Texas Principles of Real Estate 1: Chapter 3 Quiz

Condominium

A form of ownership of real property recognized in all states that consists of individual ownership of some aspects and co-ownership in other aspects of the property is known as a...?

Converted-use property

A local real estate developer bought an abandoned school building with the intention of converting it to residential units. This is an example of a...?

Principal Interest Insurance

A mortgage payment typically includes...?

$250,000

An individual is exempt from paying taxes on capital gains for up to how much in profit if he/she lived in the house for at least 2 of the last 5 years...?

First-time homebuyer

An individual who has not owned real property for at least the previous two years is known as a...?

Homeowners Policy

An insurance policy protecting against a variety of hazards is referred to as a...?

Proprietary lease

Owners of a cooperative apartment hold which of the following...?

Replacement Costs

When an insured homeowner is covered and reimbursed for the actual cost of replacing the damaged property, these costs are known as...?

Cooperative

Which of the following is NOT a form of real property...?

- Tax benefits - Pride of ownership - Potential for asset appreciation

Which of the following is an advantage to owning a home...?