Principles of Real Estate 1 Exam; Questions & Answers: Updated Solution

All of the following violate the Texas Real Estate License Act, EXCEPT: (Ans- Disclosing all known facts pertaining to a property to a client The aspect of the real estate business that is concerned with bringing together the parties and completing the transactions is: (Ans- brokerage An attorney from another state must have a Texas real estate license to receive a commission for a real estate transaction in Texas. (Ans- true all of the following are true about a Texas homestead, except: (Ans- homestead protection can be waived in writing ad valorem taxes: (Ans- Are according to value, Create the highest priority lien on real property, Are always paid first at a foreclosure sale Which real estate contract is the exception to the Statute of Frauds? (Ans- a lease for one year or less Factors that affect homeowners insurance premiums can include which of the following? (Ans- age and condition of the home, location, the policyholder's claims history Which of the following is required for a lot and block description of a property? (Ans- a recorded plat integrity is best described as: (Ans- The duty of a licensee to employ prudence and caution so as to avoid misrepresentation in any way When a holdover tenant refuses to leave and is not paying rent his interest in the property is called: (Ans- tenancy at sufferance steering is: (Ans- Directing buyers to or away from a particular neighborhood based on protected categories crops are: (Ans- emblements when a Texas real estate licensee is in inactive status: (Ans- he is responsible for renewal fees permanent additions to land are called: (Ans- improvements When a property owner has the right to use water from a river or stream that borders his land he is said to have: (Ans- riparian rights the recovery trust account: (Ans- (a) Protects consumers who suffer a loss due to the illegal acts of licensees, Has two maximum payment amounts: $50,000 per transaction and $100,000 per licensee, Must transfer any amount in excess of $3.5 million to the State's General Fund