AYPO - Texas - Principles of Real
Estate 1
Which of these IS NOT among the Commission's oversight duties?
A. All of these are among the Commission's oversight duties
B. Standards for an individual to earn their license
C. Background and character requirements necessary to serve as a real estate
professional
D. Standards for what it takes to move from the salesperson status to be a broker -
CORRECT ANSWER-A. All of these are among the Commission's oversight duties
An educational institution shall maintain a corporate surety bond or other security
acceptable to the commission that is in the amount of:
A. $2,000
B. $20,000
C. $200,000
D. $40,000 - CORRECT ANSWER-B. $20,000
When the relationship of a sales agent with the sales agent's sponsoring broker
terminates, the terminating party shall immediately notify:
A. the state attorney general.
B. in writing both the other party and the commission.
C. the other party.
D. the commission. - CORRECT ANSWER-B. in writing both the other party and the
commission.
The commission shall waive the examination requirement for an applicant for a broker
or sales agent license if:
A. The application is filed before the second anniversary of the expiration date of the
equivalent license
B. Neither of these is required
C. The applicant was previously licensed in this state as a broker or sales agent
D. Both of these are required - CORRECT ANSWER-D. Both of these are required
What refers to a location from an economic rather than a geographic standpoint?
A) Situs
B) Homogeneity
C) Immobility
D) Topography - CORRECT ANSWER-A) Situs
,Which amendment guarantees that a citizen will not be deprived of property without due
process of law?
A) 14th Amendment
B) 2nd Amendment.
C) 5th Amendment.
D) No amendment covers this eventuality. - CORRECT ANSWER-C) 5th Amendment.
The CFPB is the:
A) Consumer Financial Protection Bureau
B) Customer Financial Protection Bureau
C) Consumer Fiscal Protection Bureau
D) Client Financial Protection Bureau - CORRECT ANSWER-A) Consumer Financial
Protection Bureau
A professional organization or association is usually a not-for-profit organization that
seeks to:
A) find new revenue sources to grow the organization.
B) further a particular profession and the interests of individuals engaged in that
profession.
C) allow like-minded individuals to exclusively meet to discuss business issues with
each other.
D) hold educational seminars for the public to make them aware of the organization. -
CORRECT ANSWER-B) further a particular profession and the interests of individuals
engaged in that profession.
Which of these IS NOT a type of real property value?
A) Assessed value
B) Estimated sales value
C) Replacement value
D) Future estimated value - CORRECT ANSWER-D) Future estimated value
A contraction or generally slowing down of the economy is a:
A) Recession.
B) Expansion.
C) Depression.
D) Revival. - CORRECT ANSWER-A) Recession.
What is the primary purpose for real estate licensing laws?
A) To protect the general public during real estate transactions from dishonest or
incompetent brokers and sales agents.
B) To set out minimum standards and qualifications for licensing brokers and sales
agents.
C) To protect licensed brokers and sales agents from unfair or improper competition.
D) All of these answers are correct. - CORRECT ANSWER-D) All of these answers are
correct.
,Per 1101.2051(b), information or material prepared or compiled by the commission in
connection with a complaint, investigation, or audit may be disclosed:
A) it may not be disclosed under any circumstances.
B) to the respondent of the complaint.
C) to a legal representative of the complainant.
D) to a citizen writing in a complaint against a licensee. - CORRECT ANSWER-B) to the
respondent of the complaint.
According to Sec. 1101.159, the commission must ensure that the public is able to
interact with the commission:
A) in the Texas Legislature.
B) in TREC meetings.
C) on the Internet.
D) in person. - CORRECT ANSWER-C) on the Internet.
Investment permanence is another term for:
A) Scarcity
B) Situs
C) Fixity
D) Modification - CORRECT ANSWER-C) Fixity
The Real Estate License Act defines a broker as a person who does which of these?
A) Negotiates or attempts to negotiate the listing, sale, exchange, purchase, or lease of
real estate
B) lists or offers, attempts, or agrees to list real estate for sale, lease, or exchange
C) procures or assists in procuring a prospect to effect the sale, exchange, or lease of
real estate
D) All of these - CORRECT ANSWER-D) All of these
A short list of types of specialized brokerages in Texas, includes all of these, except:
A) Rental Properties
B) Property Management
C) Amusement Park Management
D) Farm and Ranch Properties - CORRECT ANSWER-C) Amusement Park
Management
Which of these is NOT a type of real property?
