Texas Real Estate Principles 1 (Practice Exam) Questions and Answers New Update 100% Correct.

Which aspect of the Canons of Professional Ethics and Conduct requires the broker or sales agent to be informed on market conditions and national, state, and local developments affecting the real estate business? - competency. If the court learns that the seller placed a sign that said "Not Included" on the stove every time a buyer looked at the property, the court will consider which of the following in determining whether the stove is a fixture, absent a written agreement? - Intention of the parties "I hear they're moving in. There goes the neighborhood! Better put your house on the market before values drop!" This is an example of - blockbusting A complaint of discrimination brought under the Texas Fair Housing Act can be filed with the U.S. Department of Housing and Urban Development or with - the Texas Workforce Commission Civil Rights Division A consumer has sent a complaint to the Texas Real Estate Commission (TREC) against a real estate agent, claiming a violation of the Canon of Integrity. The agent is accused of - misrepresenting the condition of the property by omitting pertinent facts A license holder must use the earnest money contract forms promulgated by the Commission unless - an attorney prepares the forms and the property owner requires their use A licensed real estate broker is not authorized to practice law unless the broker also is a licensed attorney. Which activity is permitted to be performed by a real estate license holder? - Filling in the blanks of a contract form promulgated or approved for that use by the Texas Real Estate Commission (TREC) A real estate agent tells a seller during a listing presentation that the firm's real estate commission is in line with those of other real estate firms in the area. The broker may - be guilty of price-fixingA real estate broker's license is NOT required of persons who - advertise and lease their own properties A sales agent has which agency relationship with the sponsoring broker? - A general agency relationship An acre consists of how many square feet? - 43,560 An owner sells part of his land that has no access to a public road but does have access over his remaining land. This creates an easement by - necessity An urban homestead is limited to a lot or lots NOT to exceed how many acres? - 10 Appurtenant easement rights transfer with - the dominant tenement Before people can act in the capacity of or represent themselves as real estate brokers, they must first - obtain a license from the Texas Real Estate Commission Courses for the renewal of an active real estate broker or sales agent license are called - continuing education (CE) Encumbrances on real estate - may include liens, easements, and deed restrictions If a condition of ownership is violated, title to the subject property automatically reverts to the original owner in - a determinable fee estate It is the duty of an agent to disclose to the principal every step taken in the transaction of the principal's business because - the agent has a fiduciary obligation to the principal It is unlawful for a person to act in the capacity of or claim to be a real estate broker without first - obtaining a license from the Texas Real Estate CommissionMisleading or deceptive practices according to the Deceptive Trade Practices Act (DTPA) include all of the following EXCEPT - stating that a property is being sold "as is." Randy has constructed a fence that extends 1 foot over his lot line onto the property of a neighbor. The fence is an example of - an encroachment