Texas principles of real estate part 3 mini quiz
The Broker/Lawyer Committee consists of how many members...? 3 7 11 13
13
The Texas Real Estate Commission was created in what year...? 1931 1949 1988 2001
1949
A lead-based paint disclosure is required for all buildings built prior to...? 1964 1978 1988 2001
1978
If an agent is sued under the DTPA, they may be sued for up to how many times the actual damages...? 2x 3x 4x 10x
3x
The Broker/Lawyer Committee consists of how many attorneys...? 1 6 11 13
6
The Broker/Lawyer Committee consists of how many real estate brokers...? 1 6 11 13
6
The rights in real property to the reasonable use of the air space above the surface of the land are known as...? Sub-surface rights Surface rights Air rights Mineral rights
Air rights
A fibrous mineral found in many building materials that when improperly disturbed, can cause serious lung diseases is known as...? Lead Radon Asbestos Insulation
Asbestos
A Buyer/Tenant Representation Agreement is considered what type of contract...? Unilateral contract Bilateral contract Optional contract Forbearance contract
Bilateral contract
A written listing agreement between a broker and his/her principal is considered what type of contract...? Unilateral contract Bilateral contract Implied contract Void contract
Bilateral contract
A written instrument given to pass title of personal property from a vendor to a vendee is referred to as a...? Deed Title Contract of sale Bill of sale
Bill of sale
A listing contract exists between the client and the...? Customer Salesperson Broker Buyer
Broker
Real estate brokers are allowed to do which of the following...? Complete the Special Provisions section of a contract Revise the promulgated contract forms Draft a deed All of the above
Complete the special provision section of a contract
A legally enforceable agreement to do, or not to do something is called a/an...? Option Deed Contract Statement
Contract
A broker who finds a buyer for a listing on the MLS is entitled to which of the following...? Bonus Salary Cooperation fee All of the above
Cooperation fee
A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease is known as a...? Condominium Time-share Cooperative Townhouse
Cooperative
An entity established and treated by law as an individual or unit with rights and liabilities, or both, distinct and apart from those of the persons composing it is known as a...? Limited Liability Company Corporation Sole Proprietorship Limited Liability Partnership
Corporation
A real estate broker's license may be revoked for which of the following acts...? Drafting a new deed for a client Marketing a property on the MLS Advertising a property on Facebook Entering into a listing contract with a seller
Drafting a new deed for a client
The crops and other annual plantings considered to be personal property of the cultivator are known as...? Fixtures Emblements Trade fixtures All of the above
Emblements
A legal life estate in land that is owned and occupied as a family home is known as a...? Fee simple absolute Homestead Leasehold Primary residence
Homestead
An agreement that has not been put into words, but is implied by the actions of the parties is considered a/an...? Express contract Implied contract Dual contract Void contract
Implied contract
Real estate agents are not permitted to practice which of the following...? Marketing Real estate sales Law Advertising
Law
A specific lien that gives security to persons or companies who perform labor or furnish material to improve real property is known as a...? Tax lien Judgment lien Voluntary lien Mechanic's lien
Mechanics lien
A voidable contract is typically used by a...? Minor Adult Buyer Seller
Minor
Promulgated forms are considered...? Custom forms Standard forms Adaptable forms Basic forms
Standard forms
The evidence of right which a person has to the ownership and possession of land, commonly considered as a history of rights is known as...? Deed Chattels Title Bundle of rights
Title
A .................. contract exists when one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it? Unilateral Bilateral Executed Void
Unilateral
What is the maximum fine an agent can receive for punitive damages...? 3x the actual damages 10x the actual damages $50,000 Unlimited damages
Unlimited damages
Any lien placed on property with consent of, or as a result of, the voluntary act of the owner is referred to as a/an...? Involuntary lien Homestead Voluntary lien Encroachment
Voluntary lien
When is a seller's property disclosure not required...? When a two family residence is being sold When any single family home is being sold When property is being sold as a result of a court order When the seller elects to pay a fee instead of providing a disclosure
When property is being sold as a result of a court order
The Broker/Lawyer Committee consists of how many people from the public...? 1 6 11 13
1
What is the primary distinction between a tenancy in common and a joint tenancy...? A joint tenancy includes the right of survivorship A tenancy in common includes the right of survivorship Freehold estates can be owned as a tenancy in common Leasehold estate can be owned as a joint tenancy
A joint tenancy included the right of survivorship
Which of the following can force a judgment against an owner's property, even if the owner is protected as a homestead...? A credit card company A student loan company A mortgage lender A company that offers lines of credit
A mortgage lender
When is a seller's agent entitled to be compensated...? After the agent finds a ready, willing, and able buyer After the agent closes on the deal After the seller earns his/her profit from the transaction After the buyer moves into the house
