2. To set out minimum standards and qualifications for licensing brokers and sales
agents.
3. To protect licensed brokers and sales agents from unfair or improper competition.
-Per 1101.2051(b), information or material prepared or compiled by the
commission in connection with a complaint, investigation, or audit may be
disclosed: - -to the respondent of the complaint.
-What type of property category includes churches, other places of worship, schools
and colleges, cemeteries and certain government-held properties? - -Special-
purpose.
-Emblements are best described by which of the following? - -Harvestable plants,
trees, and uncultivated vegetation.
-A manufactured home can be considered real property if: - -1. both the Texas
Department of Housing and Community Affairs and the home's county's chief tax
appraiser have been notified of the filing
2. a certified copy of the "Statement of ownership and location" for the home has
been filed by the owner in the real property records of the county where the home
is located
, 3. the owner of the home has elected to treat the home as their real property
-The number one reason that people move is: - -Employment opportunity
-How much money can a first time homebuyer draw from his or her own IRA
without tax penalty for the purchase? - -$10,000
-According to the Texas Department of Insurance, most homeowners policies in
Texas include which of the following coverages? - -1. Loss of use.
2. Medical payments.
3. Dwelling.
-A C.L.U.E. report advises a consumer on: - -up to seven years of claims history on
a property
-Prior to the introduction of the condominium concept, property ownership had
been limited to ownership of... - -Land.
-All the meanings of agent and agency refer to someone who does which of the
following? (Best answer.) - -Acts on behalf of someone else to perform a task or
range of tasks.
-An appointed licensee must do which of the following? - -Not disclose that an
owner would accept a price lower than the asking price
-Which of the following fulfills Section 1101.806 of TRELA requirements for
compensation? - -The agreement to pay was in writing and signed by the party to
be charged
-Multiple real estate brokerages establishing an across-the-board 6% commission
for their agents would be guilty of... - -price fixing.
-Which of the following are common law fiduciary duties? - -Care, disclosure,
loyalty, accounting, & obedience
-Which of the following is not used as a test to determine whether a statement is
mere "puffing"? - -The cost of the good or service
-The term "false, misleading, or deceptive acts or practices" includes, but is not
limited to which of the following acts? - -1. Using deceptive representations or
designations of geographic origin in connection with goods or services
2. Passing off goods or services as those of another
3. Disparaging the goods, services, or business of another by false or misleading
representation of facts
-Changes to the Fair Housing Act include: - -Public and common areas must be
accessible to persons with disabilities
