PRINCIPLES OF REAL ESTATE 1 COMPREHENSIVE EXAM
QUESTIONS AND ANSWERS GUARANTEE A+
✔✔__________ is written law enacted by state (or federal) legislative bodies. -
✔✔Statutory law
✔✔What encompasses the activities a sales agent performs in order to seek out
potential clients? - ✔✔Prospecting
✔✔The Education Standards Advisory Committee was created in: - ✔✔2012.
✔✔If a real estate salesperson closes on a transaction, who pays the salesperson their
commission? - ✔✔The salesperson's sponsoring broker
✔✔A means of comparing similar type properties, which have recently sold, to the
subject property is known as the? - ✔✔Market Comparison Approach
✔✔The market comparison approach is commonly used for this property type? -
✔✔Residential
✔✔The amount of goods offered for sale within a given market at a given price during a
given time period is known as? - ✔✔Supply
✔✔A real estate agent is an example of what type of agent? - ✔✔Special agent
✔✔A refrigerator is typically considered? - ✔✔Personal Property
✔✔Mobile homes not permanently attached to the land are generally considered? -
✔✔Personal Property
✔✔Which of the following is considered a legal test for determining if an item is a fixture
or not? - ✔✔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? - ✔✔Bundle of rights
✔✔Which of the following is an example of a fixture? - ✔✔Kitchen cabinets
✔✔Which of the following is an advantage to owning a home? - ✔✔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? - ✔✔First-time homebuyer
✔✔Which of the following is NOT a form of real property? - ✔✔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? - ✔✔Condominium
✔✔A mortgage payment typically includes? - ✔✔Interest
Principal
Insurance
✔✔Real estate brokers have a ...... relationship with the principal? - ✔✔Fiduciary
✔✔The 'L' in the acronym C.O.A.L.D. stands for which fiduciary duty? - ✔✔Loyalty
✔✔When a real estate broker represents a buyer in a transaction, the broker and buyer
are bound by which of the following contracts? - ✔✔buyer representation agreement
✔✔An agency relationship created by oral or written agreement between the principal
and the agent is known as? - ✔✔Express agency
✔✔The Deceptive Trade Practices Act discourages agent from which of the following
acts? - ✔✔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? - ✔✔Texas Real Estate License Act
✔✔The laws governing fair housing are also referred to as? - ✔✔equal housing
opportunities
✔✔Under the Equal Credit Opportunity Act, lenders must provide financing based on
which of the following criteria? - ✔✔Income
✔✔Blockbusting is also known as? - ✔✔panic selling
QUESTIONS AND ANSWERS GUARANTEE A+
✔✔__________ is written law enacted by state (or federal) legislative bodies. -
✔✔Statutory law
✔✔What encompasses the activities a sales agent performs in order to seek out
potential clients? - ✔✔Prospecting
✔✔The Education Standards Advisory Committee was created in: - ✔✔2012.
✔✔If a real estate salesperson closes on a transaction, who pays the salesperson their
commission? - ✔✔The salesperson's sponsoring broker
✔✔A means of comparing similar type properties, which have recently sold, to the
subject property is known as the? - ✔✔Market Comparison Approach
✔✔The market comparison approach is commonly used for this property type? -
✔✔Residential
✔✔The amount of goods offered for sale within a given market at a given price during a
given time period is known as? - ✔✔Supply
✔✔A real estate agent is an example of what type of agent? - ✔✔Special agent
✔✔A refrigerator is typically considered? - ✔✔Personal Property
✔✔Mobile homes not permanently attached to the land are generally considered? -
✔✔Personal Property
✔✔Which of the following is considered a legal test for determining if an item is a fixture
or not? - ✔✔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? - ✔✔Bundle of rights
✔✔Which of the following is an example of a fixture? - ✔✔Kitchen cabinets
✔✔Which of the following is an advantage to owning a home? - ✔✔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? - ✔✔First-time homebuyer
✔✔Which of the following is NOT a form of real property? - ✔✔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? - ✔✔Condominium
✔✔A mortgage payment typically includes? - ✔✔Interest
Principal
Insurance
✔✔Real estate brokers have a ...... relationship with the principal? - ✔✔Fiduciary
✔✔The 'L' in the acronym C.O.A.L.D. stands for which fiduciary duty? - ✔✔Loyalty
✔✔When a real estate broker represents a buyer in a transaction, the broker and buyer
are bound by which of the following contracts? - ✔✔buyer representation agreement
✔✔An agency relationship created by oral or written agreement between the principal
and the agent is known as? - ✔✔Express agency
✔✔The Deceptive Trade Practices Act discourages agent from which of the following
acts? - ✔✔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? - ✔✔Texas Real Estate License Act
✔✔The laws governing fair housing are also referred to as? - ✔✔equal housing
opportunities
✔✔Under the Equal Credit Opportunity Act, lenders must provide financing based on
which of the following criteria? - ✔✔Income
✔✔Blockbusting is also known as? - ✔✔panic selling
