AYPO Real Estate Principles of Real Estate I: Exam Study Guide Questions & Answers Solved 100% Correct!!

A C.L.U.E. report advises a consumer on: - up to seven years of claims history on a property A contract must have a legal purpose in order to be: - enforceable A contraction or generally slowing down of the economy is a: - Recession. A counteroffer is: - a rejection of the original offer A license holder is not liable for a misrepresentation or a concealment of a material fact made by a party to a real estate transaction unless the license holder: - knew of the misrepresentation or concealment and failed to disclose the license holder's knowledge of the misrepresentation or concealment. A manufactured home can be considered real property if: - 1. both the Texas Department of Housing and Community Affairs and the home's county's chief tax appraiser have been notified of the filing 2. a certified copy of the "Statement of ownership and location" for the home has been filed by the owner in the real property records of the county where the home is located 3. the owner of the home has elected to treat the home as their real property A person may not sell, buy, lease, or transfer an easement or right-of-way for another, for compensation or with the expectation of receiving compensation, for use in connection with telecommunication, utility, railroad, or pipeline service unless the person: - 1. Holds a license issued under this chapter 2. Holds a certificate of registration issued under this subchapter A person who receives a commission or other consideration as a result of acting as a broker or sales agent without holding a license or certificate of registration under this chapter is liable to an aggrieved person for a penalty of not less than the amount of money received or more than three times the amount of money received. - TRUEA place on the survey where there is an unintentional space between properties is what? - Gap A professional organization or association is usually a not-for-profit organization that seeks to: - further a particular profession and the interests of individuals engaged in that profession. A subpoena may be issued throughout the state and may be served by: - any person designated by the commission. A testamentary trust is created through what? - A will. According to the Texas Department of Insurance, most homeowners policies in Texas include which of the following coverages? - 1. Loss of use. 2. Medical payments. 3. Dwelling. All the meanings of agent and agency refer to someone who does which of the following? (Best answer.) - Acts on behalf of someone else to perform a task or range of tasks. An __________ is an easement that is established without the permission of a landowner or the existence of a situation that requires an easement. - easement by prescription An aggrieved party may bring a private enforcement action in a state or federal district court : - 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 do which of the following? - Not disclose that an owner would accept a price lower than the asking price An educational institution shall maintain a corporate surety bond or other security acceptable to the commission that is in the amount of: - $20,000Applicants 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 Changes to the Fair Housing Act include: - Public and common areas must be accessible to persons with disabilities Each year the CRA requires federally supervised financial institutions to prepare annual statements that include which of the following information? - any comments from the public about the specific financial institution's performance in meeting their community's needs Emblements are best described by which of the following? - Harvestable plants, trees, and uncultivated vegetation. ESAC stands for: - Education Standards Advisory Committee How long does a Chapter 13 debtor have to reinvest the proceeds of his or her home sale in a new homestead or lose their homestead tax exempt status, and therefore return the proceeds to the bankruptcy estate? - 6 months How much money can a first time homebuyer draw from his or her own IRA without tax penalty for the purchase? - $10,000 In the rectangular survey system, what are straight, imaginary lines running north and south and parallel to a Principal Meridian? - Range lines In what year did the Texas Supreme Court invalidate the state's right to retain all mineral rights to land? - 1901 Joint tenancy is ended when which of the following unities is ended? - Unity of time. Legal descriptions generally can be found by searching by: - 1. public lands records