Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

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
Q

When a property is sold by the brokerage firm that listed it, it is called an ____.

A

In-house sale

26
Q

An intermediary is ____.

A

A broker representing both the seller and the buyer in a single transaction

27
Q

In order to practice intermediary, the broker must have the written consent of ____.

A

Both parties

28
Q

Appointed associates under an intermediary may ____

A

Give advise and opinions to their respective parties/negotiate

29
Q

The agency information form that must be presented at the first substantive discussion is ____.

A

The information about brokerage services

30
Q

The e main purpose of the TRELA is to ____.

A

Protect the public

31
Q

If a broker wishes to terminate a sales agent’s sponsorship ____.

A

he or she must return the license immediately

32
Q

Which of the following persons must have a license?

A

Designated officer of a licensed real estate corporation

33
Q

An attorney from another state must have a ____ to receive commission from a transaction for real estate in Texas

A

Texas real estate license

34
Q

The TREC promulgated forms and addenda are written by the ____

A

TREC broker-lawyer committee

35
Q

When a Texas real estate license holder is in an inactive status ____.

A

He or she must pay a renewal fee

36
Q

agent was sued for $75,000 so the agent declared bankruptcy. How much will TREC cover?

A

$50,000

37
Q

Which of the following will not violate the Texas real estate license act?

A

disclosing all known facts a about the property to the client

38
Q

Offering a property for sale without the knowledge and consent of the owner in writing may result in
Not disclosing known facts
_______

A

may result in license revocation or suspension

39
Q

____ is best described as the duty of a license holder to represent the best interest of his or her client

A

Fidelity

40
Q

____ is best described as the duty of a license holder to employ prudence and caution so as to avoid misrepresentation in any way

A

Integrity

41
Q

The civil rights act of what year offers protection of discrimination against race, color, religion, and national origin?

A

1968

42
Q

The penalties for violation of the fair housing act are ____

A

civil penalties up to 150k

43
Q

Taking buyers to or away from a particular neighborhood based on the protected act is known as ____

A

Steering or channeling

44
Q

Can the landlord refuse to lease the unit to a pregnant woman if the neighborhood is 90% occupied by 55+ ages?

A

yes because it is senior housing which means there is a familial status exemption

45
Q

Redlining is ____

A

the refusal to lend money in a particular area because of the location

46
Q

Under the CRA only ____ can be guilty of redlining,

A

banks

47
Q

A developer has purchased 15 acres for 220 homes. What is the most likely method of legal description to be found?

A

Lot and block

48
Q

Which of the following methods of describing land does not qualify as a legal description in a deed?

A

Street address

49
Q

Agency agreements such as listing and buyer representation agreements ____.

A

all of these are correct) PG 207

50
Q

The listing agreement that helps the broker avoid procuring cause lawsuits is the ____

A

exclusive right to sell

51
Q

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

A

Net listing

52
Q

Listing agreements can be terminated at any time by ____

A

Mutual decision

53
Q

Listing agreements are terminated by ____.

A

The expiration of the period in the listing contract

54
Q

Which of the following is an exception for the requirement of seller’s disclosure notice?

A

all of the above

55
Q

A property that is allegedly haunting is considered to be ____

A

Stigmatized

56
Q

An example of a voidable contract would be ____.

A

A contract entered into with a minor

57
Q

A buyer defaults a real estate contract and the seller decides to keep the earnest money deposit. What default remedy did the seller choose?

A

Liquidated damages

58
Q

Carlos transfers rights to cousin for him to buy property. This is an example of ____.

A

Assignment

59
Q

How long does does a consumer have to file a complaint with TREC against a license holder

A

4 years,? Thought it was 2. Check this

60
Q

A recording plat is required for which method of legal description? (

A

lot and block)

61
Q

Deed restrictions are also known as

A

Covenants conditions and restrictions

62
Q

A lot and block mythos refers to a

A

A recorded map or Plat

Principles Of Real Estate 1 (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions