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PRINCIPLES I
PRINCIPLES I
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Principles I
Flashcards
60 cards
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Practice quiz
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Host live
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Questions
60
Answers
1
What type of insurance provides protection against the claims from others for injury ?
Physical insurance
Liability insurance
Minimum insurance
At Fault INSURANCE
2
License holder who commits an act of housing discrimination is subject 2 potential civil action
No , cannot be punished in a civil action.
Yes by the Texas Real Estate Commission
False, no punishment
Yes by the Texas Real Estate License Act
3
Most states but TEXAS do not require a ________ ________ _________ ?
Oval Survey System
Diamond Survey System
Rectangular Survey System
Square Survey System
4
Can a judgement lien be against both real and personal property?
Yes it can
No it can’t
5
Does Real estate commission approve and promulgates a vast majority of real estate transactions
False
True
6
The courts applies what 3 test to classify an item as personal property or a fixture?
Intention of parties, adaptation of article, Size especially
Donald Hays said easy way to remember is (IAM).
Acres / cattle, adaptation of article, mode permanence
Intention of parties, adaptation of article, mode permanence
7
Setting up a Realestate Brokerage as a sole proprietorship you must first have ?
Special Agent license
A valid brokers license
A valid agent license
A builders license
8
Telling prospective clients that commission rates charge by the broker are based on services is
Is a Violation of Anti Trust
Is Not a Violation of Anti Trust
Should not ever disclose to prospective clients
Is not a Violation of TREC
9
If you have a legal partnership as Tenants in Common how many signatures R needed 2 make a sale
Just one signature as long as you have a higher percentage
All Partners
Just One
No signatures just sell it
10
What is a Net Listing ?
One that specifies the amount the broker is to receive
One that specifies the amount the buyer is to receive
One that specifies the amount the seller is to receive
One that specifies the amount the lender is to receive
11
If you are claiming that something is new when it is not this is false and misleading according
To TEXAS DECEPTIVE NON- TRADE PRACTICES
One of these is right I bet :)
To TEXAS DECEPTIVE REAL-ESTATE PRACTICES
To TEXAS DECEPTIVE TRADE PRACTICES
12
Naturally growing plants and trees that do not require cultivation are classified as what ?
Real Property
Farm and Land Property
Real estate Property
Your Property
13
Markets improving &the asking price 4 a property the broker has listed is now low, you must now
TAKE OFF MARKET
DISCLOSE
RENEGOTIATE
DISCLAIMER
14
What is the oldest method of developing legal descriptions ?
Metes and Bounds
Distance and Yards
Landmarks and Monuments
Meets and Bounds
15
When a complaint against a licensee occurs an investigation is conducted by who ?
TRELA
TREC
TEXAS DECEPTIVE TRADE PRACTICES
Fair Housing Act
16
Two lots side by side must used _____legal description To avoid restrictions ?
Consult an attorney
Neither
Both
One
17
In a relationship of Supply and demand in Real Estate formally what happens?
Supply and price move in opposite direction
When Supply goes up Prices go up
Demand and price move in the same direction
When demand goes down Prices go down
18
Under Texas Laws Can a Property be sold to someone who is not a US Citizen?
Yes
No
19
To receive full payment (minus deductible)for a partial loss, a coin insurance clause requires?
Property owner must be insured for at least 50%
Property owner must be insured for at least 90%
Property owner must be insured for at least 100%
Property owner must be insured for at least 80%
20
When one principal or the other dies can you still close on a transaction? No , this is called
Impossible of performing
Impossibility of performance
Impossible of perfection
Impossibility of performance
21
What prohibits discrimination based on race,color national origin,religion, gender,handicap?
The Fair Housing Act of 1958
The Fair Housing Act of 1968
The Fair Housing Act of 1978
The Fair Housing Act of 1948
22
If the owner sells a property w/o the help of a broker &the broker earns a commission is Called
Exclusive Right To Buy
Exclusive Right To Gain
Exclusive Right To Profit
Exclusive Right To Sell
23
When demand decreases , real estate prices do what ?
Demand and price move in the Same Direction
Opposite direction
Decreases
Become affordable to buy
24
What term is used 2 refer 2 the physical surface of the land, what lies below, what lies above
Enjoyment
Disposition
Control
Real Property
25
Texas Real Estate License Act was first passed when ?
1929
1939
1959
1949
26
T/F : Regulations passed by governmental agencies expand on the law and have the effect of LAW
Fake news
Both true and false
True
False
27
Who administers the licensing act ?
TFHA
TRELA
TREC
DTPA
28
Each section is one square mile which is how many acres in all ?
