Real estate exam 1
A four-plex consists of 4 units, equally in size within one single property, consisting of how many owners?
1
In Texas, how many properties can an owner designate as a homestead in order to get the homestead tax exemption?
1
How many acres are in the S ½ of the NW ¼ of the SE ¼ of section 5 of a township?
20
How many acres are in one section of a township?
640
In what kind of easement is there a dominant tenement and a servient tenement?
An easement appurtenant.
In Texas, ad valorem taxes are paid
Annually
Which of the following is TRUE regarding community property rights?
Any property acquired during a marriage is considered to be obtained by mutual effort.
Bill has taken the licensing exam 3 times and has failed on each attempt. Which of the following is true?
Bill will have to take additional education classes.
Discrimination going back to the 1700's was primarily against
Both slaves and women
According to the Texas Fair Housing Act, which of the following is not covered under the rules of discrimination?
These are all covered
Members of the Education Standards Advisory Committee serve terms of how long?
Two years
___________ represents the inventory of real estate that is unoccupied at any given time.
Vacancy
William owns 10 acres of land located just west of Abilene, Texas. When William purchased the land, the previous owner Skipper kept the mineral rights. Skipper is currently extracting oil in an area of the land just 5 acres south of William's house. In this case,
William owns the surface rights
Jeff has submitted an application for a real estate salesperson license. When will Jeff be required to submit a set of fingerprints?
With his license application.
Can a corporation hold ownership as a tenancy in severalty?
Yes, because the corporation acts as a single unit.
Does the Fair Housing Act apply to buyers who are getting a mortgage?
Yes, in all cases.
If the duration of an owner's rights in an estate cannot be determined, the owner possesses
a freehold estate.
A contract is classified as bilateral if
all parties to the contract exchange binding promises
Real estate generally includes all of the following EXCEPT
annual crops.
According to Rule $535.4 License Required, "showing" a property includes all of the following except
assisting a licensed agent at an open house by passing out flyers.
Under DTPA, "economic damages" includes compensatory damages for
cost of repair/replacement
One of the rights in the bundle of legal rights is the right of
exclusion
Failure by a licensee to adhere to and abide by the Canons of Professional Ethics and Conduct can result in
loss of license.
A contract that complies with all the basic requirements may still be voidable. To be valid, the contract must have
mutual agreement.
Contract forms must contain safeguards adequate to protect the _________ in the transaction.
principals
A ______________ refers to a residential dwelling than houses only one family.
single-family home
A __________ attaches to a single item of real or personal property, and does not affect other property owned by the debtor.
specific lien
To make a misrepresentation claim against a broker, the buyer must have
suffered damages
The biggest impact of the economy on the real estate market has to do with
supply and demand.
If property is owned by two or more owners as joint tenants, the interest of the deceased co-owners will be passed to the
surviving owner or owners.
Three people were concurrent owners of a parcel of real estate. When one owner died, her interest, according to her will, became part of her estate. The deceased was a
tenant in common.
If the consumer can prove that the act was done knowingly, the consumer may recover not only economic damages, attorney fees and court costs but also damages for mental anguish up to
three times the economic damages.
A _______ is a legal arrangement where a person transfers property or assets to another person or entity to manage and hold for the benefit of one or more individuals or organizations.
trust
According to the Texas Family Code, a "child" or "minor" means a person
under 18 years of age who is not and has not been married.
Net listings relate to the
way the broker is paid
An individual who holds a remainder estate becomes the property owner at the conclusion of which type of estate?
Life estate
Which of the following is not true of a fee simple estate absolute?
May not be inherited
A seller agrees to list his property with Bluebonnet Realty. The broker's commission will be anything remaining from the proceeds of the sale once the seller's loan balance and closing costs are paid. The seller and Bluebonnet Realty have what type of listing agreement?
Net listing
Mineral leases are considered
Personal property
____________ is a term that means the contracts have been adopted for use by all licensees in the sale of real estate.
Promulgated
If a vacancy occurs during a member's term on the Texas Real Estate Commission, who determines who will fill the vacancy during the unexpired term?
Governor of Texa
A seller listed his property exclusively with Big Tex Realty. Even though the property sold during the period of the listing, if the seller was not required to pay a commission to Big Tex Realty, what type of listing agreement probably existed between the seller and Big Tex Realty?
Exclusive agency
Dual agency in Texas is
Illegal
_________________ results by the actions of the parties rather than oral or written agreements.
Implied Agency
The Texas Fair Housing Act is most similar to which of the following?
Federal laws regarding fair housing.
Which of the following is NOT a form of co-ownership?
Severalty
Which of the following is NOT a physical characteristic of land?
Situs
Which of the following is not a legal description of a property?
Street address
Three people are joint tenants with rights of survivorship in a tract of land. One owner conveys interest to a friend. Which statement is TRUE?
The first two owners remain joint tenants.
Which statement BEST applies to joint tenancy?
The last survivor becomes a severalty owner.
