TEXAS PRINCIPLES 1 EXAM WITH ANSWERS - CHAMPIONS SCHOOL OF REAL ESTATE WELL RATED, Exams of Nursing

Download TEXAS PRINCIPLES 1 EXAM WITH ANSWERS - CHAMPIONS SCHOOL OF REAL ESTATE WELL RATED and more Exams Nursing in PDF only on Docsity! TEXAS PRINCIPLES 1 EXAM WITH ANSWERS - CHAMPIONS SCHOOL OF REAL ESTATE WELL RATED i. 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 WITH ANSWERS - CHAMPIONS SCHOOL OF REAL ESTATE WELL RATED ii. c: 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 iii. c: Seller Steve listed his property with City Realty, Acme Realty and Countrywide 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 the various companies is a(n): (a) Exclusive Right to Sell (b) Exclusive Agency Agreement (c) Open Listing (d) Net Listing iv. c: Appraisal is the business of: (a) Acquisition of land for development into residential subdivisions and retail centers (b) Providing money to individuals or corporations for the conditional transfer or pledge of real estate as security for the payment of a debt (c) Providing a professional opinion of the value of real property (d) Locating units for tenants in multi-family complexes v. d: Homeowners insurance can protect the policyholders from unexpected losses, including: . (a) fire(b) vandalism(c) personal liability(d) all of these are correct vi. d: 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 TEXAS PRINCIPLES 1 EXAM WITH ANSWERS - CHAMPIONS SCHOOL OF REAL ESTATE WELL RATED (a) overlay (b) metes and bounds (c) coordinates (d) leaps and bounds xxii. 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) xxiii. a: Releases can terminate . (a) easements (b) prescriptions (c) implied grants (d) necessities xxiv. a: Julie, a salesperson at Acme Realty, obtained a listing on Seller Sam's property on Oak Street. The following week, Julie was found to be mentally incompetent and was admitted to the state mental hospital in Rusk. Given Julie's unfortunate status, what is the effect on the listing with Seller Sam? TEXAS PRINCIPLES 1 EXAM WITH ANSWERS - CHAMPIONS SCHOOL OF REAL ESTATE WELL RATED (a) The listing agreement is unaffected because it is an agency agreement between Seller Sam and the broker. (b) The listing agreement is terminated because Julie is mentally impaired. (c) The listing agreement is unaffected because mental impairment is never an issue in agency agreements. (d) The listing agreement is terminated because Seller Sam would not want to have an agent that no longer lives in the local market area. xxv. b: Attempting to induce panic selling in a neighborhood for financial gain is known as: (a) Steering(b) Blockbusting (c) Flipping(d) Channeling xxvi. b: The practice of directing buyers or renters to or away from a particular area based upon a protected class is known as: (a) Blockbusting (b) Steering (c) Profiteering (d) Panic pedaling xxvii. b: The broker and his or her associates are most often in a(n) agency relationship. (a) Special (b) General (c) Universal (d) Sub xxviii. b: The characteristics of value of land include all of the following except for... a) Demand b) Taxes c) Utility d) Scarcity e) Transferability xxix. b: When filing a complaint against a license holder, a consumer has from the date of the incident to file a complaint with TREC. TEXAS PRINCIPLES 1 EXAM WITH ANSWERS - CHAMPIONS SCHOOL OF REAL ESTATE WELL RATED (a) 5 years (b) 4 years (c) 2 years (d) 1 year xxx. b: Surface, subsurface and air rights are said to be: (a) Indivisible (b) Severable (c) Divisible (d) Unitary xxxi. b: 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 xxxii. b: A property contains 103,450 square feet of land. How many acres are in this tract? (a) 43.7 (b) 2.37 (c) 23.7 (d) 3.7