A) Forestry Maintenance
B) Agricultural
C) Mixed Use Property
D) Commercial - CORRECT ANSWER-A) Forestry Maintenance
Real property, often referred to as real estate, includes which of the following?
A) Land.
B) All of these.
C) Natural resources like water, minerals, and crops.
, D) Structures attached directly to the land. - CORRECT ANSWER-B) All of these.
"Emblements" are best described by which of the following?
A) harvestable plants, trees, and cultivated vegetation.
B) impediments to the free and clear ownership and use of property.
C) the unauthorized intrusion of vegetation onto another person's land.
D) fixtures. - CORRECT ANSWER-A) harvestable plants, trees, and cultivated
vegetation.
What is the name of the governing body for real estate in Texas?
A. Texas Real Estate Constitution (TREC)
B. Texas Real Estate Counselors (TREC)
C. Texas Real Estate Council (TREC)
D. Texas Real Estate Commission (TREC) - CORRECT ANSWER-D) Texas Real
Estate Commission (TREC)
TREC has the authority under TRELA to suspend or even revoke a broker's license if:
A) they conduct the unauthorized practice of negotiation.
B) they conduct the unlicensed practice of property management.
C) they conduct the unlicensed practice of property development.
D) they conduct the unlawful practice of Law. - CORRECT ANSWER-D) they conduct
the unlawful practice of Law
ESAC stands for:
A) Education Systems Assistance Corporation
B) Education Standards Advisory Committee
C) Employment Standards Advisory Committee
D) Employment Standards Advisory Committee - CORRECT ANSWER-B) Education
Standards Advisory Committee
A manufactured home can be considered real property if:
A) both the Texas Department of Housing and Community Affairs and the home's
county's chief tax appraiser have been notified of the filing
B) All of the answers together are correct.
C) the owner of the home has elected to treat the home as their real property
D) a certified copy of the "Statement of ownership and location" for the home has been
filed by the owner in the real property records of the county where the home is located -
CORRECT ANSWER-B) All of the answers together are correct.
Which of these is not a classification of real property?
A) Commercial.
B) Residential.
C) Investment.
D) Agricultural. - CORRECT ANSWER-C) Investment.
Estate 1
Which of these IS NOT among the Commission's oversight duties?
A. All of these are among the Commission's oversight duties
B. Standards for an individual to earn their license
C. Background and character requirements necessary to serve as a real estate
professional
D. Standards for what it takes to move from the salesperson status to be a broker -
CORRECT ANSWER-A. All of these are among the Commission's oversight duties
An educational institution shall maintain a corporate surety bond or other security
acceptable to the commission that is in the amount of:
A. $2,000
B. $20,000
C. $200,000
D. $40,000 - CORRECT ANSWER-B. $20,000
When the relationship of a sales agent with the sales agent's sponsoring broker
terminates, the terminating party shall immediately notify:
A. the state attorney general.
B. in writing both the other party and the commission.
C. the other party.
D. the commission. - CORRECT ANSWER-B. in writing both the other party and the
commission.
The commission shall waive the examination requirement for an applicant for a broker
or sales agent license if:
A. The application is filed before the second anniversary of the expiration date of the
equivalent license
B. Neither of these is required
C. The applicant was previously licensed in this state as a broker or sales agent
D. Both of these are required - CORRECT ANSWER-D. Both of these are required
What refers to a location from an economic rather than a geographic standpoint?
A) Situs
B) Homogeneity
C) Immobility
D) Topography - CORRECT ANSWER-A) Situs
,Which amendment guarantees that a citizen will not be deprived of property without due
process of law?
A) 14th Amendment
B) 2nd Amendment.
C) 5th Amendment.
D) No amendment covers this eventuality. - CORRECT ANSWER-C) 5th Amendment.
The CFPB is the:
A) Consumer Financial Protection Bureau
B) Customer Financial Protection Bureau
C) Consumer Fiscal Protection Bureau
D) Client Financial Protection Bureau - CORRECT ANSWER-A) Consumer Financial
Protection Bureau
A professional organization or association is usually a not-for-profit organization that
seeks to:
A) find new revenue sources to grow the organization.
B) further a particular profession and the interests of individuals engaged in that
profession.
C) allow like-minded individuals to exclusively meet to discuss business issues with
each other.
