TEXAS PRINCIPLES 1 EXAM PRACTICE QUESTIONS AND ANSWERS - CHAMPIONS SCHOOL OF REAL ESTATE

TEXAS PRINCIPLES 1 EXAM PRACTICE QUESTIONS AND ANSWERS - CHAMPIONS SCHOOL OF REAL ESTATE 1. a: BOMA's major concern is advocacy on the part of: (a) Building owners and managers (b) Landlords and tenants(c) Employment law and managers (d) None of these are correct 2. a: The combines the elements of the Good Faith Estimate form and the initial Truth in Lending disclosure. (a) Loan Estimate(b) Controlled Business Arrangement (c) Closing Disclosure(d) None of these is correct 3. a: The quarterly interest payment on a loan is $4,000. The interest rate is 5%. What is the loan amount? (a) $320,000 (b) $32,000 (c) $80,000 (d) $800,000 4. a: Auctioneers who call at a real estate auction . (a) may do so without a license(b) may not do so without a license(c) are known as foreclosure specialists (d) none of the above 5. a: The assessed value of a property is $90,000. The tax rate is $3.42 per hundred. What are the annual taxes? (a) $3,078.00 (b) $307.80 (c) $3,420.00 (d) $342.00 6. a: The ABR designation is especially useful for: (a) Residential buyer's agents(b) Commercial property managers (c) Foreclosure specialists(d) Industrial property specialists 7. a: Located in between incompatible uses, a is an area of land separating one land use from another, such as residential from commercial. (a) buffer zone(b) forward condemnation (c) reverse condemnation (d) police power zone 8. a: The is the central banking system of the United States. (a) Federal Reserve(b) FHA(c) FOMC(d) Federal Credit Union 9. a: For tax purposes the is determined by the taxing authority. (a) assessed value (b) appraised value (c) market price(d) investment value 10. a: The market value of a property is $425,000. The appraised value is 95% of market value. What is the appraised value of the property? (a) $403,750 (b) $21,250 (c) $416,350 (d) $395,675 11. b: The appraised value of a property is: (a) The sale price (b) An opinion of value (c) A market analysis (d) The market value of a property