Exam for Principles of Real Estate 1- Champions School of Real Estate Latest 2023/2024, Exams of Construction

Download Exam for Principles of Real Estate 1- Champions School of Real Estate Latest 2023/2024 and more Exams Construction in PDF only on Docsity! Principles of Real Estate 1- Champions School of Real Estate Latest 2023/2024 a freeway has made commuting to a distant suburban neighborhood easier, resulting in an increase in new home sales. This increase in sales is an example of the economic characteristic of A.) scarcity B.) Fixity C.) Situs D.) Modification - ✔D️.) Modification The supply of Real Estate is affected by A.) Land cost B.) Building codes C.) Government regulations D.) All of these - ✔D️.) All of these The least important factor affecting demand for real estate is: A.) Population Growth B.) Personal Preference C.) Availability of Credit D.) Transportation Systems - ✔B️.) Personal Preference A lawsuit was tried on a real estate matter. The judge ruled in the case, citing the decision of a judge in a similar case that was tried ten years ago. The judges decision in the case was most likely based upon: A.) Statutory Law B.) Civil Law C.) Common Law D.) Local ordinance - ✔C️.) Common Law A license holder was tried in a state district court on a complaint arising from a real estate transaction. The court ruled that, among other transgressions, the defendant had violated the Texas Real Estate License Act. This decision of the judge was based upon: A.) Statutory law B.) Civil Law C.) Common Law D.) Local Ordinance - ✔A️.) Statutory Law RMLOs in Texas are licensed through: A.) Texas Real Estate Commission B.) National Mortgage Bankers Association C.) Texas Department of Savings and Mortgage Lending D.) Texas savings and loan board - ✔C️.) Texas Department of Savings and Mortgage Lending A Freeway has made commuting to a distant suburban neighborhood easier, resulting in an increase in new home sales. This increase in sales is an example of the economic characteristics of: A.) Scarcity B.) Fixity C.) Situs D.) Modification - ✔D️.) Modification Air Rights are commonly leased or conveyed in: A.) Cell tower leases B.) Condominiums C.) Outdoor Advertising D.) All of these are correct - ✔D️) all of these Building, roads and fences are all examples of: A.) Personal Property B.) Private Property C.) Improvements D.) Public Property - ✔C️.) Improvements If a tenant fails to remove trade fixtures from the leased premises, the fixtures become the property of the landlord through: A.) Remediation B.) Adverse Possession C.) Accession D.) Descent - ✔C️.) Accession Effective in 1976, manufactured homes have been built according to a building code administered by: A.) Local building departments B.) State code enforcement C.) HUD D.) FHA - ✔C️.) HUD Homes that are built in sections according to local building codes and assembled on the job site are known as: A.) Trailers B.) Mobile Homes C.) Modular Homes C.) the IABS form D.) All of these - ✔A️.) Representation The agency that is responsible for the enforcement of the federal consumer financial law is : A.) CFPB B.) TILA C.) Federal Reserve D.) HUD - ✔D️.) HUD The _____ was passed to ensure that banks would serve the needs of a community in which they were chartered to do business. A.) ADA B.) ECOA C.) CRA D.) None of the above - ✔C️.) CRA The ______ of 1968 does not offer protection for discrimination based on occupation. A.) National Origin Act B.) Federal Housing Civil Law C.) Religious Persecution Act D.) Civil Rights Act - ✔D️.) Civil Rights Act Of the following building, which is not exempt from the ADA? A.) School B.) A private club C.) historic building D.) A single family home - ✔A️.) School In housing discrimination based upon _____ has been violation of federal law since 1866. A.) Economic status B.) Race or color C.) Gender D.) Any of the Above - ✔B️. Race or Color Advertisements that specify a gender preference are acceptable: A.) Never B.) Always C.) When renting a single family residence D.) When renting a shared living space - ✔D️.) When renting a shared living space Attending designation courses such as the Accredited Buyers Representative course is a good way to demonstrate A.) Integrity B.) Fidelity C.) Competency D.) Perseverance - ✔A️.) Integrity _______ decribes the obligation of a license holder to be knowledgeable as a real estate brokerage practitioner. A.) Fidelity B.) Competency C.) Discriminatory practices D.) Consumer information - ✔B️.) Competency When it comes to competency, it is best described as the duty of a license holdeer to ______. A.) represent the best interests of his client B.) exercise skill and judgment in the performance of his work C.) avoid misrepresentation D.) All of the above - ✔B️.) Exercise skill and judgment in the performance of his work 7 The ____ is the largest trade organization in the United States A.) BOMA B.) NAR C.) TREC D.) AIA - ✔B️.) NAR Which of the following statements regarding the National association of Realtors is FALSE? A.) The term Realtors is a registered trademark B.) NAR is Americas largest trade organization C.) All real estate holders are Realtors D.) All of these are False - ✔C️.) All real estate holders are Realtors All real estate brokers and inspectors must display, In a prominent location the: A.) TILA disclosure B.) Consumer protection notice CN 1-2 C.) Information about Brokerage Services D.) License Act - ✔B️.) Consumer protection notice CN 1-2 To obtain a Texas real estate license it is not a requirement to ____. A.) be a US citizen B.) submit fingerprints to TREC C.) be 18 years or older D.) comply with legal residency requirements - ✔A️.) Be a US citizen In TREC's real estate recovery trust account there is a transaction maximum of _______ on behalf of any one license holder A.)