Texas Principles of Real Estate Exam Questions with Complete Solutions

A portion of Lance's property can be used by the local utility company to maintain its power lines. What is this an example of? Easement Several brokerages in a certain area agree to stop running advertisements in a local publication. What type of antitrust violation is this? Group boycotting Homestead exemptions ______ property taxes for all homeowners by protecting a certain amount of a Texas home's value from tax. Decrease What is the length of the statute of limitations to file a fair housing complaint with HUD? One year Lewis and Elliot started a real estate investment business together. After much discussion with their attorney, they decided to incorporate, but in such a way that they are treated like a partnership and don't have to pay corporate taxes. What form of business do they have? Subchapter S corporation Which of the following is a true statement about the Texas seller's disclosure of property condition law? It requires sellers of single-family residential properties to disclose material facts to buyers. Novation is... the substitution of one or more of the parties to a contract, creating a new contract. Rickie is a real estate licensee. She makes regular calls to customers and past clients to market her services. If someone she calls asks to be put on her internal "do not call" list, what is Rickie required to do? Immediately place the customer's number on her internal do not call list, and avoid making unsolicited calls from that point forward When does a buyer's market occur? When supply is high and demand is low Assignment of a contract is... the substitution of one party for another, with the original party still being obligated under the terms of the contract.