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Real Estate Principles I-Texas: Part 1 Exam Prep Flashcards | StudBud
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Real Estate Principles I-Texas: Part 1 Exam Prep
Real Estate Principles I-Texas: Part 1 Exam Prep
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A quiz to review and prep for course exam.
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
What agencies implement and enforce legislative acts?
Private agencies.
Trade associations.
All of these.
Government agencies.
2
Can you sign documents on behalf of seller/buyer?
Yes.
If buyer + seller both agree to agent's signature authority.
Seller may appoint agent w/ signature authority in listing.
No, unless you have power-of-attorney. Not recommended.
3
Protects color-race-national origin-religion-gender-familial status-handicaps in real estate.
Civil Rights Act of 1968
Fair Housing Act of 1968
Equal Credit Opportunity Act
Texas Real Estate License Act (TRELA)
4
What establishes citizen rights and delineates the governmental authorities?
Texas Real Estate Commission (TREC)
Housing and Urban Development (HUD)
A municipality.
U.S. Constitution establishes and State Constitutions limit.
5
Largest fine for person acting as real estate broker, agent, or right-of-way agent w/o license.
$10,000.00
$4,000.00
$5,000.00
There is no fine. There's only punishment of jail time.
6
Annual crops are an improvement to a land site.
True
False
7
This can expand TREC law and has the full effect of law.
The Broker-Lawyer Committee
Texas Real Estate License Act (TRELA)
Regulations passed by other government agencies.
All of these are true.
8
Which is true about supply and demand?
Supply and demand always increase together.
Supply decreases and price goes down
Demand increases and price goes down.
Demand decreases and price goes down.
9
License can be suspended/revoked for discrimination against owner-buyer-landlord- tenant.
False
True
10
All of the following are use types in real property, EXCEPT
Residential Use
Agricultural Use
Commercial Use
Developmental Use
11
What Act do you violate if you refuse membership or put conditions on participation?
Texas Real Estate License Act (TRELA)
Fair Housing Act
Civil Rights Act
Fair Housing Act
12
Upon first substantive dialogue of a potential listing, this is given to the seller.
Information about Brokerage Services (IBS) form.
Property Disclosure Affidavit
Listing Agreement
Residential Sales Contract
13
This prohibits all discrimination based on race in any real estate transaction.
Equal Credit Opportunity Act
The Civil Rights Act of 1866
Fair Housing Laws
Deceptive Trade Practices Act
14
Which one is
NOT
part of the definition of real property?
Includes all things permanently attached by nature + people.
Earth surface extnding dwn to center earth + up to space.
Includes interests, benefits + rights inherent w/ owning RE.
Includes air rights.
15
Which of the following is considered real property?
Farm Machinery
Plants and trees not being grown to sell.
Furniture
Crops
16
Of the Texas Real Estate Broker-Lawyer Committee's 13 members, how many does TREC appoint?
13
0
9
6
17
A trade fixture is real property.
True
False
18
All parties sign contract. Closing is delayed. The listing agreement expires. Which is true?
Commision paid, as contract signed prior to listing expiry.
You will not be paid your commission.
Buyer can choose to pay commission but it's not required.
Seller can now negotiate for reduced commission.
19
Pick two correct answers. In which two scenarios does buyer's earnest money go to seller?
The buyer defaults and seller receives earnest money.
Earnest $ applied to seller sales price @ finshed contract.
After buyer + seller agree but before contract signed.
When earnest money clause has been included in listing.
20
An example of a
fee simple subject to condition subsequent.
When donating land to a city for a public park.
When dividing parcels of land for sale and development.
Acquiring land through claim.
When granting land that can only be used for school/church.
21
Gives more rights to broker + obligates them to pay another broker who might sell listing.
Multiple Listing Clause in a Listing Agreement
Multiple Listing Clause in a Residential Sales Contract.
Multiple Commission Clause in a Listing Agreement.
Multiple Commission Clause in a Residential Sales Contract.
22
Pick two. Which two are true about trade fixtures? Choose both answers below.
Example of trade fixture is a pizza oven in a pizza shop.
A trade fixture is personal property.
Example of trade fixture is a ceiling fan that aids cooling.
A trade fixture is not personal property.
23
What listing type can be sold by another broker, leaving you without being paid commission?
Blanket Listing
Net Listing
Open Listing
Unspecified Listing
24
What Act was passed in 1949?
Texas Real Estate License Act (TRELA)
Fair Housing Act
Civil Rights Act
Equal Opportunity Act
25
What is the definition of the revival period?
Renewed growth after depression.
The bottom.
The period of time when a mortgagee can reverse foreclosure.
You go to church.
26
Possession gives you
the right to bear arms on real property you own.
the right of buyer's remorse.
a trip to jail if caught with it.
the right to live in the property.
27
Which one is correct with regards to an encumbrance?
The county building department is required to post notice.
It's a form of an encroachment.
It requires funds be allocated.
It requires buyer to obtain HUD inspection certificate.
28
How many members are on the Texas Real Estate Broker-Lawyer Committee?
3
6
9
13
29
One of the ways a buyer can terminate for any reason for 7 days.
Via notice to county clerk of court.
Buyer's Disclosure was given before contract signed.
Seller decides not to sell.
Seller's Disclosure not given until after contract signed.
30
Which is true regarding a listing agreement?
They are promulgated by TREC.
An effective date is not used when agreeing to the terms.
They are only valid for 60 days at a time in Texas.
They contain both start + end dates to specify term length.
