AYPOReal Estate Test #1 Questions + Answers Graded A+

A "net listing" is a listing agreement in which the broker's commission? - Is the difference ("net") between the sales proceeds and an amount desired by the owner of the real property. A contraction or generally slowing down of the economy is called which of the following? - Recession A licensee is liable for a misrepresentation or a concealment of a material fact made by a party to a real estate transaction in which of these circumstances? - 1. The licensee knew of the misrepresentation or concealment and failed to disclose their knowledge of the misrepresentation or concealment. 2. The licensee did not know of the misrepresentation or concealment, but should have known if they had performed their due diligence. 3. The licensee was relying on a non-expert third party's representation without confirming or attempting to confirm A manufactured home can be considered real property under which circumstances - 1. The owner of the home has elected to treat the home as their real property. 2. both the texas department of housing and community affairs and the homes county's chief tax appraiser have been notified of the filing 3. A certified copy of the "Statement of ownership and location" for the home has ben filed by the owner in thee real property records of the county where the home is located. A person is 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, remodeling, or repairing a home or other building. A place on the survey where there is an unintentional space between properties is what? - Gap 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 - A spouse cannot dispose of their interest without consent of the other spouse. A testamentary trust is created through what? - A will, Intervivostrust, conservation easement according to Sec. 1101.159 the commission must ensure that the public is able to interact wiht the commission in what manner? - On the Internet After racial discrimination in housing was ruled unconstitutional, a mechanism used to get around this ruling was ? - Restrictive covenant An aggrieved party may bring a private enforcement action in a state or federal district court under which of these circumstances? - Within two years of the stated discriminatory action and can even be filed if an administrative proceeding through TWCCRD is in process. An appointed licensee must - Not disclose that an owner would accept a price lower than the asking price. An easement that attaches to a specific piece of land benefits the easement owner is called whoch of these following? - An easement appurtenant. An educational institution shall maintain a corporate surety bond or other security acceptable to the commission that is in the amount of - 20,000 An estimate of the amount of money that could be gained if the property was quickly sold in a lowdemand market is called what? - Liquidation value. Applicants who are rejected for credit must be notified in writing of the basic reasons for the denial of their application, and the reason for their credit rating when? - within 30 days Disparate impact - A set of criteria which are not directly targeted at a specific group but will disproportionately affect that group.Each year the Community Reinvestment Act require federally supervised financial institutions to prepare annual statements that include - Any comments from the public about the specific financial institutions performance in meeting their communities needs. Emblements are best described by which of the following? - Harvestable plants, trees, and cultivated vegetation. FTC SS 5_____ is a comprehensive consumer protection act and includes all violations of the Sherman and Clayton Acts. - 5 Joint tenancy is ended when - Unity of time ends Metes comes from which term? - Measuring.