PRINCIPLES OF REAL ESTATE 1
FINAL EXAM QUESTIONS &
ACCURATE COMPLETE SOLUTIONS
If a real estate salesperson closes on a transaction, who pays the salesperson their
commission? - Correct Answer ✔✔ The salesperson's sponsoring broker
A means of comparing similar type properties, which have recently sold, to the subject
property is known as the? - Correct Answer ✔✔ Market Comparison Approach
The market comparison approach is commonly used for this property type? - Correct
Answer ✔✔ Residential
The amount of goods offered for sale within a given market at a given price during a
given time period is known as? - Correct Answer ✔✔ Supply
A real estate agent is an example of what type of agent? - Correct Answer ✔✔ Special
agent
A refrigerator is typically considered? - Correct Answer ✔✔ Personal Property
Mobile homes not permanently attached to the land are generally considered? - Correct
Answer ✔✔ Personal Property
Which of the following is considered a legal test for determining if an item is a fixture or
not? - Correct Answer ✔✔ Mode and permanence of how the item was attached
Adaptation of the item
Intention of the parties
All of the above
The right of exclusion, which allows a landowner to prevent others from entering or
occupying their property, is included in the? - Correct Answer ✔✔ Bundle of rights
Which of the following is an example of a fixture? - Correct Answer ✔✔ Kitchen
cabinets
Which of the following is an advantage to owning a home? - Correct Answer ✔✔
Potential for asset appreciation
Tax benefits
Pride of ownership
All of the above
, An individual who has not owned real property for at least the previous two years is
known as a? - Correct Answer ✔✔ First-time homebuyer
Which of the following is NOT a form of real property? - Correct Answer ✔✔
Cooperative
A form of ownership of real property recognized in all states that consists of individual
ownership of some aspects and co-ownership in other aspects of the property is known
as a? - Correct Answer ✔✔ Condominium
A mortgage payment typically includes? - Correct Answer ✔✔ Interest
Principal
Insurance
Real estate brokers have a ...... relationship with the principal? - Correct Answer ✔✔
Fiduciary
The 'L' in the acronym C.O.A.L.D. stands for which fiduciary duty? - Correct Answer ✔✔
Loyalty
When a real estate broker represents a buyer in a transaction, the broker and buyer are
bound by which of the following contracts? - Correct Answer ✔✔ buyer representation
agreement
An agency relationship created by oral or written agreement between the principal and
the agent is known as? - Correct Answer ✔✔ Express agency
The Deceptive Trade Practices Act discourages agent from which of the following acts?
- Correct Answer ✔✔ Puffing- usually a exaggeration made by a salesperson or found
in an ad regarding the quality of the item or the service offered.
The prohibition of fair housing discrimination by a licensee is described in which of the
following Acts? - Correct Answer ✔✔ Texas Real Estate License Act
The laws governing fair housing are also referred to as? - Correct Answer ✔✔ equal
housing opportunities
Under the Equal Credit Opportunity Act, lenders must provide financing based on which
of the following criteria? - Correct Answer ✔✔ Income
Any medical disorder, condition, disfigurement or loss affecting one of the body systems
is known as a...? - Correct Answer ✔✔ Physical impairment
Blockbusting is also known as? - Correct Answer ✔✔ panic selling
FINAL EXAM QUESTIONS &
ACCURATE COMPLETE SOLUTIONS
If a real estate salesperson closes on a transaction, who pays the salesperson their
commission? - Correct Answer ✔✔ The salesperson's sponsoring broker
A means of comparing similar type properties, which have recently sold, to the subject
property is known as the? - Correct Answer ✔✔ Market Comparison Approach
The market comparison approach is commonly used for this property type? - Correct
Answer ✔✔ Residential
The amount of goods offered for sale within a given market at a given price during a
given time period is known as? - Correct Answer ✔✔ Supply
A real estate agent is an example of what type of agent? - Correct Answer ✔✔ Special
agent
A refrigerator is typically considered? - Correct Answer ✔✔ Personal Property
Mobile homes not permanently attached to the land are generally considered? - Correct
Answer ✔✔ Personal Property
Which of the following is considered a legal test for determining if an item is a fixture or
not? - Correct Answer ✔✔ Mode and permanence of how the item was attached
Adaptation of the item
Intention of the parties
All of the above
The right of exclusion, which allows a landowner to prevent others from entering or
occupying their property, is included in the? - Correct Answer ✔✔ Bundle of rights
Which of the following is an example of a fixture? - Correct Answer ✔✔ Kitchen
cabinets
Which of the following is an advantage to owning a home? - Correct Answer ✔✔
Potential for asset appreciation
Tax benefits
Pride of ownership
All of the above
, An individual who has not owned real property for at least the previous two years is
known as a? - Correct Answer ✔✔ First-time homebuyer
Which of the following is NOT a form of real property? - Correct Answer ✔✔
Cooperative
A form of ownership of real property recognized in all states that consists of individual
ownership of some aspects and co-ownership in other aspects of the property is known
as a? - Correct Answer ✔✔ Condominium
A mortgage payment typically includes? - Correct Answer ✔✔ Interest
Principal
Insurance
Real estate brokers have a ...... relationship with the principal? - Correct Answer ✔✔
Fiduciary
The 'L' in the acronym C.O.A.L.D. stands for which fiduciary duty? - Correct Answer ✔✔
Loyalty
When a real estate broker represents a buyer in a transaction, the broker and buyer are
bound by which of the following contracts? - Correct Answer ✔✔ buyer representation
agreement
An agency relationship created by oral or written agreement between the principal and
the agent is known as? - Correct Answer ✔✔ Express agency
The Deceptive Trade Practices Act discourages agent from which of the following acts?
- Correct Answer ✔✔ Puffing- usually a exaggeration made by a salesperson or found
in an ad regarding the quality of the item or the service offered.
The prohibition of fair housing discrimination by a licensee is described in which of the
following Acts? - Correct Answer ✔✔ Texas Real Estate License Act
The laws governing fair housing are also referred to as? - Correct Answer ✔✔ equal
housing opportunities
Under the Equal Credit Opportunity Act, lenders must provide financing based on which
of the following criteria? - Correct Answer ✔✔ Income
Any medical disorder, condition, disfigurement or loss affecting one of the body systems
is known as a...? - Correct Answer ✔✔ Physical impairment
Blockbusting is also known as? - Correct Answer ✔✔ panic selling
