Texas Principles 1 Exam Practice Questions - Champions School of Real Estate, Exams of Nursing

Download Texas Principles 1 Exam Practice Questions - Champions School of Real Estate and more Exams Nursing in PDF only on Docsity! Texas Principles 1 Exam Practice Questions - Champions School of Real Estate 1 Texas Principles 1 Exam Practice Questions - Champions School of Real Estate Texas Principles 1 Exam Practice Questions - Champions School of Real Estate 1. a: Townhomes and single-family homes differ in that a common wall. (a) townhomes share (b) single-family homes are sold as distinct living units within (c) owners of townhomes do not own the land because of (d) townhomes are retro-commissioned and share 2. a: Rights that are associated with the ownership of real property are often referred to as the owner's: (a) Bundle of rights (b) Constitutional rights (c) Statutory rights (d) Civil rights 3. a: The agreement between a broker and a client is most often a(n) agency relationship. (a) Special (b) General (c) Universal (d) Sub 4. a: A professional association whose local affiliates own and operate MLS systems throughout the United States is the: (a) NAR (b) CCIM (c) BOMA (d) ICSC 5. a: 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 6. a: You can use the acronym to remember the five essential elements of a valid and enforceable contract. (a) COLIC (contractual capacity, offer and acceptance, legality of object, In writing & signed, and Consideration) (b) COLLIE (c) EOVEC (d) OLDCAR (obedience, loyalty, disclosure, confidentiality, accountability, and Reasonable care/diligence) 7. a: Releases can terminate . (a) easements (b) prescriptions (c) implied grants (d) necessities 8. a: Julie, a salesperson at Acme Realty, obtained a listing on Seller Sam's property on Oak tract? (a) 43.7 (b) 2.37 (c) 23.7 (d) 3.7 3 law since Texas Principles 1 Exam Practice Questions - Champions School of Real Estate 17. b: In housing, discrimination based upon has been a violation of federal 1866. (a) economic status (b) race or color (c) gender (d) any of the above 18. b: 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 19. c: The right of the government to take privately owned land for public use is called . (a) Condemnation (b) Escheat (c) Eminent domain (d) Inverse condemnation 20. c: In real estate, a buyer or seller is considered an agent's customer until he or she becomes a(n) . (a) subagent (b) intermediary (c) client (d) associate 21. c: Which of the following is not a factor that can affect insurance premiums? (a) Location (b) Policyholder's claims history (c) Policyholder's age (d) Age and condition of the property 22. c: One acre of land contains: (a) 23,459 square feet (b) 640 square feet (c) 43,560 square feet (d) 1 square mile 23. c: 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 Beth's 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 24. c: 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 Texas Principles 1 Exam Practice Questions - Champions School of Real Estate 5 34. d: Three co-owners wish to divide their undivided interests in a property into individually owned tracts of land. This process is known as a(n) . (a) Alienation (b) Lawsuit (c) Waiver (d) Partition 35. d: In order to be valid, a lease must have which of the following requirements? (a) Competent parties (lessor and lessee) (b) Consideration (rent)(c) Legal purpose(d) All of these are correct 36. d: Which of the following is required to obtain a real estate license in Texas? (a) An applicant must show competency by passing the exam(b) An applicant must be a resident of Texas at the time of application (c) An applicant must be of good moral character(d) All of the above 37. d: Competence is the obligation of a real estate agent to: (a) Be informed on conditions affecting the real estate market(b) Be involved in continuing education courses in topics regarding real estate (c) Exercise judgment and skill in the performance of his or her work(d) All of these are correct 38. d: A consideration is defined as . (a) an offer(b) a counteroffer(c) a bribe(d) something given in exchange for a promise 39. d: While listing the property with you, the seller asks "Who sets real estate commission rates?" The correct response would be: (a) The standard rate is set by TREC.(b) The standard commission rate is set by state law.(c) Long ago, the industry agreed on a set rate, and that is pretty much how it is today. However, I can cut the standard rate and make you a deal.(d) There is no standard rate. Different brokers charge different fees. Our fees are based upon the following services...