$100 Million B.) $50,000 C.) $3.5 Million D.) $100,000 - ✔D️.) $100,000 TREC may suspend or revoke a license for any of the following reasons EXCEPT: A.) Commingling broker funds with client funds B.) Selling real property by lottery C.) Placing a sign offering property for sale of lease with written consent of the owner D.) Acting in the undisclosed dual capacity of broker and seller within a single transaction - ✔C️.) Placing a sign offering property for sale of lease with written consent of the owner TREC may assess an administrative penalty of up to $5,000 per day for violation of the License Act by: A.) only license holders who violate the rules of TREC B.) only brokers who violate the rules of TREC C.) Any person in Texas, licensed or unlicensed, who violated the rules of TREC D.) Any license holder, if a consumer complaint has been filed in writing - ✔C️.) Any person in Texas, licensed or unlicensed, who violates the rules of TREC A ______ determines legal property boundaries for property ownership A.) Land survey B.) Topographic survey C.) Seismic survey D.) Green survey - ✔A️.) Land Survey A legal description that contains the words "beginning at a point"is a: A.) Lot and Block Description B.) Metes and bounds description C.) Informal reference D.) PLSS Description - ✔B️.) Metes and bounds description Which of the following is not an acceptable legal description used in a deed? A.) Lot and Block B.) Metes and Bounds C.) Street address D.) Rectangular survey system - ✔C️.) Street address A ______ might be required in a division of property between multiple owners. ✔B️.) S corporation Jill and Adkins are married and live in Texas. They saved for a number of years and purchased a home. In this case, the form of ownership is most likely to be: A.) Separate property B.) joint property C.) Community property D.) Tenants in common - ✔C️.) community property The easiest form of organization that gives one individual the greatest control over a business is the _____. A.) Partnerships B.) Sole proprietorship C.) S corporation D.) C Corporation - ✔b️. sole proprietorship When dealing with community property, which of the following statements is true? A.) The signature of either spouse is required to sell it B.) When one spouse dies, the surviving spouse immediately owns all the property of the deceased. C.) property inherited by one spouse can remain the separate property of that spouse. D.) Community property is a concept of English law. - ✔B️.) When one spouse dies, the surviving spouse immediately owns all the property of the deceased. A property is owned by two unmarried individuals without right of survivorship. The form of ownership is most likely: A.) Community property B.) Ownership in severalty C.) Joint Tenancy D.) Tenancy in common - ✔D️.) Tenancy in common Three co- owners wish to divide their undivided interests in a property into individually owned tracts of land. This process is known as an______ A.) Alienation B.) Lawsuit C.) Waiver D.) Partition - ✔D️.) Partition Dwayne and Beth, each single persons, own a parcel of land as joint tenants. Beth has a will leaving her entire estate to her brother, Jason. Upon Beths death, her interest in the land passes to: A.) Jason, because he was named in the will B.) Jason, because he is her brother C.) Dwayne, because he is a joint tenant D.) None of these - ✔C️.) Dwayne. because he is a joint tenant A trust that is created during the lifetime of the trustor is an ___. A.) Testamentary trust B.) Inter vivos trust C.) business trust D.) None of the above - ✔B️.) Inter vivos trust Seller steve listed his property with City Realty, Acme Realty and countryside realty all at the same time. After signing the listing agreements, steve continued to run for sale by owner ads on Craigslist. The type of listing agreement Steve signed with various companies is a : A.) Exclusive Right to sell B.) Exclusive Agency Agreement C.) Open Listing D.) Net Listing - ✔C️.) Open Listing In order to successfully sue for commission: A.) The broker must have an active real estate license B.) the broker must be the procuring cause of sale C.) The broker must have an employment agreement signed by the party to be charged D.) All of these are correct - ✔D️.) All of these are correct The Federal law that requires that states make available online information related to known sex offenders is : A.) Sex offender disclosure act B.) Megans Law C.) RESPA D.) Dangerous offenders law - ✔B️.) Megans Law