Aceable agent - texas real estate 1 practice test Questions And Answers Rated A+ New Update Assured Satisfaction

"right of survivorship" - predetermines that when one co-owner dies, their ownership interest reverts to the surviving co-owners 2 Years - How often can homeowners take advantage of capital gains exemption under the Taxpayer Relief Act of 1997? 200 acres for families, 100 acres for individuals - limit on a rural homestead is currently A drafted copy of a listing agreement - Which of the following is NOT a required disclosure that real estate license holder must provide to consumers? a timeshare property - Example of co-ownership? Abstract of Title - condensed history of title to a tract of land that summarizes the transfers of ownership and encumbrances is know as: According to Will - If a couple owns property as community property and one spouse dies testate and the spouse who died had children outside of this marriage, how will the community property be distributed? Act as attorney in fact for the client - What can a special agent NOT do? acting as an intermediary - A broker has two sales agents, one representing the buyer and one representing the seller for the same transaction. The broker is: Advertising one's personal residence for sale. - According to TRELA, which of the following, when done with the expectation of valuable consideration, would NOT qualify as practicing brokerage?belong to the landlord upon expiration of the lease - If a tenant were to buy and install new cabinets for their kitchen, they would: Bilateral contract - Real Estate Sales Contract Blockbusting - phrase for encouraging the panic selling of homes at below their market value Chapter 1101 and 1102 of the Texas Occupations Code - main laws governing real estate license holders Chattel - term real property NOT include commingling - If a license holder put client funds into a personal account it would: Community Reinvestment Act - ensure credit availability in all communities regardless of how wealthy Condo - An owner lives in a single family dwelling but only owns the building. The homeowner's association owns and maintains the grounds, the pool and the exercise room. All of the owners in the area share the common areas. What does the owner live in? Consumer Protection Notice TREC No. CN 1-2 - According to The Canons of Professional Ethics, which form must be displayed In a prominent location in each place of business the broker or inspector maintains? Counteroffer - party makes changes to an offer and represents the new offer Day to Day Activities - A limited partner is usually NOT involved indesignated his sales agent as his Power of Attorney. - Charles is currently living in London, but is hoping to close on a property he's interested in in San Francisco. He is tied up with work, and won't be able to make it to the closing, so he asks his sales agent to sign everything for him. What type of situation is being illustrated in this scenario? Duties to Lenders - Not a category of the NAR Code of Ethics. Duty of Liability - duties is NOT one that an agent owes to a client easement by necessity - Carla's parcel of land becomes "landlocked" by a surrounding property after a sale. Which scenario is MOST likely? exclusive right to sell agreement - broker gets the commission regardless of who sells the property Fair Housing - the Department of Housing and Urban Development, commonly referred to as HUD, enforces the filing a formal complaint with TREC - Broker Anna has helped her client negotiate the purchase of a single family home. The week before close, the sellers back out of the sale without any explanation. Anna's clients have all the options below EXCEPT general creditors, but not from mortgage or tax foreclosure - Texas homestead laws would protect a primary residence from being seized and used as collateral by grounds for disciplinary action, including revocation or suspension of a license, EXCEPT - Asking buyers to provide their own transportation to inspect a property If they are found to be knowingly and intentionally at fault, they may be punished with Treble damages for both economic damages and mental anguish. - What consequences could a broker suffer if a court concludes they knowingly and intentionally conveyed incomplete or false information to a customer?inform Nancy that this advice should come from an insurance professional - Buyer Nancy has asked her agent, Brad, which of the homeowner's insurance policies she has examined are best for her. Brad's best course of action would be to: Justice - NOT included as a popular canon Lending - ECOA addresses which type of discrimination