Champions TX Property Management SAE / Principal of Real Estate 1
Comprehensive Resource To Help You Ace 2026-2027 Exams Includes
Frequently Tested Questions With ELABORATED 100% Correct
COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update
1. Brokerage is the aspect of the real estate business that pertains to overseeing the needs
of the parties and completing a transaction.
a. True
b. False - Correct Answer: a. True
2. Property managers are generally responsible for the _________________ of a property
that they manage.
a. Day-to-day operations
b. Maintenance
c. Tenant relations
d. All of the above - Correct Answer: d. All of the above
3. Mortgage brokers are now known as:
a. TFBs
b. SROs
c. RMLOs
d. RBITs - Correct Answer: c. RMLOs
4. The largest trade organization representing real estate professionals is:
a. IREM
b. NAR
c. SIOR
d. TREC - Correct Answer: b. NAR
,5. A fair return or equivalent in goods, services, or money for something exchanged is:
a. Commerce
b. Business
c. Value
d. Price - Correct Answer: c. Value
6. Appraisal - Correct Answer: An opinion of value
7. Statutory Law - Correct Answer: Law based on legislation
8. Non-homogeneity - Correct Answer: No two pieces of land are alike
9. Fixity - Correct Answer: Land and additions to the land take a long period of
time to pay for itself.
10. Common law - Correct Answer: Law based upon local custom
11. Scarcity - Correct Answer: Derived from the theory of supply and demand
12. Modification - Correct Answer: Improvements affect value
13. Immobility - Correct Answer: Land cannot be moved
14. RMLO - Correct Answer: A loan officer
15. The level of service provided to a buyer, seller, landlord or tenant is determined by the
, presence or lack of an ____________________ with the broker. - Correct Answer:
Agency Agreement
16. Licensure for ____________ requires the completion of pre-licensing courses and a
passing grade on a national and state exam. - Correct Answer: RMLOS
17. Federal income tax policy favors ______________ by allowing the deduction of home
mortgage interest and property taxes, and the ____________ monetary policies can
expand or constrict the nationwide supply of mortgage funds. - Correct Answer:
Home Ownership, Federal Reserve
18. As job opportunities expand, raw land is developed into ___________________ . -
Correct Answer: Residential Subdivision
19. ____________________ designees can hold the following specialty designations:
industrial, office, sales manager, executive manager, or advisory service. - Correct
Answer: SIOR
20. By far, the single most important determinant of value in residential real estate is the
size of the ______________________. - Correct Answer: Employment Market
21. During periods of high inflation, lenders are less willing to commit to _____________
with the fear that holding a portfolio of below market mortgages is a risky business for
them. - Correct Answer: Long term morgages
22. The authority that local government has to pass and enforce building and zoning codes
has a profound impact on the ___________________ and________________
development within a ___________________. - Correct Answer: type of, location of,
municipality
, 23. . ___________ International's members are building owners, managers, developers,
leasing professionals, corporate facility managers, asset managers, and the providers of
the products and services needed to operate commercial properties. - Correct
Answer: BOMA
24. ____________________ refers to the location of the property or land from an economic,
not a geographic, viewpoint. - Correct Answer: Situs
25. Appraisal is the business of:
a. Acquisition of land for development into residential subdivisions and retail
centers
b. Providing money to individuals or corporations for the conditional transfer or pledge
of real estate as security for the payment of a debt
c. Providing a professional opinion of the value of real property
d. Locating units for tenants in multi-family complexes - Correct Answer: c. Providing
a professional opinion of the value of real property
26. A professional association whose local affiliates own and operate MLS systems
throughout the United States is the:
a. NAR
b. CCIM
c. BOMA
d. ICSC - Correct Answer: a. NAR
27. Rights that include ownership of oil, gas and other minerals are.
a. Surface rights
b. Subsurface rights
c. Mining rights
d. Air rights - Correct Answer: b. Subsurface rights
28. Rights that are conveyed in a cell tower lease include .
Comprehensive Resource To Help You Ace 2026-2027 Exams Includes
Frequently Tested Questions With ELABORATED 100% Correct
COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update
1. Brokerage is the aspect of the real estate business that pertains to overseeing the needs
of the parties and completing a transaction.
