Texas Principles of Real Estate Final Exam 2
Questions With Correct Answers
What /purpose /do /the /Bureau /of /Land /Management, /Forest /Service, /Fish /and /Wildlife /Service,
/and /National /Parks /System /serve? /- /correct /answer(s) /✔✔ /They /are /federal /agencies /that
/control /public /land.
The /escrow /fees /are /$500 /to /be /split /equally /between /the /parties. /How /should /this /appear
on /the /closing /statement? /- /correct /answer(s) /✔✔ /$250 /debit /to /buyer, /$250 /debit /to /seller.
/
Jennifer /and /Mallory, /a /buyer /and /a /seller, /are /going /through /the /closing /process /of /their /real
/estate /transaction. /In /their /transaction, /like /in /most /sales /transactions, /two /closings /will /take
place /- /correct /answer(s) /✔✔ /The /closing /of /the /sale /and /the /closing /of /the /buyer's /loan.
/
Which /of /these /is /an /example /of /voluntary /alienation? /- /correct /answer(s) /✔✔ /Marjorie /wills
/her /home /to /her /children.
Cheryl /is /comparing /two /properties /and /she /wants /to /know /the /acreage /of /each /property.
/One /property /is /695 /ft. /x /834 /ft. /The /other /property /is /928 /ft. /x /294 /ft. /What /are /the
properties' /respective /acreages? /- /correct /answer(s) /✔✔ /13.3 /acres /and /6.26 /acres
/
What /has /been /the /impact /of /the /FHA's /practice /of /insuring /(protecting) /approved /lenders /of
/FHA /loans /against /losses? /- /correct /answer(s) /✔✔ /It /expanded /the /pool /of /potential
/homebuyers /that /lenders /were /willing /to /underwrite /loans /for.
Property /owners /and /property /managers /MUST /clarify /factors /such /as /the /manager's /duties
/and /responsibilities, /the /owner's /purpose, /an /allocation /of /costs, /and /the /scope /of /authority
through: /- /correct /answer(s) /✔✔ /A /written /property /management /agreement.
/
, Which /of /these /scenarios /would /be /most /likely /to /result /in /the /granting /of /a /conditional-use
/permit? /- /correct /answer(s) /✔✔ /Amy /wants /to /build /a /bed /and /breakfast /in /an /area /zoned
/for /residential /use.
Marvin /took /out /a /loan /of /$15,000 /to /remodel /his /house /at /a /5% /interest /rate. /If /no /principal
/had /been /repaid, /how /much /would /he /owe /in /interest /after /a /year? /- /correct /answer(s) /✔✔
/$750
Sally, /a /landlord, /charges /her /tenant /a /late /fee. /The /lease /specifies /that /there /will /be /a /late
/charge /for /late /rents, /the /tenant /is /two /full /days /late, /and /the /late /fee /is /equal /to /the /total
/monthly /rent /due.
Under /Texas /regulations, /what /would /be /the /best /Sally's /tenant /argument /against /paying /the
/late /fee /be? /- /correct /answer(s) /✔✔ /That /a /late /fee /equal /to /the /monthly /rent /due /is
/unreasonable.
What /are /restrictive /covenants? /- /correct /answer(s) /✔✔ /Non-governmental /limitations /that
/control /how /buyers /of /lots /within /residential /subdivisions /use /their /land.
Which /of /the /following /is /an /example /of /inverse /condemnation? /- /correct /answer(s) /✔✔ /The
/government /takes /some /of /Leslie's /farmland /to /expand /a /highway. /The /government /does
/NOT /provide /just /compensation /for /the /land /acquisition.
A /variable /lease /is /a /leasehold /agreement /in /which /the /base /rent /changes. /Variable /leases
can /take /the /form /of: /- /correct /answer(s) /✔✔ /A /graduated /lease /or /index /lease.