After the agent finds a ready, willing, and able buyer
A contract can be discharged by which of the following means...? Full performance Assignment Novation All of the above
All of the above
Lisa was found guilty under the DTPA. Lisa may be subject to which of the following...? Suspension of her real estate license Revocation of her Association of Realtors membership Punitive damages All of the above
All of the above
Real estate brokers are not permitted to do which of the following...? Draft new contracts Provide legal advice Revise the Texas promulgated contract forms All of the above
All of the above
Which of the following business entities can own real property...? Corporations Limited Liability Companies Partnerships All of the above
All of the above
Which of the following information may be included in a listing contract...? Location of lock boxes When a 'For Sale' sign can be placed in the yard The amount of commission to be paid to the broker All of the above
All of the above
Which of the following is considered a bilateral contract...? A lease A sales contract An independent contractor agreement All of the above
All of the above
Taking private property for public use, with fair compensation to the owner is known as...? Police power Escheat Taxation Condemnation
Condemnation
The DTPA is an acronym for which of the following Acts...? Deceptive Trade Practices Act Detrimental Trade Production Act Deceptive Trade Professionals Act Dishonest Trade Practices Act
Deceptive trade practices act
A written document by which ownership of land is transferred from one party to another is known as a...? Deed Title Chattel Instrument
Deed
The Broker/Lawyer Committee is responsible for which of the following...? Issuing a license to an agent or broker Editing the promulgated contract forms Suspending or revoking a real estate license All of the above
Editing the promulgated contract forms
A right of the government to acquire property for necessary public use by condemnation is known as...? Police power Escheat Eminent domain Taxation
Eminent domain
A claim, charge, or liability that attaches to, and is binding on real estate is referred to as a/an...? Encumbrance Homestead CC&R Encroachment
Encumbrance
A listing given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract is referred to as a/an...? Exclusive Agency Agreement Exclusive Right to Sell Listing Agreement Net Listing Agreement Open Listing Agreement
Exclusive Right to Sell Listing Agreement
A contract that has been put into words, either spoken or written is considered a/an...? Express contract Implied contract Dual contract Void contract
Express contract
As an agent to the seller, the broker should fill out the seller disclosure form on behalf of the seller...? T (True) F (False)
False
Listing contracts are promulgated by TREC...? T (True) F (False)
False
An inheritable estate in land providing the greatest interest of any form of title is known as...? Fee simple absolute Fee simple determinable Life estate Leasehold
Fee simple absolute
An estate that will end automatically when the stated event or condition occurs is referred to as a...? Fee simple absolute Fee simple determinable Leasehold Reversionary
Fee simple determinable
Absolute ownership of real property is known as a/an...? Absolute estate Leasehold estate Fee simple estate Free estate
Fee simple estate
A contract that requires a party to not do something is considered a ...................... contract? Performance Forbearance Unilateral Optional
Forbearance
David is a real estate agent in Dallas. Which of the following Texas promulgated contract forms will David most likely use in his practice...? Form 20-12 Form 12-A Form OP Form 10-1
Form 20-12
An estate of indeterminable duration is referred to as a/an...? Freehold estate Leasehold estate Binding estate Absolute estate
Freehold estate
Which of the following is the best way to discharge a contract...? Full performance Breach of contract Novation Assignment
Full performance
A lien imposed against property without consent of an owner is referred to as a/an...? Easement Involuntary lien Voluntary lien Encroachment
Involuntary lien
A claim against a property that provides security for the repayment of a debt or an obligation of the property owner is known as a/an...? Easement Lien Encroachment Homestead
Lien
A contract in which a property owner employs a real estate broker to market the property described in the contract is referred to as a...? Sales Contract Listing Contract Lease Contract Independent Contractor Contract
Listing contract
Which of the following contracts describes how the real estate broker will be compensated...? Listing contract Purchase contract Trust contract Sales contract
Listing contract
Real estate brokers are permitted to do which of the following...? Draft a contract Market a property Provide legal advice All of the above
Market a property
The landowner's ability to take minerals from the earth or to sell or lease this right to others is known as...? Easements Surface rights Air rights Mineral rights
Mineral rights
A structure transportable in one or more sections, designed and equipped to contain not more than two dwelling units to be used with or without a foundation system is referred to as a...? Freight Chattel Mobile home Ranch-style home
Mobile home
Optional TREC contracts are designated by which of the following...? 'OP' 'OT' 'PO' 'ST'
OP
Which of the following is the most commonly used promulgated contract form...? Optional Residential Contract Form OP Residential Listing Contract One to Four Family Residential Contract (resale)
