Aceable Exam 1 Practice Questions with 100% Correct Answers

Aceable Exam 1 Practice Questions with 100% Correct Answers Which of these illustrates a person exercising their surface rights? a. Lena builds a yoga shed in her backyard b. Laurence sells the right to extract gas from underneath his property to the energy company c. Leticia drills a well to access the subsurface water on her property d. Lou goes wakeboarding in the lake that abuts his property - answerA Who holds title and manages the property in a trust? - answertrustee What type of estate causes the title to automatically revert to the original owner if the deed requirements regarding property use are violated? - answerfee simple determinable How many TREC promulgated contract forms are there? - answersix Which unities are required by joint tenancy? - answerpossession, interest, time, title Which of these is a unilateral contract? a. A car dealership offers a $1,000 bonus to any salesperson who can sell 10 vehicles in a month b. Lesley and Andrew sign a contract for the sale of Lesley's home to Andrew c. Sarah and Jeff sign a contract for the sale of Sarah's car to Jeff d. Amari gets in Loren's taxi/ Loren drives to her destination, and Amari pays Loren the stated rate - answerA What type of property rights are limited to 10 acres of contiguous parcels (for urban property) or up to 200 acres of rural property? - answerhomestead rights According to the Canons of Professional Ethics, what must every broker do with Consumer Protection Notice TREC No. CN 1-2? - answerdisplay it in a readily noticeable location When are there no exemptions to the applicability of the federal fair housing law? - answerwhen a real estate licensee is involved Under which law is a creditor outlawed from rejecting a borrower based on their marital status? - answerECOA A store owner builds and attaches a display case to the wall when leasing a convenience store that he will take with him at the end of the lease. The display case is an example of a: - answertrade fixture How would an agent disclose to a potential buyer that they will be required to join an HOA if they purchase the property? - answeruse the Addendum for Property Subject to Mandatory Management in a Property Owners Association In a breach of contract scenario, which of these four options would allow the wronged party (the seller) to keep the earnest money that had been put up by the buyer? - answerforfeit After a lease expires in a unit where the landlord made modifications for the tenant's disability: - answerthe landlord may require tenants to return the property to its unmodified location If an applicant fulfills all requirements for licensure but hasn't found a sponsoring broker yet, are they able to get licensed? - answerYes, the applicant can receive an inactive license from the Commission In terms of the scope of authority granted, what are the three classifications of agency? - answerspecial, general, and universal Which of the following terms refers to the land, improvements, and the bundle of rights? - answerreal property How would a listing broker BEST share a listing with other agents? - answersubmit it to the MLS Jasmine lives in a single-family home and shares amenities like a pool, golf course, and park with her neighbors. An HOA owns and maintains these amenities, and Jasmine pays a monthly fee to the HOA. She most likely lives in a: - answerPUD What is required for a broker to act as an intermediary in a real estate transaction? - answerwritten consent from both parties Which of the following best describes when a broker might act as an intermediary in Texas? - answerwhen both the seller and the buyer are clients of the same broker If an individual faces civil or criminal liability, does that preclude any disciplinary action from the Texas Real Estate Commission? - answerNo, disciplinary action from the TREC does not relieve the person from civil or criminal liability