Actual Test Flashcards
The aspect of the resale state business that pertains to overseeing the needs of the parties and completing a transaction is known as ____.
Brokerage
A career in real estate development most often involves the acquisition of land for development in ____.
residential subdivision
What refers to the fact that land cannot be moved?
immobility
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
licensed and unlicensed individuals
The right to develop the surface and use the resources extracted from or near the surface is known as ____
Surface rights
The organization that has the authority to issue and revoke licenses is ____.
TREC
Permanent additions to land are called ____
Improvements
Which of the following terms describes the process of removing real property to create personal property?
Severance
When real property is sold, fixtures ____.
Fixtures remain with the property
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?
Crops belong to the tenant
Which of the following would be considered an improvement
Decking
Ad valoreum taxes are _____
All these answers are correct
- property taxes
- according to value
- highest priority lean
Ownership with the most rights in land is called ____
Fee simple
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?
the tenant does not have to move
A lease that automatically renews itself is called a ____.
Periodic estate
A homestead in Texas can be foreclosed on for ____.
An ad valorem tax lien
Which of the following statements regarding a Texas homestead is false?
Homestead protection can be waived in writing
The easement created by the continued use of land without the permission of the owner is called ____
An easement by prescription
Easements can be terminated by ____.
Mergers
What is an example of an encroachment?
A neighbors fence is built on their land
When a property owner has the right to use water from a lake, ocean, or sea, they are said to have ____.
Littoral rights
What is true about community property?
Property inherited by one spouse can remain the separate property of that spouse
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 ____.
Timeshare
One who hires and gives authority to an agent is known as the ____.
Principle
When a property is sold by the brokerage firm that listed it, it is called an ____.
In-house sale
An intermediary is ____.
A broker representing both the seller and the buyer in a single transaction
In order to practice intermediary, the broker must have the written consent of ____.
Both parties
Appointed associates under an intermediary may ____
Give advise and opinions to their respective parties/negotiate
The agency information form that must be presented at the first substantive discussion is ____.
The information about brokerage services
The e main purpose of the TRELA is to ____.
Protect the public
If a broker wishes to terminate a sales agent’s sponsorship ____.
he or she must return the license immediately
Which of the following persons must have a license?
Designated officer of a licensed real estate corporation
An attorney from another state must have a ____ to receive commission from a transaction for real estate in Texas
Texas real estate license
The TREC promulgated forms and addenda are written by the ____
TREC broker-lawyer committee
When a Texas real estate license holder is in an inactive status ____.
He or she must pay a renewal fee
agent was sued for $75,000 so the agent declared bankruptcy. How much will TREC cover?
$50,000
Which of the following will not violate the Texas real estate license act?
disclosing all known facts a about the property to the client
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
____ is best described as the duty of a license holder to represent the best interest of his or her client
Fidelity
____ is best described as the duty of a license holder to employ prudence and caution so as to avoid misrepresentation in any way
Integrity
The civil rights act of what year offers protection of discrimination against race, color, religion, and national origin?
1968
The penalties for violation of the fair housing act are ____
civil penalties up to 150k
Taking buyers to or away from a particular neighborhood based on the protected act is known as ____
Steering or channeling
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
Redlining is ____
the refusal to lend money in a particular area because of the location
Under the CRA only ____ can be guilty of redlining,
banks
A developer has purchased 15 acres for 220 homes. What is the most likely method of legal description to be found?
Lot and block
Which of the following methods of describing land does not qualify as a legal description in a deed?
Street address
Agency agreements such as listing and buyer representation agreements ____.
all of these are correct) PG 207
The listing agreement that helps the broker avoid procuring cause lawsuits is the ____
exclusive right to sell
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
Listing agreements can be terminated at any time by ____
Mutual decision
Listing agreements are terminated by ____.
The expiration of the period in the listing contract
Which of the following is an exception for the requirement of seller’s disclosure notice?
all of the above
A property that is allegedly haunting is considered to be ____
Stigmatized
An example of a voidable contract would be ____.
A contract entered into with a minor
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
Carlos transfers rights to cousin for him to buy property. This is an example of ____.
Assignment
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
A recording plat is required for which method of legal description? (
lot and block)
Deed restrictions are also known as
Covenants conditions and restrictions
A lot and block mythos refers to a
A recorded map or Plat
