Principles of Real Estate I - Unit 3 & 4

Caveat emptor means

Agency is created at the ___________ level.

A seller must disclose if there was a suicide on the property.

A real estate broker is usually a __________.

A seller is responsible for revealing latent (hidden) defects to a buyer.

A subdivision that consists of common property and improvements that are owned and maintained by an owners association

Which of the following are agents duties to customers?

When determining if a prospective buyer can afford a house, the payments on all debts cannot exceed ____ of income.

HO-A insurance policies provide actual cash value coverage which means

What are the tax free capital gain limits of a couple/single person?

The National Flood Insurance Program is through ______________ .

Lisa is a Realtor for Anna. John is buying Anna's house. Explain their relationships:

John's house is on the 3rd floor of a building. His building also has a restaurant, coffee shop, and CVS.

Which of the following are antitrust violations?

Home Owner Insurance policies cover which of the following?

Agreements after the fact are considered ___________

When determining if a prospective buyer can afford a house, the housing expense is the _________.

HO-B/C insurance policies provide replacement cost value coverage which means

Since Loraine's health was getting worse, she decided to move closer to a hospital. Her location preference is ________

What is the definition of a first time home buyer?

This type of home is connected by either a common wall or exterior shingles, brick, or siding.

An agent who assumes responsibility for paying income tax and social security and does not receive any employee benefits

Homeowners are entitled to what deductions from their gross income?

When determining if a prospective buyer can afford a house, the payments on all debts is the _________.

When a homeowner reduces the debt on their property, what increases?

Hannah moved from the country to the city to feel safer with police and fire stations near by. Her preference is______

What are the basic costs of owning a home?

Each party to the transaction must give written consent to the broker acting as an intermediary.

Written agreements are examples of

A property manager is a _________ to a property owner.

What are an agents fiduciary responsibilities to their client?

In order to receive uo to $500,000 exclusion of profit on capital gains the property owner must

What does DTI mean?

Lisa is able to visit her property the 2nd week of June each year.

Which of the following are reasons an agency relationship can be terminated?

Agreement results if the words and conduct of the sales agent do no dispel agency assumption ___________

When determining if a prospective buyer can afford a house, the housing expense cannot exceed ____ of income.

What does the Texas Deceptive Trade Practices Consumer Protector Act (DTPA) protect against?

What is the limit for a first time home buyer to make a penalty free withdrawal from a retirement account?

Most home insurance policies cover damaged from:

Andrew prefers to live close to churches, good schools and parks. His preference is ________.

Which of the following are the principals responsibilities to the agent?

Sally lives in a large building with common walls and facilities. She owns shares of stock and does not own the unit.

In order to receive capital gains exclusions, a home owner cannot sell their primary residence more often then:

This type of housing involves individual ownership of the airspace plus shared ownership of common facilities

When must the IABS (Information About Brokerage Services) be disclosed?

A sales agent that has their income tax and social security withheld by their broker is a ________

Mortgage companies require borrowers to have home owner insurance.