Principles of Real Estate 1- Champions School of Real Estate Questions With Correct Answer, Exams of Nursing

Download Principles of Real Estate 1- Champions School of Real Estate Questions With Correct Answer and more Exams Nursing in PDF only on Docsity! 1 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 Answer- D.) Modification The supply of Real Estate is affected by A.) Land cost B.) Building codes C.) Government regulations D.) All of these Answer- D.) 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 Answer- B.) 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 Answer- C.) 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 Answer- A.) 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 Principles of Real Estate 1- Champions School of Real Estate Questions With Correct Answers. 2 D.) Texas savings and loan board Answer- C.) 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 Answer- D.) Modification Air Rights are commonly leased or conveyed in: A.) Cell tower leases B.) Condominiums C.) Outdoor Advertising D.) All of these are correct Answer- D) all of these Building, roads and fences are all examples of: A.) Personal Property B.) Private Property C.) Improvements D.) Public Property Answer- C.) 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 Answer- C.) 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 Answer- C.) 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 D.) Site built Homes Answer- C.) Modular Homes Manufactured home dealers and sales people in Texas are licensed by: A.) TREC B.) The TDHCA C.) The TALCB D.) TRELA Answer- B.) The TDHCA 5 D.) Civil Rights Act Answer- D.) 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 Answer- A.) 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 Answer- B. 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 Answer- D.) 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 Answer- A.) 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 Answer- B.) 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 Answer- B.) 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 Answer- B.) NAR 6 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 Answer- C.) 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 Answer- B.) 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 Answer- A.) 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 Answer- D.) $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 Answer- C.) 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 Answer- C.) 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 Answer- A.) Land Survey A legal description that contains the words "beginning at a point"is a: A.) Lot and Block Description 7 B.) Metes and bounds description C.) Informal reference D.) PLSS Description Answer- B.) 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 Answer- C.) Street address A might be required in a division of property between multiple owners. A.) Bilateral contract B.) monument C.) unilateral contract D.) survey Answer- D.) survey Which of the following is required for a lot and block description of a property? A.) a point of beginning B.) compass directions C.) a recorded plat D.) townships and sections Answer- C.) a recorded plat The concept behind the government survey system is the of a grid on top of the land A.) Overlay B.) metes and bounds C.) coordinates D.) leaps and bounds Answer- A.) overlay Which of the following is not a requirement for a valid and enforceable contract? A.) consideration B.)Recording C.) Mutual consent D.) Competent Parties Answer- B.) Recording Which of the following is often referred to the "meeting of minds" ? A.) Competent parties B.) Consideration C.) Specific performance D.) Mutual consent Answer- D.) Mutual consent The Statues of Frauds is applicable to: A.) contracts for the sale of real estate B.) Listing agreement C.) Buyer representation agreements D.) All of the above Answer- D.) All of the above A consideration is defined as A.) An offer B.) a counteroffer