, Principles of Real estate 1 - Questions
AND ANSWERS 100% CORRECT!
Which of the following actions does not violate the Texas Real Estate License Act? -
ANSWER Disclosing all known facts pertaining to a property to a client
The aspect of real estate business that is concerned with bringing together the parties
and completing the transactions is: - ANSWER `Brokerage
Which of the following statements regarding a Texas homestead is false? - ANSWER
Homestead protection can be waived in writing
NOT: it is automatic
Rationale: although homestead protection is automatic and cannot be waived by
contract or other written agreement there are some limitations
Ad valorem taxes: - ANSWER -Are according to value
-Create the highest priority lien on real property
-Are always paid first at a foreclosure sale
Promulgated contract forms are published by: - ANSWER TREC
The type of development which gives the owner the right to occupy the property for a
certain time period, typically by the week, is known as: - ANSWER Timeshare
A record plat is required for which method of legal description? - ANSWER Lot and
block
Integrity is best described as: - ANSWER Real estate professionals must employ
prudence of caution so as to avoid misrepresentation by acts of omission or
commission.
EX: Sales Agent Tammy represented a buyer who was interested in making an offer on
a seller's home that was for sale. The seller told Tammy that the house had a termite
infestation. Concerned that her client would not make an offer if she knew of the
termites, Tammy withheld the information. Which Canon of Professional Ethics did
Tammy violate? Integrity
AND ANSWERS 100% CORRECT!
Which of the following actions does not violate the Texas Real Estate License Act? -
ANSWER Disclosing all known facts pertaining to a property to a client
The aspect of real estate business that is concerned with bringing together the parties
and completing the transactions is: - ANSWER `Brokerage
Which of the following statements regarding a Texas homestead is false? - ANSWER
Homestead protection can be waived in writing
NOT: it is automatic
Rationale: although homestead protection is automatic and cannot be waived by
contract or other written agreement there are some limitations
Ad valorem taxes: - ANSWER -Are according to value
-Create the highest priority lien on real property
-Are always paid first at a foreclosure sale
Promulgated contract forms are published by: - ANSWER TREC
The type of development which gives the owner the right to occupy the property for a
certain time period, typically by the week, is known as: - ANSWER Timeshare
A record plat is required for which method of legal description? - ANSWER Lot and
block
Integrity is best described as: - ANSWER Real estate professionals must employ
prudence of caution so as to avoid misrepresentation by acts of omission or
commission.
EX: Sales Agent Tammy represented a buyer who was interested in making an offer on
a seller's home that was for sale. The seller told Tammy that the house had a termite
infestation. Concerned that her client would not make an offer if she knew of the
termites, Tammy withheld the information. Which Canon of Professional Ethics did
Tammy violate? Integrity
