Principles of Real Estate 1- Champions School of Real
Estate Exam 2024 Graded A+
_______ decribes the obligation of a license holder to be knowledgeable as a real
estate brokerage practitioner.
A.) Fidelity
B.) Competency
C.) Discriminatory practices
D.) Consumer information – Answer100%B.) Competency
A _____ relationship exists when one person acts on behalf of another person from
whom he has derived authority.
A.) Agency
B.) Principal
C.) Client
D.) Broker - Answer100% A.) Agency
A ______ determines legal property boundaries for property ownership
A.) Land survey
B.) Topographic survey
C.) Seismic survey
D.) Green survey - Answer100%A.) Land Survey
A ______ might be required in a division of property between multiple owners.
A.) Bilateral contract
B.) monument
C.) unilateral contract
D.) survey - Answer100%D.) survey
A consideration is defined as ____
A.) An offer
B.) a counteroffer
C.) a bribe
D.) something given in exchange for a promise - Answer100% D.) something given in
exchange for a promise
A form of corporation that is taxed much like a partnerships is the _____.
A.) C Corporation
B.) S Corporation
C.) Limited Corporation
D.) CS Corporation - Answer100%B.) S corporation
a freeway has made commuting to a distant suburban neighborhood easier, resulting in
an increase in new home sales. This increase in sales is an example of the economic
characteristic of
, A.) scarcity
B.) Fixity
C.) Situs
D.) Modification - Answer100% D.) Modification
A Freeway has made commuting to a distant suburban neighborhood easier, resulting
in an increase in new home sales. This increase in sales is an example of the economic
characteristics of:
A.) Scarcity
B.) Fixity
C.) Situs
D.) Modification - Answer100% D.) Modification
A lawsuit was tried on a real estate matter. The judge ruled in the case, citing the
decision of a judge in a similar case that was tried ten years ago. The judges decision in
the case was most likely based upon:
A.) Statutory Law
B.) Civil Law
C.) Common Law
D.) Local ordinance - Answer100%C.) Common Law
A legal description that contains the words "beginning at a point"is a:
A.) Lot and Block Description
B.) Metes and bounds description
C.) Informal reference
D.) PLSS Description - Answer100%B.) Metes and bounds description
A license holder was tried in a state district court on a complaint arising from a real
estate transaction. The court ruled that, among other transgressions, the defendant had
violated the Texas Real Estate License Act. This decision of the judge was based upon:
A.) Statutory law
B.) Civil Law
C.) Common Law
D.) Local Ordinance - Answer100% A.) Statutory Law
A property is owned by two unmarried individuals without right of survivorship. The form
of ownership is most likely:
A.) Community property
B.) Ownership in severalty
C.) Joint Tenancy
D.) Tenancy in common - Answer100%D.) Tenancy in common
A trust that is created during the lifetime of the trustor is an ___.
A.) Testamentary trust
B.) Inter vivos trust
C.) business trust
Estate Exam 2024 Graded A+
_______ decribes the obligation of a license holder to be knowledgeable as a real
estate brokerage practitioner.
A.) Fidelity
B.) Competency
C.) Discriminatory practices
D.) Consumer information – Answer100%B.) Competency
A _____ relationship exists when one person acts on behalf of another person from
whom he has derived authority.
A.) Agency
B.) Principal
C.) Client
D.) Broker - Answer100% A.) Agency
A ______ determines legal property boundaries for property ownership
A.) Land survey
B.) Topographic survey
C.) Seismic survey
D.) Green survey - Answer100%A.) Land Survey
A ______ might be required in a division of property between multiple owners.
A.) Bilateral contract
B.) monument
C.) unilateral contract
D.) survey - Answer100%D.) survey
A consideration is defined as ____
A.) An offer
B.) a counteroffer
C.) a bribe
D.) something given in exchange for a promise - Answer100% D.) something given in
exchange for a promise
A form of corporation that is taxed much like a partnerships is the _____.
A.) C Corporation
B.) S Corporation
C.) Limited Corporation
D.) CS Corporation - Answer100%B.) S corporation
a freeway has made commuting to a distant suburban neighborhood easier, resulting in
an increase in new home sales. This increase in sales is an example of the economic
characteristic of
, A.) scarcity
B.) Fixity
C.) Situs
D.) Modification - Answer100% D.) Modification
A Freeway has made commuting to a distant suburban neighborhood easier, resulting
in an increase in new home sales. This increase in sales is an example of the economic
characteristics of:
A.) Scarcity
B.) Fixity
C.) Situs
D.) Modification - Answer100% D.) Modification
A lawsuit was tried on a real estate matter. The judge ruled in the case, citing the
decision of a judge in a similar case that was tried ten years ago. The judges decision in
the case was most likely based upon:
A.) Statutory Law
B.) Civil Law
C.) Common Law
D.) Local ordinance - Answer100%C.) Common Law
A legal description that contains the words "beginning at a point"is a:
A.) Lot and Block Description
B.) Metes and bounds description
C.) Informal reference
D.) PLSS Description - Answer100%B.) Metes and bounds description
A license holder was tried in a state district court on a complaint arising from a real
estate transaction. The court ruled that, among other transgressions, the defendant had
violated the Texas Real Estate License Act. This decision of the judge was based upon:
A.) Statutory law
B.) Civil Law
C.) Common Law
D.) Local Ordinance - Answer100% A.) Statutory Law
A property is owned by two unmarried individuals without right of survivorship. The form
of ownership is most likely:
A.) Community property
B.) Ownership in severalty
C.) Joint Tenancy
D.) Tenancy in common - Answer100%D.) Tenancy in common
A trust that is created during the lifetime of the trustor is an ___.
A.) Testamentary trust
B.) Inter vivos trust
C.) business trust
