Legal Update II - Champion's School of Real Estate Exam Questions And Answers Verified 100% Correct

Legal Update II - Champion's School of Real Estate Exam Questions And Answers Verified 100% Correct Texas has _______ watermasters that monitor stream flows, reservoir levels and water use - ANSWER -4 Which state agency regulates surface water in Texas? - ANSWER -The Texas Commission of Environmental Quality ______ is held underground in aquifers and pools - ANSWER -groundwater If a buyer has questions about the water rights associated with a specific property, the license holder should: - ANSWER -advise the buyer to consult with an attorney Groundwater in Texas is regulated through the: - ANSWER -Groundwater Conservation Districts As a rule, minerals mean Coal, lignite, oil, _______ and other materials in, under and that may be produced from the Land - ANSWER -gas When a seller wishes to reserve all or part of the mineral state the seller owns, the real estate agent should: - ANSWER -use the Addendum for Reservation of Oil, Gas, and Other Minerals Addendum Mineral rights may be _______ from the real property and sold. - ANSWER severed The best advice a real estate license holder could give a client who is considering reserving or conveying mineral rights would be to: - ANSWER -seek the advice of an attorney Even though there are 254 counties in Texas, there are _______ central appraisal districts - ANSWER -253 Which two counties share an appraisal district? - ANSWER -Potter and Randall Ad valorem tax valuation lies in the jurisdiction of all of the following, EXCEPT: - ANSWER -a. attorneys b. appraisers c. real estate license holders d. property tax consultants c. real estate license holders Real estate license holders may assist their clients in preparation of: - ANSWER broker price opinions and market analyses; not appraisals In Texas, the _____ are charges with accessing the fair market value of every real property repost in their district - ANSWER -central appraisal districts A geographically competent license holder may assist a client in the valuation process by: - ANSWER -providing accurate sales comparable through MLS sold data According to the Comptroller a property owner may protest the value of a property in the following situations: - ANSWER -- the value the appraisal district placed on the property is too high - the property is unequally appraised - the appraisal failed to provide the required notices The owner of a property may protest he proposed valuation by all of the following EXCEPT: - ANSWER -a. pay only the part of the ad volarem tax the owner believes is correct b. requesting an informal review c. appeal the ARB decision though the court or the State Office of Administrative Hearings d. appearing at a heating with the representatives of the Appraisal Review Board a. pay only the part of the ad volarem tax the owner believes is correct The ________ will estimate taxes for any year and prorate the taxes based upon the vest available knowledge at the time. - ANSWER -title company License holders may assist their clients in: - ANSWER -Understanding the process of ad valorem taxation in Texas Taxes, according to the TREC's promulgated sales contracts, will be prorated through: - ANSWER -closing date A rollback tax may be owed for each of the _______________ years in which the land received the lower appraisal. - ANSWER -3 years The _______________ determines if a change to a non-agricultural use has been made. - ANSWER -chief appraiser License holders may NOT assist their clients in: - ANSWER -Offering advice regarding ad valorem tax valuation or exemption processes License holders may assist their clients in: - ANSWER -- Understanding the process of ad valorem taxation in Texas - Assisting the client with strong recommendations to consult an attorney or ad valorem tax expert - Providing the client with assistance in the research sources available to the public, such as comparable sales information that is reliable and credible such as MLS data Exemptions and special valuations available to property owners in Texas include: - ANSWER -Agricultural valuation The article of fidelity from the Canons of Professional Ethics and Conduct requires that agents be ____ and meticulous in performing their functions. - ANSWER -scrupulous