Texas Principles of Real Estate 1 (2023/ 2024) Exam| Questions and Verified Answers| Grade A

Texas Principles of Real Estate 1 (2023/ 2024) Exam| Questions and Verified Answers| Grade A Q: Under subchapter E of TRELA the commission has a responsibility to make information available about the commission and its duties in the interest in: Answer: The general public Q: In a real estate transactions who may a licensee represent? Answer: A client Q: What type of real estate market occurs when both supply and demand are low? Answer: Stagnant Market Q: Assume you are a licensee in Texas who has recently entered into an agreement with a seller to represent their interest in a real estate transaction at what point are you required to make your agency disclosure to a potential buyer Answer: At the time of your substantive dialog Q: Of the nine total members of TREC, how many are members of the public? Answer: Three Q: Cultivated crops are called? Answer: Emblements and are considered personal property. Q: Severance occurs when an item that was real property becomes personal property by? Answer: Detaching it from land Q: Ad valorem taxes are calculated based on? Answer: The appraised value of the property being taxed. Q: To calculate property taxes, multiply tax rate by what? Answer: Assessed value Q: Annexation occurs when: Answer: Personal property is attached to real property, making it a fixture Q: A lien may be voluntary or: Answer: involuntary Q: Property tax liens take priority over other liens; if homeowners dont pay their property taxes what can happen? Answer: They can lose their property Q: A grant of land from an owner to a school "on the condition that" the property be used for educational purposes is: Answer: Fee simple subject to a condition subsequent. Q: Pur autre vie life estates are what type of life estates: Answer: For the life of another Q: A homestead may suffered forced sale for payment of mortgages where the loan proceeds were used to do which of the following: Answer: Purchase the residence, refinance the residence, improve the residence Q: An encroachment of long standing may result in an easement by: Answer: Prescription Q: What is the same as sole ownership? Answer: Ownership in severalty Q: Under community property laws, property owned before marriage is considered: Answer: Separate property Q: A limited partnership includes: Answer: both general and limited partners Q: In a cooperative, any taxes, maintenance expenses, and mortgage liens are placed against the Answer: Cooperative Q: Which shows only the location and dimensions of a parcel of land Answer: