Principles of Real Estate 1- Champions
School of Real Estate
A - ✔✔A _____ relationship exists when one person acts on behalf of another person from whom he has
derived authority.
(a) Agency
(b) Principal
(c) Client
(d) Broker
A - ✔✔A ______ determines legal property boundaries for property ownership
(a) Land survey
(b) Topographic survey
(c) Seismic survey
(d) Green survey
A - ✔✔A license holder was tried in a state district court on a complaint arising from a real estate
transaction. The court ruled that, among other transgressions, the defendant had violated the Texas
Real Estate License Act. This decision of the judge was based upon:
(a) Statutory law
(b) Civil Law
(c) Common Law
(d) Local Ordinance
A - ✔✔A professional association whose local affiliates own and operate MLS systems throughout the
United States is the
,(a) NAR
(b) CCIM
(c) BOMA
(d) ICSC
A - ✔✔Fee simple ownership is:
(a) Always an estate of inheritance
(b) is ownership for the duration of someones life
(c) Voided if a condition is not met
(d) Not common in Texas
A - ✔✔Julie, a salesperson at Acme Realty, obtained a listing on Seller Sam's property on Oak Street. The
following week, Julie was found to be mentally incompetent and was admitted to the state mental
hospital in Rusk. Given Julie's unfortunate status, what is the effect on the listing with Seller Sam?
(a) The listing agreement is unaffected because it is an agency agreement between Seller Sam and
broker
(b) The listing agreement is terminated because Julie is mentally impaired
(c) The listing agreement is unaffected because mental impairment is never an issue in agency
agreements
(d) The listing agreement is terminate because Seller Sam would not want to have an agent that no
longer lives in the local market area.
A - ✔✔Lenders require _____ naming the lender as a ______ to protect their interest in the property.
(a) Insurance coverage, loss payee
(b) Coinsurance, trustor
(c) A Lien, Creditor
(d) Wind Insurance, Guarantor
, A - ✔✔Most windstorm insurance in Texas is unwritten by________.
(a) TWIA
(b) TDHCA
(c) TREC
(d) HUD
A - ✔✔Of the following building, which is not exempt from the ADA?
(a) School
(b) A private club
(c) historic building
(d) A single family home
A - ✔✔Releases can terminate ________________.
(a) easements
(b) prescriptions
(c) implied grants
(d) necessities
A - ✔✔Rights that are associated with the ownership of real property are often referred to as the
owner's:
(a) Bundle of rights
(b) Constitutional Rights
(c) Statutory Rights
(d) Civil Rights
School of Real Estate
A - ✔✔A _____ relationship exists when one person acts on behalf of another person from whom he has
derived authority.
(a) Agency
(b) Principal
(c) Client
(d) Broker
A - ✔✔A ______ determines legal property boundaries for property ownership
(a) Land survey
(b) Topographic survey
(c) Seismic survey
(d) Green survey
A - ✔✔A license holder was tried in a state district court on a complaint arising from a real estate
transaction. The court ruled that, among other transgressions, the defendant had violated the Texas
Real Estate License Act. This decision of the judge was based upon:
(a) Statutory law
(b) Civil Law
(c) Common Law
(d) Local Ordinance
A - ✔✔A professional association whose local affiliates own and operate MLS systems throughout the
United States is the
,(a) NAR
(b) CCIM
(c) BOMA
(d) ICSC
A - ✔✔Fee simple ownership is:
(a) Always an estate of inheritance
(b) is ownership for the duration of someones life
(c) Voided if a condition is not met
(d) Not common in Texas
A - ✔✔Julie, a salesperson at Acme Realty, obtained a listing on Seller Sam's property on Oak Street. The
following week, Julie was found to be mentally incompetent and was admitted to the state mental
hospital in Rusk. Given Julie's unfortunate status, what is the effect on the listing with Seller Sam?
(a) The listing agreement is unaffected because it is an agency agreement between Seller Sam and
broker
(b) The listing agreement is terminated because Julie is mentally impaired
(c) The listing agreement is unaffected because mental impairment is never an issue in agency
agreements
(d) The listing agreement is terminate because Seller Sam would not want to have an agent that no
longer lives in the local market area.
A - ✔✔Lenders require _____ naming the lender as a ______ to protect their interest in the property.
(a) Insurance coverage, loss payee
(b) Coinsurance, trustor
(c) A Lien, Creditor
(d) Wind Insurance, Guarantor
, A - ✔✔Most windstorm insurance in Texas is unwritten by________.
(a) TWIA
(b) TDHCA
(c) TREC
(d) HUD
A - ✔✔Of the following building, which is not exempt from the ADA?
(a) School
(b) A private club
(c) historic building
(d) A single family home
A - ✔✔Releases can terminate ________________.
(a) easements
(b) prescriptions
(c) implied grants
(d) necessities
A - ✔✔Rights that are associated with the ownership of real property are often referred to as the
owner's:
(a) Bundle of rights
(b) Constitutional Rights
(c) Statutory Rights
(d) Civil Rights