a. True
b. False - Correct Answer: a. True
2. Property managers are generally responsible for the _________________ of a property
that they manage.
a. Day-to-day operations
b. Maintenance
c. Tenant relations
d. All of the above - Correct Answer: d. All of the above
3. Mortgage brokers are now known as:
a. TFBs
b. SROs
c. RMLOs
d. RBITs - Correct Answer: c. RMLOs
4. The largest trade organization representing real estate professionals is:
a. IREM
b. NAR
c. SIOR
d. TREC - Correct Answer: b. NAR
,5. A fair return or equivalent in goods, services, or money for something exchanged is:
a. Commerce
b. Business
c. Value
d. Price - Correct Answer: c. Value
6. Appraisal - Correct Answer: An opinion of value
7. Statutory Law - Correct Answer: Law based on legislation
8. Non-homogeneity - Correct Answer: No two pieces of land are alike
9. Fixity - Correct Answer: Land and additions to the land take a long period of
time to pay for itself.
10. Common law - Correct Answer: Law based upon local custom
11. Scarcity - Correct Answer: Derived from the theory of supply and demand
12. Modification - Correct Answer: Improvements affect value
13. Immobility - Correct Answer: Land cannot be moved
14. RMLO - Correct Answer: A loan officer
15. The level of service provided to a buyer, seller, landlord or tenant is determined by the
, presence or lack of an ____________________ with the broker. - Correct Answer:
Agency Agreement
16. Licensure for ____________ requires the completion of pre-licensing courses and a
passing grade on a national and state exam. - Correct Answer: RMLOS
17. Federal income tax policy favors ______________ by allowing the deduction of home
mortgage interest and property taxes, and the ____________ monetary policies can
expand or constrict the nationwide supply of mortgage funds. - Correct Answer:
Home Ownership, Federal Reserve
18. As job opportunities expand, raw land is developed into ___________________ . -
Correct Answer: Residential Subdivision
19. ____________________ designees can hold the following specialty designations:
industrial, office, sales manager, executive manager, or advisory service. - Correct
Answer: SIOR
20. By far, the single most important determinant of value in residential real estate is the
size of the ______________________. - Correct Answer: Employment Market
21. During periods of high inflation, lenders are less willing to commit to _____________
with the fear that holding a portfolio of below market mortgages is a risky business for
them. - Correct Answer: Long term morgages
22. The authority that local government has to pass and enforce building and zoning codes
has a profound impact on the ___________________ and________________
development within a ___________________. - Correct Answer: type of, location of,
municipality
, 23. . ___________ International's members are building owners, managers, developers,
leasing professionals, corporate facility managers, asset managers, and the providers of
the products and services needed to operate commercial properties. - Correct
Answer: BOMA
24. ____________________ refers to the location of the property or land from an economic,
not a geographic, viewpoint. - Correct Answer: Situs
25. Appraisal is the business of:
a. Acquisition of land for development into residential subdivisions and retail
centers
b. Providing money to individuals or corporations for the conditional transfer or pledge
of real estate as security for the payment of a debt
c. Providing a professional opinion of the value of real property
d. Locating units for tenants in multi-family complexes - Correct Answer: c. Providing
a professional opinion of the value of real property
26. A professional association whose local affiliates own and operate MLS systems
throughout the United States is the:
a. NAR
b. CCIM
c. BOMA
d. ICSC - Correct Answer: a. NAR
27. Rights that include ownership of oil, gas and other minerals are.
a. Surface rights
b. Subsurface rights
c. Mining rights
d. Air rights - Correct Answer: b. Subsurface rights
28. Rights that are conveyed in a cell tower lease include .