One to Four Family Residential Contract (resale)
Which of the following is an example of a non-exclusive listing agreement...? Exclusive agency agreement Exclusive right to sell agreement Open listing agreement Net listing agreement
Open listing contract
An irrevocable right to buy a property at an agreed upon price is called a/an...? Option Lease Purchase contract Listing contract
Option
Which of the following are not considered promulgated contract forms...? Standard contracts Optional contracts Required contracts All of the above
Optional contracts
A contract that requires a party to do something is considered a .......................... contract? Forbearance Unilateral Performance Optional
Performance
All property that is not considered to be real property is known as...? Real estate Personal property Land All of the above
Personal property
The right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public is known as...? Police power Escheat Eminent domain Taxation
Police power
The DTPA was enacted to...? Protect sellers Protect agents Protect principals Protect the public
Protect the public
According to TRELA, real estate brokers are unauthorized to do which of the following...? Provide legal advice Market properties Advertise properties Earn a commission from the sale of a property
Provide legal advice
Damages simply for the purpose of punishment are known as...? Legal damages Punitive damages Civil damages Enforced damages
Punitive damages
Land and everything permanently attached to land is known as...? Real estate Real property Bundle of rights Chattels
Real estate
The Texas Real Estate License Act was formally known as the...? Real Estate Practice Act Real Estate Commission Act Real Estate Certification Act Real Estate Dealers License Act
Real estate dealers license act
A person who inherits or is entitled to inherit property upon the termination of the estate of the former owner is known as a...? Remainderman Grantee Tenant Reversionman
Remainderman
The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant is referred to as the...? Right of possession Right of disposition Right of ownership Right of survivorship
Right of survivorship
An independent contract agreement exists between a broker and a...? Salesperson Principal Client Buyer
Salesperson
The TREC form OP-H is used for which of the following reasons...? Agent disclosure Seller disclosures Buyer disclosure Attorney disclosures
Seller disclosures
Real property that is owned by only one person is referred to as...? Severalty ownership Tenancy in common Joint tenancy Community property
Severalty ownership
According to the listing agreement, a seller's broker is considered a...? General agent Special agent Dual agent Universal agent
Special agent
A law establishing the time period within which certain lawsuits may be brought is known as the...? Statute of Frauds Statute of Limitations Statute of Time Legal Statute
Statute of Limitations
The Texas promulgated contract forms can be found at the...? TREC website U.S. Attorney General website NAR website Bureau of Real Estate website
TREC websites
The DTPA helps ensure agents do not do which of the following...? Help sellers market their property Discriminate against buyers Take advantage of a buyer's lack of knowledge All of the above
Take advantage of a buyer's lack of knowledge
An encumbrance against a property filed by the taxing jurisdiction for delinquency in paying real property taxes is known as a...? Mechanic's lien Tax lien Judgment lien Voluntary lien
Tax lien
A charge on real estate to raise funds to meet public needs is known as...? Administration Eminent domain Taxation Condemnation
Taxation
An estate or interest in land held by two or more persons, each having equal rights of possession and enjoyment, but without any right of succession by survivorship between the owners is considered...? Joint tenancy Severalty ownership Tenancy in common Tenancy by the entirety
Tenancy in common
Who is responsible for enforcing the Texas Real Estate License Act...? Texas Real Estate Commission Texas Bureau of Real Estate Texas Congress Governor of Texas
Texas real estate commission
The acronym TRELA refers to which of the following...? The Real Estate License Administration The Real Estate Legal Act Texas Real Estate License Act Texas Real Estate Legal Administration
Texas real estate license act
The requirements to become a licensed real estate agent in Texas are described in which of the following documents...? Texas Real Estate Certification Act Texas Real Estate License Act Texas Employment Act Texas Independent Contractor Act
Texas real estate license act
What is the standard commission rate for brokers in Texas...? 2% (percent) 3% (percent) 6% (percent) There is no standard commission rate
There is no standard commission rate
A condominium is considered real property...? T (True) F (False)
True
A seller can limit their liability by completing the seller disclosure form...? T (True) F (False)
True
Listing contracts can be either a unilateral or bilateral contract...? T (True) F (False)
True
Regardless if an agent helped obtain a listing contract, the agent's sponsoring broker still owns the listing...? T (True) F (False)
True
The MLS allows a broker's listing to get more exposure...? T (True) F (False)
True
A contract that does not have force or effect is considered...? Valid Void Executed Formal
Void
That which is capable of being adjusted void, but is not unless action is taken to make it so is considered...? Express Implied Voidable Executed
Voidable