Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Principles Of Real Estate 1 > Actual Test > Flashcards

Actual Test Flashcards

1
Q

The aspect of the resale state business that pertains to overseeing the needs of the parties and completing a transaction is known as ____.

A

Brokerage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A career in real estate development most often involves the acquisition of land for development in ____.

A

residential subdivision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What refers to the fact that land cannot be moved?

A

immobility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

TREC may assess an administrative penalty of up to $5,000 a day for violation of the act for any person both ____ who violates the act

A

licensed and unlicensed individuals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

The right to develop the surface and use the resources extracted from or near the surface is known as ____

A

Surface rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

The organization that has the authority to issue and revoke licenses is ____.

A

TREC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Permanent additions to land are called ____

A

Improvements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Which of the following terms describes the process of removing real property to create personal property?

A

Severance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

When real property is sold, fixtures ____.

A

Fixtures remain with the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

farm being leased to farmer who is growing crops. The land is sold during farmer’s lease. What will happen to the crops that are not ready to be harvested at the end of the lease?

A

Crops belong to the tenant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Which of the following would be considered an improvement

A

Decking

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Ad valoreum taxes are _____

A

All these answers are correct
- property taxes
- according to value
- highest priority lean

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Ownership with the most rights in land is called ____

A

Fee simple

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

landlord dies and the family decides to sell the property and have the tenant move out immediately, although the tenant signed a three year lease in one of the offices. What is true about this situation?

A

the tenant does not have to move

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A lease that automatically renews itself is called a ____.

A

Periodic estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

A homestead in Texas can be foreclosed on for ____.

A

An ad valorem tax lien

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Which of the following statements regarding a Texas homestead is false?

A

Homestead protection can be waived in writing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

The easement created by the continued use of land without the permission of the owner is called ____

A

An easement by prescription

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Easements can be terminated by ____.

A

Mergers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is an example of an encroachment?

A

A neighbors fence is built on their land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

When a property owner has the right to use water from a lake, ocean, or sea, they are said to have ____.

A

Littoral rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is true about community property?

A

Property inherited by one spouse can remain the separate property of that spouse

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

The type of development which gives the owner the right to occupy the property for a certain time period, typically by the week, is known as a ____.

A

Timeshare

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

One who hires and gives authority to an agent is known as the ____.

A

Principle

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
When a property is sold by the brokerage firm that listed it, it is called an ____.
In-house sale
26
An intermediary is ____.
A broker representing both the seller and the buyer in a single transaction
27
In order to practice intermediary, the broker must have the written consent of ____.
Both parties
28
Appointed associates under an intermediary may ____
Give advise and opinions to their respective parties/negotiate
29
The agency information form that must be presented at the first substantive discussion is ____.
The information about brokerage services
30
The e main purpose of the TRELA is to ____.
Protect the public
31
If a broker wishes to terminate a sales agent’s sponsorship ____.
he or she must return the license immediately
32
Which of the following persons must have a license?
Designated officer of a licensed real estate corporation
33
An attorney from another state must have a ____ to receive commission from a transaction for real estate in Texas
Texas real estate license
34
The TREC promulgated forms and addenda are written by the ____
TREC broker-lawyer committee
35
When a Texas real estate license holder is in an inactive status ____.
He or she must pay a renewal fee
36
agent was sued for $75,000 so the agent declared bankruptcy. How much will TREC cover?
$50,000
37
Which of the following will not violate the Texas real estate license act?
disclosing all known facts a about the property to the client
38
Offering a property for sale without the knowledge and consent of the owner in writing may result in Not disclosing known facts _______
may result in license revocation or suspension
39
____ is best described as the duty of a license holder to represent the best interest of his or her client
Fidelity
40
____ is best described as the duty of a license holder to employ prudence and caution so as to avoid misrepresentation in any way
Integrity
41
The civil rights act of what year offers protection of discrimination against race, color, religion, and national origin?
1968
42
The penalties for violation of the fair housing act are ____
civil penalties up to 150k
43
Taking buyers to or away from a particular neighborhood based on the protected act is known as ____
Steering or channeling
44
Can the landlord refuse to lease the unit to a pregnant woman if the neighborhood is 90% occupied by 55+ ages?
yes because it is senior housing which means there is a familial status exemption
45
Redlining is ____
the refusal to lend money in a particular area because of the location
46
Under the CRA only ____ can be guilty of redlining,
banks
47
A developer has purchased 15 acres for 220 homes. What is the most likely method of legal description to be found?
Lot and block
48
Which of the following methods of describing land does not qualify as a legal description in a deed?
Street address
49
Agency agreements such as listing and buyer representation agreements ____.
all of these are correct) PG 207
50
The listing agreement that helps the broker avoid procuring cause lawsuits is the ____
exclusive right to sell
51
In a ____ listing, the seller establishes a minimum acceptable price and the brokers commission is the difference between that price and the price the buyer is willing to pay
Net listing
52
Listing agreements can be terminated at any time by ____
Mutual decision
53
Listing agreements are terminated by ____.
The expiration of the period in the listing contract
54
Which of the following is an exception for the requirement of seller’s disclosure notice?
all of the above
55
A property that is allegedly haunting is considered to be ____
Stigmatized
56
An example of a voidable contract would be ____.
A contract entered into with a minor
57
A buyer defaults a real estate contract and the seller decides to keep the earnest money deposit. What  default remedy did the seller choose?
Liquidated damages
58
Carlos transfers rights to cousin for him to buy property. This is an example of ____.
Assignment
59
How long does does a consumer have to file a complaint with TREC against a license holder
4 years,? Thought it was 2. Check this
60
A recording plat is required for which method of legal description? (
lot and block)
61
Deed restrictions are also known as
Covenants conditions and restrictions
62
A lot and block mythos refers to a
A recorded map or Plat

Principles Of Real Estate 1 (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions