,TX 30 Hour Principles of Real Estate I
Exam Questions AND ANSWERS 100%
CORRECT!
A portion of Lance's property can be used by the local utility company to maintain its
power lines. What is this an example of? -ANSWER Easement
Several brokerages in a certain area agree to stop running advertisements in a local
publication. What type of antitrust violation is this? -ANSWER Group boycotting
Homestead exemptions ______ property taxes for all homeowners by protecting a
certain amount of a Texas home's value from tax. -ANSWER Decrease
What is the length of the statute of limitations to file a fair housing complaint with HUD?
-ANSWER One year
Lewis and Elliot started a real estate investment business together. After much
discussion with their attorney, they decided to incorporate, but in such a way that they
are treated like a partnership and don't have to pay corporate taxes. What form of
business do they have? -ANSWER Subchapter S corporation
Which of the following is a true statement about the Texas seller's disclosure of
property condition law? -ANSWER It requires sellers of single-family residential
properties to disclose material facts to buyers.
Novation is... -ANSWER the substitution of one or more of the parties to a contract,
creating a new contract.
Rickie is a real estate licensee. She makes regular calls to customers and past clients
to market her services. If someone she calls asks to be put on her internal "do not call"
list, what is Rickie required to do? -ANSWER Immediately place the customer's number
on her internal do not call list, and avoid making unsolicited calls from that point forward
When does a buyer's market occur? -ANSWER When supply is high and demand is
low
, Assignment of a contract is... -ANSWER the substitution of one party for another, with
the original party still being obligated under the terms of the contract.
A new business moves into town, significantly increasing the availability of good paying
jobs. How is this likely to affect the town's housing market? -ANSWER Demand will go
up, creating a seller's market.
Which ownership type is defined by four unities: time, title, interest, and possession? -
ANSWER Joint tenancy
Which of these statements best represents what happens after a federal fair housing
complaint is made? -ANSWER A fair housing specialist will review the complaint.
Which of the following is a charge you would pay to your lender to arrange the
financing for your home loan? -ANSWER Origination fee
How many forms of ID are required when appearing for your Texas licensing exam? -
ANSWER Two
CAN-SPAM Act of 2003 -ANSWER Regulates the distribution and content of
unsolicited commercial e-mail
Kelo v. City of New London was a court case that focused on the power of
____________. -ANSWER Eminent domain
Richard is interested in purchasing some rural land and included outbuildings. When
reviewing the legal description, he sees the name of a principal meridian. What type of
legal description is this? -ANSWER Rectangular government survey
Anastasia wants to get her real estate license and bring together buyers and sellers.
This means she will be involved in which of the following? -ANSWER Brokerage
Gloria has an option to purchase the cottage she leases from her landlord. She can
exercise the option within the next two years. To gain that right, Gloria paid the landlord
$5,000. This is called ______. -ANSWER An option fee
Which of the following expenses of home ownership may be a tax deduction? -
ANSWER Prepaid interest
Exam Questions AND ANSWERS 100%
CORRECT!
A portion of Lance's property can be used by the local utility company to maintain its
power lines. What is this an example of? -ANSWER Easement
Several brokerages in a certain area agree to stop running advertisements in a local
publication. What type of antitrust violation is this? -ANSWER Group boycotting
Homestead exemptions ______ property taxes for all homeowners by protecting a
certain amount of a Texas home's value from tax. -ANSWER Decrease
What is the length of the statute of limitations to file a fair housing complaint with HUD?
-ANSWER One year
Lewis and Elliot started a real estate investment business together. After much
discussion with their attorney, they decided to incorporate, but in such a way that they
are treated like a partnership and don't have to pay corporate taxes. What form of
business do they have? -ANSWER Subchapter S corporation
Which of the following is a true statement about the Texas seller's disclosure of
property condition law? -ANSWER It requires sellers of single-family residential
properties to disclose material facts to buyers.
Novation is... -ANSWER the substitution of one or more of the parties to a contract,
creating a new contract.
Rickie is a real estate licensee. She makes regular calls to customers and past clients
to market her services. If someone she calls asks to be put on her internal "do not call"
list, what is Rickie required to do? -ANSWER Immediately place the customer's number
on her internal do not call list, and avoid making unsolicited calls from that point forward
When does a buyer's market occur? -ANSWER When supply is high and demand is
low
, Assignment of a contract is... -ANSWER the substitution of one party for another, with
the original party still being obligated under the terms of the contract.
A new business moves into town, significantly increasing the availability of good paying
jobs. How is this likely to affect the town's housing market? -ANSWER Demand will go
up, creating a seller's market.
Which ownership type is defined by four unities: time, title, interest, and possession? -
ANSWER Joint tenancy
Which of these statements best represents what happens after a federal fair housing
complaint is made? -ANSWER A fair housing specialist will review the complaint.
Which of the following is a charge you would pay to your lender to arrange the
financing for your home loan? -ANSWER Origination fee
How many forms of ID are required when appearing for your Texas licensing exam? -
ANSWER Two
CAN-SPAM Act of 2003 -ANSWER Regulates the distribution and content of
unsolicited commercial e-mail
Kelo v. City of New London was a court case that focused on the power of
____________. -ANSWER Eminent domain
Richard is interested in purchasing some rural land and included outbuildings. When
reviewing the legal description, he sees the name of a principal meridian. What type of
legal description is this? -ANSWER Rectangular government survey
Anastasia wants to get her real estate license and bring together buyers and sellers.
This means she will be involved in which of the following? -ANSWER Brokerage
Gloria has an option to purchase the cottage she leases from her landlord. She can
exercise the option within the next two years. To gain that right, Gloria paid the landlord
$5,000. This is called ______. -ANSWER An option fee
Which of the following expenses of home ownership may be a tax deduction? -
ANSWER Prepaid interest
