AYPOReal Estate Test 1
What type of property category includes churches, other places of worship, schools and
colleges, cemeteries and certain government-held properties? - CORRECT ANSWER-
Special-Purpose
The practice wherein consumers of protected classes are directed to certain
neighborhoods when shopping for housing is called - CORRECT ANSWER-Steering
The Texas Real Estate Commission consists of members appointed by the governor
with the advice and consent of the: Senate. What is their composition? - CORRECT
ANSWER-Six members ho have been engaged in the brokerage business as licensed
brokers as their major occupation for the five years preceding appointment: and three
members who represent the public.
The TTexas definition of consumer good (as clarified through judicial decisions)
includes . - CORRECT ANSWER-Automobiles, Real estate, Major appliances.
A testamentary trust is created through what? - CORRECT ANSWER-A will,
Intervivostrust, conservation easement
Texas Landowners Bill of Rights includes. - CORRECT ANSWER-1. adequate
compensation if your property is condemned
2. your property can only be condemned for a public use.
3. your property can only be condemned by a gov entity
4. entity must notify you
6. said entity must provide you written appraisal
6. You can file a written complaint to trec
7. must make. a bona fide offer.
8. you may hire your own appraiser
9. you may hire an attorney
10. you're entitlled to a hearing
11. you've a right to trial
Joint tenancy is ended when - CORRECT ANSWER-Unity of time ends
The commission may require a license holder whose license suspension or revocation
is probated to do what - CORRECT ANSWER-Limit practice to an area prescribed by
the commission
After racial discrimination in housing was ruled unconstitutional, a mechanism used to
get around this ruling was ? - CORRECT ANSWER-Restrictive covenant
, what is the purpose of real estate licensing laws? - CORRECT ANSWER-1. to set out
minimum standards and qualifications for licensing brokers and sales agents
2. to protect licensed brokers and sales agents from unfair or improper competition.
3. To protect the general public during real estate transactions from dishonest or
incompetent brokers and sales agents.
Disparate impact - CORRECT ANSWER-A set of criteria which are not directly targeted
at a specific group but will disproportionately affect that group.
What purpose is served by regulating real estate licensing? - CORRECT ANSWER-1.
prtect the eneral public during real estate transactions from dishonest or incompetent
brokers and sales agents.
2. maintain high standards or the real estate profession
3. set out minimum standards and qualifications for licensing brokers and sales agents.
The seller must provide the buyer with a disclosure statement in the statutorily required
form, which includes? - CORRECT ANSWER-1. Underground storage tanks
2. the condition of all major appliances, systems, and services
3. the general condition of the property, including basement and roof leaks
Mortgages are a common type of ________ lein. - CORRECT ANSWER-consensual
What are the five duties owned by a fiduciary? - CORRECT ANSWER-1. Care
2. Discosure, confidenciality
3. Loyalty
4. accounting
5. obedience
An estimate of the amount of money that could be gained if the property was quickly
sold in a low-demand market is called what? - CORRECT ANSWER-Liquidation value.
Which of the following is a general term for properties involving an approved survey
map and plans that describe each lot or unit and that is recorded with the country? -
CORRECT ANSWER-Platted
An appointed licensee must - CORRECT ANSWER-Not disclose that an owner would
accept a price lower than the asking price.
Which of these is the legal remedy that returns the nonbreaching party to the position
that they would have been in if the contract had not been made? - CORRECT
ANSWER-Reliance damages
What type of property category includes churches, other places of worship, schools and
colleges, cemeteries and certain government-held properties? - CORRECT ANSWER-
Special-Purpose
The practice wherein consumers of protected classes are directed to certain
neighborhoods when shopping for housing is called - CORRECT ANSWER-Steering
The Texas Real Estate Commission consists of members appointed by the governor
with the advice and consent of the: Senate. What is their composition? - CORRECT
ANSWER-Six members ho have been engaged in the brokerage business as licensed
brokers as their major occupation for the five years preceding appointment: and three
members who represent the public.
The TTexas definition of consumer good (as clarified through judicial decisions)
includes . - CORRECT ANSWER-Automobiles, Real estate, Major appliances.
A testamentary trust is created through what? - CORRECT ANSWER-A will,
Intervivostrust, conservation easement
Texas Landowners Bill of Rights includes. - CORRECT ANSWER-1. adequate
compensation if your property is condemned
2. your property can only be condemned for a public use.
3. your property can only be condemned by a gov entity
4. entity must notify you
6. said entity must provide you written appraisal
6. You can file a written complaint to trec
7. must make. a bona fide offer.
8. you may hire your own appraiser
9. you may hire an attorney
10. you're entitlled to a hearing
11. you've a right to trial
Joint tenancy is ended when - CORRECT ANSWER-Unity of time ends
The commission may require a license holder whose license suspension or revocation
is probated to do what - CORRECT ANSWER-Limit practice to an area prescribed by
the commission
After racial discrimination in housing was ruled unconstitutional, a mechanism used to
get around this ruling was ? - CORRECT ANSWER-Restrictive covenant
, what is the purpose of real estate licensing laws? - CORRECT ANSWER-1. to set out
minimum standards and qualifications for licensing brokers and sales agents
2. to protect licensed brokers and sales agents from unfair or improper competition.
3. To protect the general public during real estate transactions from dishonest or
incompetent brokers and sales agents.
Disparate impact - CORRECT ANSWER-A set of criteria which are not directly targeted
at a specific group but will disproportionately affect that group.
What purpose is served by regulating real estate licensing? - CORRECT ANSWER-1.
prtect the eneral public during real estate transactions from dishonest or incompetent
brokers and sales agents.
2. maintain high standards or the real estate profession
3. set out minimum standards and qualifications for licensing brokers and sales agents.
The seller must provide the buyer with a disclosure statement in the statutorily required
form, which includes? - CORRECT ANSWER-1. Underground storage tanks
2. the condition of all major appliances, systems, and services
3. the general condition of the property, including basement and roof leaks
Mortgages are a common type of ________ lein. - CORRECT ANSWER-consensual
What are the five duties owned by a fiduciary? - CORRECT ANSWER-1. Care
2. Discosure, confidenciality
3. Loyalty
4. accounting
5. obedience
An estimate of the amount of money that could be gained if the property was quickly
sold in a low-demand market is called what? - CORRECT ANSWER-Liquidation value.
Which of the following is a general term for properties involving an approved survey
map and plans that describe each lot or unit and that is recorded with the country? -
CORRECT ANSWER-Platted
An appointed licensee must - CORRECT ANSWER-Not disclose that an owner would
accept a price lower than the asking price.
Which of these is the legal remedy that returns the nonbreaching party to the position
that they would have been in if the contract had not been made? - CORRECT
ANSWER-Reliance damages
