AYPO REAL ESTATE PRINCIPLES OF REAL ESTATE I
EXAM
TREC has the authority under TRELA to suspend or even revoke a broker's license if: -
Answers-They conduct the unlawful practice of law
ESAC stands for: - Answers-Education Standards Advisory Committee
What refers to a location from an economic rather than a geographic standpoint? -
Answers-Situs.
Which amendment guarantees that a citizen will not be deprived of property without due
process of law? - Answers-5th Amendment.
The CFPB is the: - Answers-Consumer Financial Protection Bureau
A professional organization or association is usually a not-for-profit organization that
seeks to: - Answers-further a particular profession and the interests of individuals
engaged in that profession.
A contraction or generally slowing down of the economy is a: - Answers-Recession.
The number one reason that people move is: - Answers-Employment opportunity
How much money can a first time homebuyer draw from his or her own IRA without tax
penalty for the purchase? - Answers-$10,000
According to the Texas Department of Insurance, most homeowners policies in Texas
include which of the following coverages? - Answers-1. Loss of use.
2. Medical payments.
3. Dwelling.
A C.L.U.E. report advises a consumer on: - Answers-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... - Answers-Land.
All the meanings of agent and agency refer to someone who does which of the
following? (Best answer.) - Answers-Acts on behalf of someone else to perform a task
or range of tasks.
An appointed licensee must do which of the following? - Answers-Not disclose that an
owner would accept a price lower than the asking price
, Which of the following fulfills Section 1101.806 of TRELA requirements for
compensation? - Answers-The agreement to pay was in writing and signed by the party
to be charged
Multiple real estate brokerages establishing an across-the-board 6% commission for
their agents would be guilty of... - Answers-price fixing.
Which of the following are common law fiduciary duties? - Answers-Care, disclosure,
loyalty, accounting, & obedience
Which of the following is not used as a test to determine whether a statement is mere
"puffing"? - Answers-The cost of the good or service
The term "false, misleading, or deceptive acts or practices" includes, but is not limited to
which of the following acts? - Answers-1. Using deceptive representations or
designations of geographic origin in connection with goods or services
2. Passing off goods or services as those of another
3. Disparaging the goods, services, or business of another by false or misleading
representation of facts
Changes to the Fair Housing Act include: - Answers-Public and common areas must be
accessible to persons with disabilities
An aggrieved party may bring a private enforcement action in a state or federal district
court : - Answers-within two years of the stated discriminatory action and can even be
filed if an administrative proceeding through TWCCRD is in process
The practice wherein consumers of protected classes are directed to certain
neighborhoods when shopping for housing is called: - Answers-Steering.
Applicants who are rejected for credit must be notified in writing of the basic reasons for
the denial of their application, and the reason for their credit rating when? - Answers-
within 30 days
Each year the CRA requires federally supervised financial institutions to prepare annual
statements that include which of the following information? - Answers-any comments
from the public about the specific financial institution's performance in meeting their
community's needs
What is the primary purpose for real estate licensing laws? - Answers-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.
EXAM
TREC has the authority under TRELA to suspend or even revoke a broker's license if: -
Answers-They conduct the unlawful practice of law
ESAC stands for: - Answers-Education Standards Advisory Committee
What refers to a location from an economic rather than a geographic standpoint? -
Answers-Situs.
Which amendment guarantees that a citizen will not be deprived of property without due
process of law? - Answers-5th Amendment.
The CFPB is the: - Answers-Consumer Financial Protection Bureau
A professional organization or association is usually a not-for-profit organization that
seeks to: - Answers-further a particular profession and the interests of individuals
engaged in that profession.
A contraction or generally slowing down of the economy is a: - Answers-Recession.
The number one reason that people move is: - Answers-Employment opportunity
How much money can a first time homebuyer draw from his or her own IRA without tax
penalty for the purchase? - Answers-$10,000
According to the Texas Department of Insurance, most homeowners policies in Texas
include which of the following coverages? - Answers-1. Loss of use.
2. Medical payments.
3. Dwelling.
A C.L.U.E. report advises a consumer on: - Answers-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... - Answers-Land.
All the meanings of agent and agency refer to someone who does which of the
following? (Best answer.) - Answers-Acts on behalf of someone else to perform a task
or range of tasks.
An appointed licensee must do which of the following? - Answers-Not disclose that an
owner would accept a price lower than the asking price
, Which of the following fulfills Section 1101.806 of TRELA requirements for
compensation? - Answers-The agreement to pay was in writing and signed by the party
to be charged
Multiple real estate brokerages establishing an across-the-board 6% commission for
their agents would be guilty of... - Answers-price fixing.
Which of the following are common law fiduciary duties? - Answers-Care, disclosure,
loyalty, accounting, & obedience
Which of the following is not used as a test to determine whether a statement is mere
"puffing"? - Answers-The cost of the good or service
The term "false, misleading, or deceptive acts or practices" includes, but is not limited to
which of the following acts? - Answers-1. Using deceptive representations or
designations of geographic origin in connection with goods or services
2. Passing off goods or services as those of another
3. Disparaging the goods, services, or business of another by false or misleading
representation of facts
Changes to the Fair Housing Act include: - Answers-Public and common areas must be
accessible to persons with disabilities
An aggrieved party may bring a private enforcement action in a state or federal district
court : - Answers-within two years of the stated discriminatory action and can even be
filed if an administrative proceeding through TWCCRD is in process
The practice wherein consumers of protected classes are directed to certain
neighborhoods when shopping for housing is called: - Answers-Steering.
Applicants who are rejected for credit must be notified in writing of the basic reasons for
the denial of their application, and the reason for their credit rating when? - Answers-
within 30 days
Each year the CRA requires federally supervised financial institutions to prepare annual
statements that include which of the following information? - Answers-any comments
from the public about the specific financial institution's performance in meeting their
community's needs
What is the primary purpose for real estate licensing laws? - Answers-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.
