RealEstateU: Texas Real Estate Principles Part 1 Final Exam

loyalty

A broker must always place his/her client's interests above their own. This is an example of what fiduciary duty?

customer

A broker will work for a client and with a

negotiable

A broker's compensation is...

Listing Contract

A contract whereby a property owner employs a real estate broker to market the property described in the contract is referred to as the...

Interest, possession, title

A joint tenancy is terminated when which of the following cease to exist?

Involuntary Lien

A lien imposed against property without consent of an owner is referred to as an...

Client

A listing contract exists between the real estate broker and the...

Bilateral Contract

A listing contract is an example of an...

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...

Market Comparison Approach

A means of comparing similar type properties would have recently sold to the subject property is known as:

General Agent

A property manager is an example of what type of agent?

Special Agent

A real estate agent is an example of what type of agent?

Deal or sell options on real estate; identify properties for purchase or lease; auction off real estate.

A real estate broker is authorized to perform which of the following?

Easements

A right acquired by one party to use land of another party for a special purpose is known as...

The agent finds a buyer who is ready, willing, and able to purchase the property.

A seller's agent is entitled to a commission after

disclosure

A seller's broker is required to tell their client any relationship they may have with the buyer. This is an example of what fiduciary duty?

Lots and blocks

A subdivision plot method describing property includes which of the following...

Township

A territorial subdivision six miles long, six miles wide and containing 36 sections, located between two range lines and two township lines is known as...

The applicants sponsoring broker

After the applicant submit their real estate sale persons application, their license will be mailed to which of the following...

Personal Property

All property that is not land and is not permanently attached to land is known as

Express Agency

An agency relationship created by oral or written agreement between principal and the agent is known as...

integrity

An agent must be honest and truthful. This is an example of...

General Agent

An agent with full authority over one property of the principal is known as a

Special Agent

An agent with limited authority to act on behalf of the principal is referred to as a

$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.

Tenancy in Common

An ownership of realty by two or more persons, each of whom has an undivided interest without the "right of survivorship" is known as...

physical impairment

Any medical disorder, condition, disfigurement or loss affecting one of the body systems is known as...

Inform the seller of any material information, present all offers to the seller, and answer to the seller.

As a seller's agent in a transaction, the agent is required to do which of the following?

panic selling

Blockbusting is also called _______________.

Foreclosure

Co-ownership in a property can be terminated by which of the following?

loyalty

Fidelity on TRECs canons of professional ethics implies...

Ownership is divided equally among the owners.

How is ownership is a community property between a husband and wife divided?

Void Contract

If a contract is not for legal purpose, it is considered a...

Special Provisions

If an additional contract term does not belong I. The contract addendum, it will most likely get listed in the...

The Attorney General

If an administrative penalty is not paid, who is responsible for collecting the payment?

Voidable Contract

If one of the parties in a real estate transaction are not considered competent, the contract between the parties is considered...

National association of realtors

In addition to the TREC canons of professional ethics, this organization also publishes a code of ethics that must be followed by its members...

fidelity

In addition to the loyalty owed by an agent to his/her client, the agent must also act fairly to other customers in the transaction. This is an example of...

real estate

Land and everything permanently attached to land is defined as

fidelity

Libby is a real estate agent. She knows that she must place her clients interests above her own. This is an example of...

Legal Description

Metes and bounds is an example of...

Surface Rights

Mineral rights are typically considered dominant to which of the following rights

cooperative

Not a form of real property

Unenforceable Contract

Oral agreements between a seller and a broker are...

Propietary Lease

Owners of a cooperative apartment holds this type of lease.

Community Property

Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse...

Care

The "C" in the acronym COALD stands for which fiduciary duty?

loyalty

The "L" in the acronym COALD stands for which fiduciary duty?

Puffing

The Deceptive Trade Practices Act discourages agents from which of the following acts?

supply

The amount of goods offered for sale within a given market at a given price during a given time period.

principal

The employer of an agent is referred to as the...

Assisting with counteroffers.

The fiduciary duty of care when representing a buyer includes

Consumer information form 1-1

The form must be posted in brokerage offices.

Residential, Commercial, and Industrial

The general uses of real property include the following:

Competency

The intricacies in marketing property for others involves...

Equal opportunity housing

The laws governing fair housing are also referred to as...

point of commencement

The point of origin in a metes and bounds survey is also known as a...

Texas Real Estate License Act

The prohibition of fair housing discrimination by a licensee is described as which of the following...

Right of Survivorship

The right of a surviving tenant or tenants to succeed the entire interest of the deceased tenant is known as...

Bundle of Rights

The right of exclusion which allows a landowner to prevent others from entering or occupying their property is included in the

Specific Performance

The sale of a property as an alternative to damages is an example of...

Community Reinvestment Act

This federal law requires all federally regulated lender to describe the geographic market area that they serve.

Metes and Bounds

This refers to a term used in describing the boundary linked of land, setting forth all the boundary lines together with their terminal points and angles...

customer

This refers to the party the agent brings to the principal as seller or buyer of the property.

Exclusive Right to Sell

This type of contract gives the broker the greatest chance at receiving commission...

Net Listing

This type of listing provides that the agency may retain a compensation for the agent's services, all sums receives over and over and above the net price to the owner.

executory contract

Until a purchase contract is closed upon, it is considered...

Discharged

When a contract is fully performed the contract is considered...

Buyer Representation Agreement

When a real estate broker represents a buyer in a transaction, the broker and buyer are bound by which of the following contracts?

end point

When using the metes and bounds method to describe a property, the origin point is also the...

Grantor

Where a few simple determinable ends, the interest will revert to the...

Texas Association of Realtors

Which entity produces the most commonly used exclusive rights to sell agreements in Texas?

PETE

Which of the following acronyms can be used to describe government powers with regard to real property.

A lease under 1 year

Which of the following contract is NOT required to be in writing...

Easement in Gross

Which of the following easements is commonly used by utility companies...

Ask the client to describe where they want to live based on geographical boundaries.

Which of the following is a means to prevent steering?

Kitchen cabinets

Which of the following is an example of a fixture

Intentions of the party, adaption of the item, mold and permanence of house item was attached

Which of the following is considered a legal test for determining if an item is a fixture or not

Refusing to sell to a protected class, refusing to show properties in neighborhoods based on racial criteria, or refusing to show properties based on religious criteria

Which of the following is considered illegal under the Fair Housing Act?

A homeowner looking to sell their house on their own.

Which of the following is exempt from holding a real estate license?

honesty

Which of the following is owed to a customer by an agent?

Time, title, interest

Which of the following is required to create a joint tenancy?

Net Listing

Which of the following listing contracts is discouraged throughout the state of Texas?

Sales contract, lease contract for greater than a year, purchase contract for a multi family property.

Which of the following real estate contracts must be in writing...

Texas Real Estate Commission

Who determines the standards for real estate licensing courses in Texas?

Real Estate Broker

Who is legally entitled to receive commission from a principal for a sale or rental of the principal's property?

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

Severalty Ownership

property owned by one person only is referred to as...

eminent domain

the right of government to acquire property for necessary public use by condemnation is known as...