REALESTATEU: TEXAS REAL ESTATE
PRINCIPLES PART 1 FINAL
CERTIFICATION SCRIPT 2026
QUESTIONS WITH SOLUTIONS
GRADED A+
◍ If a real estate salesperson closes on a transaction, who pays the salesperson
their commission?.
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?.
Answer: Market Comparison Approach
◍ The market comparison approach is commonly used for this property type?.
Answer: Residential
◍ Improper Fractions.
Answer: a fraction with its numerator equal to or greater than its
denominator. Will always be greater or equal to 1.
◍ The amount of goods offered for sale within a given market at a given price
during a given time period is known as?.
Answer: Supply
◍ A real estate agent is an example of what type of agent?.
Answer: Special agent
◍ A refrigerator is typically considered?.
Answer: Personal Property
,◍ Amortization.
Answer: the reduction of a loan balance through payments made over a
period of time. Liquidation of financial obligation on a installment basis.
◍ Mobile homes not permanently attached to the land are generally
considered?.
Answer: Personal Property
◍ Appraiser Trainee Requirements.
Answer: Must have minimum of 75 hours of appraisal education. Typically
for 2 years
◍ General Certified Real Estate Appraiser.
Answer: 300 hours.
◍ Value.
Answer: Present worth of future benefit arising out of ownership to typical
users/investors.
◍ Which of the following is considered a legal test for determining if an item
is a fixture or not?.
Answer: Mode and permanence of how the item was attachedAdaptation of
the itemIntention of the partiesAll of the above
◍ Appraisal Process.
Answer: 1. State the problem.2. Gather the data needed and the sources.3.
Use the appraisal approaches to estimate value4. Reconcile the estimated
values for the final value estimate.5. Write the appraisal report.
◍ Appraisal Reconciliation.
Answer: The process by which the appraiser evaluates, chooses, and selects
from among alternative conclusions to reach a final value estimate.
◍ The right of exclusion, which allows a landowner to prevent others from
entering or occupying their property, is included in the?.
Answer: Bundle of rights
◍ Which of the following is an example of a fixture?.
, Answer: Kitchen cabinets
◍ Which of the following is an advantage to owning a home?.
Answer: Potential for asset appreciationTax benefitsPride of ownershipAll
of the above
◍ An individual who has not owned real property for at least the previous two
years is known as a?.
Answer: First-time homebuyer
◍ Book Value.
Answer: The current value for accounting purposes of an asset expressed as
original cost plus capital additions minus accumulated depreciation.
◍ Assessed Value.
Answer: A valuation placed upon a piece of property by a public authority
as a basis for levying taxes on the property.
◍ Which of the following is NOT a form of real property?.
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?.
Answer: Condominium
◍ A mortgage payment typically includes?.
Answer: InterestPrincipalInsurance
◍ Market Price.
Answer: The price regardless of pressure, motives or intelligence.
◍ Principle of Conformity.
Answer: Holds that the maximum of value is realized when all the houses
are similar in term of improvements, maintenance, design. HOA helps with
this.
◍ Real estate brokers have a ...... relationship with the principal?.
Answer: Fiduciary
PRINCIPLES PART 1 FINAL
CERTIFICATION SCRIPT 2026
QUESTIONS WITH SOLUTIONS
GRADED A+
◍ If a real estate salesperson closes on a transaction, who pays the salesperson
their commission?.
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?.
Answer: Market Comparison Approach
◍ The market comparison approach is commonly used for this property type?.
Answer: Residential
◍ Improper Fractions.
Answer: a fraction with its numerator equal to or greater than its
denominator. Will always be greater or equal to 1.
◍ The amount of goods offered for sale within a given market at a given price
during a given time period is known as?.
Answer: Supply
◍ A real estate agent is an example of what type of agent?.
Answer: Special agent
◍ A refrigerator is typically considered?.
Answer: Personal Property
,◍ Amortization.
Answer: the reduction of a loan balance through payments made over a
period of time. Liquidation of financial obligation on a installment basis.
◍ Mobile homes not permanently attached to the land are generally
considered?.
Answer: Personal Property
◍ Appraiser Trainee Requirements.
Answer: Must have minimum of 75 hours of appraisal education. Typically
for 2 years
◍ General Certified Real Estate Appraiser.
Answer: 300 hours.
◍ Value.
Answer: Present worth of future benefit arising out of ownership to typical
users/investors.
◍ Which of the following is considered a legal test for determining if an item
is a fixture or not?.
Answer: Mode and permanence of how the item was attachedAdaptation of
the itemIntention of the partiesAll of the above
◍ Appraisal Process.
Answer: 1. State the problem.2. Gather the data needed and the sources.3.
Use the appraisal approaches to estimate value4. Reconcile the estimated
values for the final value estimate.5. Write the appraisal report.
◍ Appraisal Reconciliation.
Answer: The process by which the appraiser evaluates, chooses, and selects
from among alternative conclusions to reach a final value estimate.
◍ The right of exclusion, which allows a landowner to prevent others from
entering or occupying their property, is included in the?.
Answer: Bundle of rights
◍ Which of the following is an example of a fixture?.
, Answer: Kitchen cabinets
◍ Which of the following is an advantage to owning a home?.
Answer: Potential for asset appreciationTax benefitsPride of ownershipAll
of the above
◍ An individual who has not owned real property for at least the previous two
years is known as a?.
Answer: First-time homebuyer
◍ Book Value.
Answer: The current value for accounting purposes of an asset expressed as
original cost plus capital additions minus accumulated depreciation.
◍ Assessed Value.
Answer: A valuation placed upon a piece of property by a public authority
as a basis for levying taxes on the property.
◍ Which of the following is NOT a form of real property?.
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?.
Answer: Condominium
◍ A mortgage payment typically includes?.
Answer: InterestPrincipalInsurance
◍ Market Price.
Answer: The price regardless of pressure, motives or intelligence.
◍ Principle of Conformity.
Answer: Holds that the maximum of value is realized when all the houses
are similar in term of improvements, maintenance, design. HOA helps with
this.
◍ Real estate brokers have a ...... relationship with the principal?.
Answer: Fiduciary
