Texas Principles of Real Estate 1 Final Exam | Questions and Verified Answers | Grade A | 2024 / 2025 Update

Texas Principles of Real Estate 1 Final Exam | Questions and Verified Answers | Grade A | 2024 / 2025 Update Q: An insurance policy protecting against a variety of hazards is referred to as a...? Homestead Policy Individual Policy Homeowners Policy Package Policy Answer: Homeowners Policy Q: Which of the following is an advantage to owning a home...? Tax benefits Pride of ownership Potential for asset appreciation All of the above Answer: All of the Above Q: 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...? $100,000 $250,000 $500,000 $1,000,000 Answer: $250,000 Q: An individual who has not owned real property for at least the previous two years is known as a...? First-time homebuyer Conventional homebuyer Exempt homebuyer Vacant homebuyer Answer: First-Time Homebuyer Q: When a real estate broker represents a buyer in a transaction, the broker and buyer are bound by which of the following contracts...? Buyer Representation Agreement Listing Agreement All of the above Purchase Agreement Answer: Buyer Representation Agreement Q: A contract in which a property owner employs a real estate broker to market the property described in the contract is referred to as the....? Exclusive Contract Purchase Contract Listing Contract Agency Contract Answer: Listing Contract Q: The 'L' in the acronym C.O.A.L.D. stands for which fiduciary duty...? Loyalty Litigation Listing License Answer: Loyalty Q: The employer of an agent is referred to as the...? Principal Partner Customer Fiduciary Answer: Principal Q: An agency relationship created by oral or written agreement between the principal and the agent is known as...? General Agency Brokerage Implied Agency Express Agency Answer: Express Agency Q: Which of the following acronyms summarizes the fiduciary duties a broker owes to his/her principal...? C.O.A.L.D. O.L.D.C.A