40 acres
640 acres
Answer to Question #20 will be on the white board :)
740 acres
29
Rules and Regulations adopted by a Government Agencies are used for what ?
One of these answers are right :)
Implement, administer and enforce legislative acts
Implement, court decisions and enforce legislative acts
Enforce legislative acts , implement and execute laws
30
It’s always best to verify from a independent source and never trust the sellers memory ? T/F
False
True
31
Are annual crops considered something that will increase the value of the crops , YES OR NO
I don’t know let me ask the person next to me
No
Yes
Maybe
32
Period of renewal growth after depression represents the stage of a normal business cycle Is ?
Season Cycles
Secular Trend
Revival
Shorter Cycles
33
Co-ownership with the right of survivorship is what ?
Joint Ownership
Joint Accounts
Joint Tenancy
Joint Rights
34
There are how many feet in a acre ? Answer will be on the board per instructor ..
43,360
43,570
43,568
43,560
35
A homeowner wants to over turn her property appraisal what can she do ?
Provide written documentation that the a Appraisal is lower
You cannot do anything
Provide an email to the appraisal district of differences
36
As a sole proprietor do you have to file with the Secretary of State Office ?
No
Yes
Depends
Sometimes
37
Government entities are not required to what ?
Provide details
Provide disclosures
Provide discounts
Provide disclaimer
38
written listing agreement is not necessary unless/license holder wants 2 assure his commission
True
False
39
Real Estate is generally grouped into 5 categories, name all 5.
This is not the answer I promise :)
Residential, commercial, industrial, farm , land
Residential, Commercial, industrial, Agriculture & Special
Residential, commercial, real property, all purpose & land
40
Some of the major factors affecting supply in the real estate market are all except one below.
All accept Financial policies
All accept Construction
All accept Government controls
All accept Population
41
If an individual had a business relationship with a company,can they reach out to them still?
Only in the past 6 months
Only in the past 18 months
Only in the past year
Only in the last 24 months
42
What are trade fixtures ?
Buyers property
Sellers property
Personal property
Tenant property
43
The amount of money that is paid 2 a agreed party by real estate recovery fund Is made by who?
THE COURTS
THE JUDGE
THE JURY
THE BROKERS COMMITTEE
44
Why are Tax bills useful to you as a real estate agent?
Property improvements
Property Values
Property Discounts
Property taxes
45
Primary purpose of the U.S Constitution & State Constitution is to establish the rights to?
Limit Real Estate Laws
Limit Government Authority
Limit Real Estate Power
Limit Government Regulations
46
If a builder does work on a lake house and is not paid, what can they file on the specific prop
special lien
Silent lien
specificities lien
specific lien
47
As a broker representing a seller you would be what type of agent ?
Special Agent
Sales Agent
Selling Agent
Brokers Agent
48
The Commission can suspend/revoke your license if you discriminates against a owner or buyer
Depends on what was said
True
Maybe
False
49
What kind of estate establishes complete ownership that can be inherited or given away it sold
FEE SIMPLE OWNERSHIP
FEE SIMPLE SOLE PROPRIETOR
FEE SIMPLE
FEE SIMPLE JOINT OWNERSHIP
50
Under the Fair Housing Act, real estate organization such as multiple listing services MAY NOT?
Ask about your age
Not discriminate you
Take your information and call you back later
Talk to you about promotions they are having
51
Homeowner rights to live in a newly purchased home is the right of?
Exclusion
Possession
Disposition
Control
52
Fixtures are classified as what ?
Brokers property
Lenders property
Real property
Your property
53
Under Federal rules concerning lead based paint what is required ?
Discount
Disclaimer
Discovered
Disclosure
54
An agreement where the buyer and seller agree to be specific obligations is called what ?
Executive Agreement
Exhausted Agreement
Exercise Agreement
Executory Agreement
55
Datums and benchmarks are terms exclusively used to describe what ?
elevation intersection
elevation point
elevator point
elevation sections
56
What are the Physical Characteristics of land ?
Immortality , indestructibly and nonhomogeneity
Immobility , industrial and nonhomogeneity
Immobility , indestructibly and nonhomogeneity
Immobility , indestructibly and nonexistent
57
How do you define DEMAND in Real Estate?
Demand is nothing more then what you are willing to purchase
Demand is being force to buy what you don’t want
Demand is the amount of goods people are not willing to buy
Demand is when you have the right to tell someone no
58
Would city parks be subject to Valorem Taxes ? Yes or no
No
Only on Sundays
Maybe
Yes
59
Of the 13 members of the Broker Lawyer Committee how many are appointed by the TREC ?
8
4
2
6
60
Must sale agents working for builders or developers have a real estate license ?
Yes
No
