AYPO REAL ESTATE PRINCIPLES 1 EXAM PACKAGE DEAL WITH COMPLETE SOLUTIONS.

A contract must have a legal purpose in order to be - Enforceable A contraction or Generally Slowing down of the economy is called ? - Recession A person not engaged in real estate brokerage, regardless of whether the person is licensed under this chapter, based solely on engaging in which of the following activities - Constructing and remodeling A subpoena may be issued throughout the state and may be served by: - Any person designated by the commission A tenancy by the entirety between legally married spouses differs from joint tenancy because of which of these - A spouse cannot dispose of their interest without consent of the other spouse A testamentary trust is created through what? - A will Advantages of written contracts - - Less ambiguity can lead to easier enforcement -Written contracts can precisely state warranty terms -Written contracts provide a much higher level of certainty After Racial Discrimination in the housings was ruled unconstitutional, a mechanism used to get around this ruling was which of the following: - Restrictive Covenant An aggrieved party may bring a private enforcement action in a state or federal court under which of these circumstances? - Within two year of the stated discriminatory action and can even be filed if an administratice proceeding through TWCCRD is in process An estimate of the amount of money that could be gained if the property was quickly sold in low demand market is: - Liquidation ValueApplicants who are rejected for credit must be notified in writing - Within 30 days Broker Lawyer Committee Consists of 13 members - Six Members appointed by the commission Six memebers of the state bar of Texas appointed by the president of the state bar one appointed by the governor Coldwell Banker - Any hidden or latent defects in the building Commission may rule by - Prescribe the title, content, and duration of continuing education courses that a license holder must attend to renew a license Commissions trust to reimburse damages from which parties? - -A license holder -A person who does not hold a license or certificate and who is an employee or agent of a license or certificate holder - A certificate holder Common elements of a condominium: - Stairways, roofs and the lands Common encumbrances - -Easement (use) -Lien (title) -Restrictive covenants (title and/or use) CRA requires financial insitutions to post: - Notice that the public is entitled to certain information about the banks operations and performance under the CRA in each of the banks branches Difference between C and S corps. - Class C Corps do not have to pass through taxationEasments that benefits the owner - An Easement Appurtenant Emblements - Harvestable plants, tress, and cultivated vegetation General rule of caputure applies to: - Game animals, ground water, and oil General term for properties involving a approved survey map and placs that describe each lot or unit that is recorded within the county - Platted How long does a chapter 13 debtor have to reinvest the proceeds - 6 months Joint tenancy is ended when which of the following unities is ended? - Unity of Time Largest and most complete bundle of rights of ownership is which of these? - Fee Simple Absolute Limited service broker - For a flat fee, posts on MLS but does not represent the seller in any other capacity. Metes and bounds. measurements - Call Courses Monuments Most Common Listing Agreement - Exclusive right to sell Mrs Murphys exemption does not allow for which of these forms of discrimination - Racial One of the most powerful elements of Deceptive Trade Practices Consumer Protection Act is its mandate to award which of these ? - Attorney's Fees