Real Estate U: Texas Real Estate Principles Part 1 Final Exam

Real Estate U: Texas Real Estate Principles Part 1 Final Exam supply - Correct answer The amount of goods offered for sale within a given market at a given price during a given time period." "General Agent - Correct answer A property manager is an example of what type of agent?" "Special Agent - Correct answer A real estate agent is an example of what type of agent?" "Residential, Commercial, and Industrial - Correct answer The general uses of real property include the following:" "Market Comparison Approach - Correct answer A means of comparing similar type properties would have recently sold to the subject property is known as:" "Surface Rights - Correct answer Mineral rights are typically considered dominant to which of the following rights" "real estate - Correct answer Land and everything permanently attached to land is defined as" "Personal Property - Correct answer All property that is not land and is not permanently attached to land is known as" "Bundle of Rights - Correct answer The right of exclusion which allows a landowner to prevent others from entering or occupying their property is included in the" "Kitchen cabinets - Correct answer Which of the following is an example of a fixture" "Intentions of the party, adaption of the item, mold and permanence of house item was attached - Correct answer Which of the following is considered a legal test for determining if an item is a fixture or not" "customer - Correct answer This refers to the party the agent brings to the principal as seller or buyer of the property." "General Agent - Correct answer An agent with full authority over one property of the principal is known as a" "Special Agent - Correct answer An agent with limited authority to act on behalf of the principal is referred to as a" "The agent finds a buyer who is ready, willing, and able to purchase the property. - Correct answer A seller's agent is entitled to a commission after" "customer - Correct answer A broker will work for a client and with a" "Care - Correct answer The "C" in the acronym COALD stands for which fiduciary duty?" "Assisting with counteroffers. - Correct answer The fiduciary duty of care when representing a buyer includes" "loyalty - Correct answer A broker must always place his/her client's interests above their own. This is an example of what fiduciary duty?" "disclosure - Correct answer A seller's broker is required to tell their client any relationship they may have with the buyer. This is an example of what fiduciary duty?" "honesty - Correct answer Which of the following is owed to a customer by an agent?" "condominium - Correct answer 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" "cooperative - Correct answer Not a form of real property" "Propietary Lease - Correct answer Owners of a cooperative apartment holds this type of lease." "Converted use property - Correct answer A local real estate developer bought an abandoned school building with the intention of converting it to residential units. This is an example of..." "$250,000 - Correct answer An individual is exempt from paying taxes on capital gains for up to how much in profit if he/she lived in the house for at least 2 of the last 5 years." "principal - Correct answer The employer of an agent is referred to as the..." "Express Agency - Correct answer An agency relationship created by oral or written agreement between principal and the agent is known as..." "Listing Contract - Correct answer A contract whereby a property owner employs a real estate broker to market the property described in the contract is referred to as the..." "Buyer Representation Agreement - Correct answer When a real estate broker represents a buyer in a transaction, the broker and buyer are bound by which of the following contracts?" "Inform the seller of any material information, present all offers to the seller, and answer to the seller. - Correct answer As a seller's agent in a transaction, the agent is required to do which of the following?" "loyalty - Correct answer The "L" in the acronym COALD stands for which fiduciary duty?" "Puffing - Correct answer The Deceptive Trade Practices Act discourages agents from which of the following acts?" "Community Reinvestment Act - Correct answer This federal law requires all federally regulated lender to describe the geographic market area that they serve." "Ask the client to describe where they want to live based on geographical boundaries. - Correct answer Which of the following is a means to prevent steering?" "physical impairment - Correct answer Any medical disorder, condition, disfigurement or loss affecting one of the body systems is known as..." "panic selling - Correct answer Blockbusting is also called _______________." "Equal opportunity housing - Correct answer The laws governing fair housing are also referred to as..." "Refusing to sell to a protected class, refusing to show properties in neighborhoods based on racial criteria, or refusing to show properties based on religious criteria - Correct answer Which of the following is considered illegal under the Fair Housing Act?" "Texas Real Estate License Act - Correct answer The prohibition of fair housing discrimination by a licensee is described as which of the following..." "loyalty - Correct answer Fidelity on TRECs canons of professional ethics implies..." "fidelity - Correct answer In addition to the loyalty owed by an agent to his/her client, the agent must also act fairly to other customers in the transaction. This is an example of..." "Competency - Correct answer The intricacies in marketing property for others involves..." "Consumer information form 1-1 - Correct answer The form must be posted in brokerage offices." "fidelity - Correct answer Libby is a real estate agent. She knows that she must place her clients interests above her own. This is an example of..." "integrity - Correct answer An agent must be honest and truthful. This is an example of..." "National association of realtors - Correct answer In addition to the TREC canons of professional ethics, this organization also publishes a code of ethics that must be followed by its members..." "The applicants sponsoring broker - Correct answer After the applicant submit their real estate sale persons application, their license will be mailed to which of the following..." "Real Estate Broker - Correct answer Who is legally entitled to receive commission from a principal for a sale or rental of the principal's property?" "The Attorney General - Correct answer If an administrative penalty is not paid, who is responsible for collecting the payment?" "A homeowner looking to sell their house on their own. - Correct answer Which of the following is exempt from holding a real estate license?" "Deal or sell options on real estate; identify properties for purchase or lease; auction off real estate. - Correct answer A real estate broker is authorized to perform which of the following?" "Texas Real Estate Commission - Correct answer Who determines the standards for real estate licensing courses in Texas?" "point of commencement - Correct answer The point of origin in a metes and bounds survey is also known as a..." "Legal Description - Correct answer Metes and bounds is an example of..." "end point - Correct answer When using the metes and bounds method to describe a property, the origin point is also the..." "Metes and Bounds - Correct answer This refers to a term used in describing the boundary linked of land, setting forth all the boundary lines together with their terminal points and angles..." "Township - Correct answer A territorial subdivision six miles long, six miles wide and containing 36 sections, located between two range lines and two township lines is known as..." "Lots and blocks - Correct answer A subdivision plot method describing property includes which of the following..." "Specific Performance - Correct answer The sale of a property as an alternative to damages is an example of..." "executory contract - Correct answer Until a purchase contract is closed upon, it is considered..." "Discharged - Correct answer When a contract is fully performed the contract is considered..." "Bilateral Contract - Correct answer A listing contract is an example of an..." "Void Contract - Correct answer If a contract is not for legal purpose, it is considered a..." "Voidable Contract - Correct answer If one of the parties in a real estate transaction are not considered competent, the contract between the parties is considered..." "Unenforceable Contract - Correct answer Oral agreements between a seller and a broker are..." "Sales contract, lease contract for greater than a year, purchase contract for a multi family property. - Correct answer Which of the following real estate contracts must be in writing..." "A lease under 1 year - Correct answer Which of the following contract is NOT required to be in writing..." "PETE - Correct answer Which of the following acronyms can be used to describe government powers with regard to real property." "Easement in Gross - Correct answer Which of the following easements is commonly used by utility companies..." "Grantor - Correct answer Where a few simple determinable ends, the interest will revert to the..." "Involuntary Lien - Correct answer A lien imposed against property without consent of an owner is referred to as an..." "eminent domain - Correct answer the right of government to acquire property for necessary public use by condemnation is known as..." "Easements - Correct answer A right acquired by one party to use land of another party for a special purpose is known as..." "Right of Survivorship - Correct answer The right of a surviving tenant or tenants to succeed the entire interest of the deceased tenant is known as..." "Community Property - Correct answer Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse..." "Tenancy in Common - Correct answer An ownership of realty by two or more persons, each of whom has an undivided interest without the "right of survivorship" is known as..." "Severalty Ownership - Correct answer property owned by one person only is referred to as..." "Time, title, interest - Correct answer Which of the following is required to create a joint tenancy?" "Interest, possession, title - Correct answer A joint tenancy is terminated when which of the following cease to exist?" "Foreclosure - Correct answer Co-ownership in a property can be terminated by which of the following?" "Ownership is divided equally among the owners. - Correct answer How is ownership is a community property between a husband and wife divided?" "Texas Association of Realtors - Correct answer Which entity produces the most commonly used exclusive rights to sell agreements in Texas?" "Special Provisions - Correct answer If an additional contract term does not belong I. The contract addendum, it will most likely get listed in the..." "negotiable - Correct answer A broker's compensation is..." "Net Listing - Correct answer Which of the following listing contracts is discouraged throughout the state of Texas?" "Client - Correct answer A listing contract exists between the real estate broker and the..." "Exclusive Right to Sell - Correct answer This type of contract gives the broker the greatest chance at receiving commission..." "Net Listing - Correct answer This type of listing provides that the agency may retain a compensation for the agent's services, all sums receives over and over and above the net price to the owner."