D) hold educational seminars for the public to make them aware of the organization. -
CORRECT ANSWER-B) further a particular profession and the interests of individuals
engaged in that profession.
Which of these IS NOT a type of real property value?
A) Assessed value
B) Estimated sales value
C) Replacement value
D) Future estimated value - CORRECT ANSWER-D) Future estimated value
A contraction or generally slowing down of the economy is a:
A) Recession.
B) Expansion.
C) Depression.
D) Revival. - CORRECT ANSWER-A) Recession.
What is the primary purpose for real estate licensing laws?
A) To protect the general public during real estate transactions from dishonest or
incompetent brokers and sales agents.
B) To set out minimum standards and qualifications for licensing brokers and sales
agents.
C) To protect licensed brokers and sales agents from unfair or improper competition.
D) All of these answers are correct. - CORRECT ANSWER-D) All of these answers are
correct.
,Per 1101.2051(b), information or material prepared or compiled by the commission in
connection with a complaint, investigation, or audit may be disclosed:
A) it may not be disclosed under any circumstances.
B) to the respondent of the complaint.
C) to a legal representative of the complainant.
D) to a citizen writing in a complaint against a licensee. - CORRECT ANSWER-B) to the
respondent of the complaint.
According to Sec. 1101.159, the commission must ensure that the public is able to
interact with the commission:
A) in the Texas Legislature.
B) in TREC meetings.
C) on the Internet.
D) in person. - CORRECT ANSWER-C) on the Internet.
Investment permanence is another term for:
A) Scarcity
B) Situs
C) Fixity
D) Modification - CORRECT ANSWER-C) Fixity
The Real Estate License Act defines a broker as a person who does which of these?
A) Negotiates or attempts to negotiate the listing, sale, exchange, purchase, or lease of
real estate
B) lists or offers, attempts, or agrees to list real estate for sale, lease, or exchange
C) procures or assists in procuring a prospect to effect the sale, exchange, or lease of
real estate
D) All of these - CORRECT ANSWER-D) All of these
A short list of types of specialized brokerages in Texas, includes all of these, except:
A) Rental Properties
B) Property Management
C) Amusement Park Management
D) Farm and Ranch Properties - CORRECT ANSWER-C) Amusement Park
Management
Which of these is NOT a type of real property?
A) Forestry Maintenance
B) Agricultural
C) Mixed Use Property
D) Commercial - CORRECT ANSWER-A) Forestry Maintenance
Real property, often referred to as real estate, includes which of the following?
A) Land.
B) All of these.
C) Natural resources like water, minerals, and crops.
, D) Structures attached directly to the land. - CORRECT ANSWER-B) All of these.
"Emblements" are best described by which of the following?
A) harvestable plants, trees, and cultivated vegetation.
B) impediments to the free and clear ownership and use of property.
C) the unauthorized intrusion of vegetation onto another person's land.
D) fixtures. - CORRECT ANSWER-A) harvestable plants, trees, and cultivated
vegetation.
What is the name of the governing body for real estate in Texas?
A. Texas Real Estate Constitution (TREC)
B. Texas Real Estate Counselors (TREC)
C. Texas Real Estate Council (TREC)
D. Texas Real Estate Commission (TREC) - CORRECT ANSWER-D) Texas Real
Estate Commission (TREC)
TREC has the authority under TRELA to suspend or even revoke a broker's license if:
A) they conduct the unauthorized practice of negotiation.
B) they conduct the unlicensed practice of property management.
C) they conduct the unlicensed practice of property development.
D) they conduct the unlawful practice of Law. - CORRECT ANSWER-D) they conduct
the unlawful practice of Law
ESAC stands for:
A) Education Systems Assistance Corporation
B) Education Standards Advisory Committee
C) Employment Standards Advisory Committee
D) Employment Standards Advisory Committee - CORRECT ANSWER-B) Education
Standards Advisory Committee
A manufactured home can be considered real property if:
A) both the Texas Department of Housing and Community Affairs and the home's
county's chief tax appraiser have been notified of the filing
B) All of the answers together are correct.
C) the owner of the home has elected to treat the home as their real property
D) a certified copy of the "Statement of ownership and location" for the home has been
filed by the owner in the real property records of the county where the home is located -
CORRECT ANSWER-B) All of the answers together are correct.
Which of these is not a classification of real property?
A) Commercial.
B) Residential.
C) Investment.
D) Agricultural. - CORRECT ANSWER-C) Investment.
