AYPO Real Estate Principles of Real Estate I Exam Study
Guide and Answers Grade A+
TREC has the authority under TRELA to suspend or even revoke a broker's license
if: - Answer-They conduct the unlawful practice of law
ESAC stands for: - Answer-Education Standards Advisory Committee
What refers to a location from an economic rather than a geographic standpoint?
- Answer-Situs.
Which amendment guarantees that a citizen will not be deprived of property
without due process of law? - Answer-5th Amendment.
The CFPB is the: - Answer-Consumer Financial Protection Bureau
A professional organization or association is usually a not-for-profit organization
that seeks to: - Answer-further a particular profession and the interests of
individuals engaged in that profession.
A contraction or generally slowing down of the economy is a: - Answer-Recession.
What is the primary purpose for real estate licensing laws? - Answer-1. To protect
the general public during real estate transactions from dishonest or incompetent
brokers and sales agents.
2. To set out minimum standards and qualifications for licensing brokers and sales
agents.
3. To protect licensed brokers and sales agents from unfair or improper
competition.
Per 1101.2051(b), information or material prepared or compiled by the
commission in connection with a complaint, investigation, or audit may be
disclosed: - Answer-to the respondent of the complaint.
What type of property category includes churches, other places of worship,
schools and colleges, cemeteries and certain government-held properties? -
Answer-Special-purpose.
, Emblements are best described by which of the following? - Answer-Harvestable
plants, trees, and uncultivated vegetation.
A manufactured home can be considered real property if: - Answer-1. both the
Texas Department of Housing and Community Affairs and the home's county's
chief tax appraiser have been notified of the filing
2. 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
3. the owner of the home has elected to treat the home as their real property
The number one reason that people move is: - Answer-Employment opportunity
How much money can a first time homebuyer draw from his or her own IRA
without tax penalty for the purchase? - Answer-$10,000
According to the Texas Department of Insurance, most homeowners policies in
Texas include which of the following coverages? - Answer-1. Loss of use.
2. Medical payments.
3. Dwelling.
A C.L.U.E. report advises a consumer on: - Answer-up to seven years of claims
history on a property
Prior to the introduction of the condominium concept, property ownership had
been limited to ownership of... - Answer-Land.
All the meanings of agent and agency refer to someone who does which of the
following? (Best answer.) - Answer-Acts on behalf of someone else to perform a
task or range of tasks.
An appointed licensee must do which of the following? - Answer-Not disclose that
an owner would accept a price lower than the asking price
Guide and Answers Grade A+
TREC has the authority under TRELA to suspend or even revoke a broker's license
if: - Answer-They conduct the unlawful practice of law
ESAC stands for: - Answer-Education Standards Advisory Committee
What refers to a location from an economic rather than a geographic standpoint?
- Answer-Situs.
Which amendment guarantees that a citizen will not be deprived of property
without due process of law? - Answer-5th Amendment.
The CFPB is the: - Answer-Consumer Financial Protection Bureau
A professional organization or association is usually a not-for-profit organization
that seeks to: - Answer-further a particular profession and the interests of
individuals engaged in that profession.
A contraction or generally slowing down of the economy is a: - Answer-Recession.
What is the primary purpose for real estate licensing laws? - Answer-1. To protect
the general public during real estate transactions from dishonest or incompetent
brokers and sales agents.
2. To set out minimum standards and qualifications for licensing brokers and sales
agents.
3. To protect licensed brokers and sales agents from unfair or improper
competition.
Per 1101.2051(b), information or material prepared or compiled by the
commission in connection with a complaint, investigation, or audit may be
disclosed: - Answer-to the respondent of the complaint.
What type of property category includes churches, other places of worship,
schools and colleges, cemeteries and certain government-held properties? -
Answer-Special-purpose.
, Emblements are best described by which of the following? - Answer-Harvestable
plants, trees, and uncultivated vegetation.
A manufactured home can be considered real property if: - Answer-1. both the
Texas Department of Housing and Community Affairs and the home's county's
chief tax appraiser have been notified of the filing
2. 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
3. the owner of the home has elected to treat the home as their real property
The number one reason that people move is: - Answer-Employment opportunity
How much money can a first time homebuyer draw from his or her own IRA
without tax penalty for the purchase? - Answer-$10,000
According to the Texas Department of Insurance, most homeowners policies in
Texas include which of the following coverages? - Answer-1. Loss of use.
2. Medical payments.
3. Dwelling.
A C.L.U.E. report advises a consumer on: - Answer-up to seven years of claims
history on a property
Prior to the introduction of the condominium concept, property ownership had
been limited to ownership of... - Answer-Land.
All the meanings of agent and agency refer to someone who does which of the
following? (Best answer.) - Answer-Acts on behalf of someone else to perform a
task or range of tasks.
An appointed licensee must do which of the following? - Answer-Not disclose that
an owner would accept a price lower than the asking price