/
Which /is /NOT /one /of /the /three /approaches /to /value? /- /correct /answer(s) /✔✔ /Anticipation
Questions With Correct Answers
What /purpose /do /the /Bureau /of /Land /Management, /Forest /Service, /Fish /and /Wildlife /Service,
/and /National /Parks /System /serve? /- /correct /answer(s) /✔✔ /They /are /federal /agencies /that
/control /public /land.
The /escrow /fees /are /$500 /to /be /split /equally /between /the /parties. /How /should /this /appear
on /the /closing /statement? /- /correct /answer(s) /✔✔ /$250 /debit /to /buyer, /$250 /debit /to /seller.
/
Jennifer /and /Mallory, /a /buyer /and /a /seller, /are /going /through /the /closing /process /of /their /real
/estate /transaction. /In /their /transaction, /like /in /most /sales /transactions, /two /closings /will /take
place /- /correct /answer(s) /✔✔ /The /closing /of /the /sale /and /the /closing /of /the /buyer's /loan.
/
Which /of /these /is /an /example /of /voluntary /alienation? /- /correct /answer(s) /✔✔ /Marjorie /wills
/her /home /to /her /children.
Cheryl /is /comparing /two /properties /and /she /wants /to /know /the /acreage /of /each /property.
/One /property /is /695 /ft. /x /834 /ft. /The /other /property /is /928 /ft. /x /294 /ft. /What /are /the
properties' /respective /acreages? /- /correct /answer(s) /✔✔ /13.3 /acres /and /6.26 /acres
/
What /has /been /the /impact /of /the /FHA's /practice /of /insuring /(protecting) /approved /lenders /of
/FHA /loans /against /losses? /- /correct /answer(s) /✔✔ /It /expanded /the /pool /of /potential
/homebuyers /that /lenders /were /willing /to /underwrite /loans /for.
Property /owners /and /property /managers /MUST /clarify /factors /such /as /the /manager's /duties
/and /responsibilities, /the /owner's /purpose, /an /allocation /of /costs, /and /the /scope /of /authority
through: /- /correct /answer(s) /✔✔ /A /written /property /management /agreement.
/
, Which /of /these /scenarios /would /be /most /likely /to /result /in /the /granting /of /a /conditional-use
/permit? /- /correct /answer(s) /✔✔ /Amy /wants /to /build /a /bed /and /breakfast /in /an /area /zoned
/for /residential /use.
Marvin /took /out /a /loan /of /$15,000 /to /remodel /his /house /at /a /5% /interest /rate. /If /no /principal
/had /been /repaid, /how /much /would /he /owe /in /interest /after /a /year? /- /correct /answer(s) /✔✔
/$750
Sally, /a /landlord, /charges /her /tenant /a /late /fee. /The /lease /specifies /that /there /will /be /a /late
/charge /for /late /rents, /the /tenant /is /two /full /days /late, /and /the /late /fee /is /equal /to /the /total
/monthly /rent /due.
Under /Texas /regulations, /what /would /be /the /best /Sally's /tenant /argument /against /paying /the
/late /fee /be? /- /correct /answer(s) /✔✔ /That /a /late /fee /equal /to /the /monthly /rent /due /is
/unreasonable.
What /are /restrictive /covenants? /- /correct /answer(s) /✔✔ /Non-governmental /limitations /that
/control /how /buyers /of /lots /within /residential /subdivisions /use /their /land.
Which /of /the /following /is /an /example /of /inverse /condemnation? /- /correct /answer(s) /✔✔ /The
/government /takes /some /of /Leslie's /farmland /to /expand /a /highway. /The /government /does
/NOT /provide /just /compensation /for /the /land /acquisition.
A /variable /lease /is /a /leasehold /agreement /in /which /the /base /rent /changes. /Variable /leases
can /take /the /form /of: /- /correct /answer(s) /✔✔ /A /graduated /lease /or /index /lease.
/
Which /is /NOT /one /of /the /three /approaches /to /value? /- /correct /answer(s) /✔✔ /Anticipation
