Texas Real Estate Principles 1 Practice Exam: Latest 2023 Updated A+ Guide: Questions & Answers

Courses for the renewal of an active real estate broker or sales agent license are called - Correct Answer continuing education (CE) What is the maximum amount that the Commission will pay from the real estate recovery trust account for claims against any one license holder, until the account has been repaid in full by the license holder? - Correct Answer $100,000 Which is owned by the tenant? - Correct Answer a trade fixture Which of the following terms refers not only to the surface of the earth but also below to the center of the earth, above to infinity, and natural things permanently attached but does NOT refer to artificial things permanently attached? - Correct Answer land If the court learns that the seller placed a sign that said "Not Included" on the stove every time a buyer looked at the property, the court will consider which of the following in determining whether the stove is a fixture, absent a written agreement? - Correct Answer Intention of the parties What type of estate is complete ownership and exists for an unlimited time? - Correct Answer fee simple If a condition of ownership is violated, title to the subject property automatically reverts to the original owner in - Correct Answer a determinable fee estate An urban homestead is limited to a lot or lots NOT to exceed how many acres? - Correct Answer 10 The method used to describe real estate by distance, direction, and boundaries is - Correct Answer metes-and-bounds method Which equals one square mile or 640 acres? - Correct Answer section Under the federal Fair Housing Act, real estate organizations, such as multiple listing services, may NOT do which because someone is in a protected group? - Correct Answer refuse membership or put conditions on participation Which aspect of the Canons of Professional Ethics and Conduct requires the broker or sales agent to be informed on market conditions and national, state, and local developments affecting the real estate business? - Correct Answer competency. A complaint of discrimination brought under the Texas Fair Housing Act can be filed with the U.S. Department of Housing and Urban Development or with - Correct Answer the Texas Workforce Commission Civil Rights Division