texas real estate exam Question and answers correctly solved

texas real estate exam Question and answers correctly solved Which of the following is a downside to living in a co-op? - correct answer one residents actions can harm the entire cooperative The act of severance is the most common way to convert: - correct answer real property into personal property If a seller has accepted a prospective buyer's offer but has not informed the buyer of acceptance yet, can the prospective buyer still revoke their offer? - correct answer yes, a prospective buyer has the right to revoke their offer if they or their agent have not received notice of the sellers acceptance What is the name given to the recipient of advantage or gain from an act or instrument such as a trust, will, or insurance policy? - correct answer beneficiary Which of these should an agent disclose when they're first meeting with a third party? - correct answer the agents agency relationship In which of the following examples would the ADA most likely NOT apply? - correct answer a business with nine employees Who determines the amount a cooperating broker will be compensated? - correct answer the listing broker What is a trade fixture? - correct answer Personal property owned by and needed for a tenants business Juan is in contract to purchase a house, but the sale has not yet closed. The seller, Anthony, still has ownership interest, but Juan, by entering into a sales contract with Anthony, now has what type of estate? - correct answer equitable estate When a sponsoring broker and license holder terminate their association, what should the sponsoring broker do? - correct answer return the sponsored salespersons license to the commission If the co-owner of a property wants their portion of the property to go to their heirs instead of the other co-owners of the property, what kind of ownership should they have? - correct answer tenancy in common Which one of these is NOT one of the three basic forms of ownership? - correct answer community ownership A limited partner is usually NOT involved in: - correct answer the day to day activities of a business