RealEstateU: Texas Real Estate Principles
Part 1 Final Exam ACTUAL QUESTIONS
AND CORRECT ANSWERS
supply - CORRECT ANSWER The amount of goods offered for sale within a given
market at a given price during a given time period.
General Agent - CORRECT ANSWER A property manager is an example of what type
of agent?
Special Agent - CORRECT ANSWER A real estate agent is an example of what type
of agent?
Residential, Commercial, and Industrial - CORRECT ANSWER The general uses of
real property include the following:
Market Comparison Approach - CORRECT ANSWER A means of comparing similar
type properties would have recently sold to the subject property is known as:
Surface Rights - CORRECT ANSWER Mineral rights are typically considered
dominant to which of the following rights
real estate - CORRECT ANSWER Land and everything permanently attached to land
is defined as
Personal Property - CORRECT ANSWER All property that is not land and is not
permanently attached to land is known as
Bundle of Rights - CORRECT ANSWER The right of exclusion which allows a
landowner to prevent others from entering or occupying their property is included in the
, Kitchen cabinets - CORRECT ANSWER Which of the following is an example of a
fixture
Intentions of the party, adaption of the item, mold and permanence of house item was
attached - CORRECT ANSWER Which of the following is considered a legal test for
determining if an item is a fixture or not
customer - CORRECT ANSWER This refers to the party the agent brings to the
principal as seller or buyer of the property.
General Agent - CORRECT ANSWER An agent with full authority over one property
of the principal is known as a
Special Agent - CORRECT ANSWER An agent with limited authority to act on behalf
of the principal is referred to as a
The agent finds a buyer who is ready, willing, and able to purchase the property. - CORRECT
ANSWER A seller's agent is entitled to a commission after
customer - CORRECT ANSWER A broker will work for a client and with a
Care - CORRECT ANSWER The "C" in the acronym COALD stands for which
fiduciary duty?
Assisting with counteroffers. - CORRECT ANSWER The fiduciary duty of care when
representing a buyer includes
loyalty - CORRECT ANSWER A broker must always place his/her client's interests
above their own. This is an example of what fiduciary duty?
disclosure - CORRECT ANSWER A seller's broker is required to tell their client any
relationship they may have with the buyer. This is an example of what fiduciary duty?
Part 1 Final Exam ACTUAL QUESTIONS
AND CORRECT ANSWERS
supply - CORRECT ANSWER The amount of goods offered for sale within a given
market at a given price during a given time period.
General Agent - CORRECT ANSWER A property manager is an example of what type
of agent?
Special Agent - CORRECT ANSWER A real estate agent is an example of what type
of agent?
Residential, Commercial, and Industrial - CORRECT ANSWER The general uses of
real property include the following:
Market Comparison Approach - CORRECT ANSWER A means of comparing similar
type properties would have recently sold to the subject property is known as:
Surface Rights - CORRECT ANSWER Mineral rights are typically considered
dominant to which of the following rights
real estate - CORRECT ANSWER Land and everything permanently attached to land
is defined as
Personal Property - CORRECT ANSWER All property that is not land and is not
permanently attached to land is known as
Bundle of Rights - CORRECT ANSWER The right of exclusion which allows a
landowner to prevent others from entering or occupying their property is included in the
, Kitchen cabinets - CORRECT ANSWER Which of the following is an example of a
fixture
Intentions of the party, adaption of the item, mold and permanence of house item was
attached - CORRECT ANSWER Which of the following is considered a legal test for
determining if an item is a fixture or not
customer - CORRECT ANSWER This refers to the party the agent brings to the
principal as seller or buyer of the property.
General Agent - CORRECT ANSWER An agent with full authority over one property
of the principal is known as a
Special Agent - CORRECT ANSWER An agent with limited authority to act on behalf
of the principal is referred to as a
The agent finds a buyer who is ready, willing, and able to purchase the property. - CORRECT
ANSWER A seller's agent is entitled to a commission after
customer - CORRECT ANSWER A broker will work for a client and with a
Care - CORRECT ANSWER The "C" in the acronym COALD stands for which
fiduciary duty?
Assisting with counteroffers. - CORRECT ANSWER The fiduciary duty of care when
representing a buyer includes
loyalty - CORRECT ANSWER A broker must always place his/her client's interests
above their own. This is an example of what fiduciary duty?
disclosure - CORRECT ANSWER A seller's broker is required to tell their client any
relationship they may have with the buyer. This is an example of what fiduciary duty?
