practice test Flashcards
In the absence of a formal appraisal report,
which of the following choices is the MOST
appropriate for setting a listing price in a
new, rapidly selling neighborhood?
a. The price that willing buyers have recently
paid for similar structures
b. The cost of reproducing the structure plus
the original lot value
c. The price that is an average of the cost of
reproducing the structure and the recent
sales prices
d. The price that is an average of the listed prices
of the most recently sold similar properties
The price that willing buyers have recently
paid for similar structures
In order for a tenant to claim relief for
constructive eviction:
a. the landlord must have intentionally withheld required repairs or maintenance
b. any defects must be deemed to present a
health hazard to the tenants
c. the tenant must prove continuous residence
in the premises
d. the defect must be related to either heating
or water systems
the landlord must have intentionally withheld required repairs or maintenance
A lender’s title policy will protect the:
a. lender against default in loan payments
b. borrower against default in loan payments
c. lender against existing, undiscovered title
defects
d. borrower against unrecorded liens
c. lender against existing, undiscovered title
The value placed on land and buildings by a governmental unit for use in levying annual real estate taxes is called the:
a. assessed value
b. market value
c. appraised value
d. economic value
assessed value
The condition which allows a property owner to convey a right to another party while retaining full legal title is a(n):
a. covenant
b. easement
c. encroachment
d. ordinance
easement
The acquisition of another’s title to real
property by means of open, notorious, and continuous use is known as an:
a. easement by prescription
b. easement in gross
c. adverse possession
d. eminent domain
adverse possession
An unimproved lot is located in the service area of a water supply corporation. The seller is subject to the notice requirements relating to a service provider. What is the buyer’s statutory remedy if the seller fails to give the written notice REQUIRED by law?
a. Sue for specific performance of the notice
requirement.
b. Terminate the purchase contract with the
seller.
c. Seek an award of damages in court not to
exceed $10,000 plus attorney fees.
d. Sue the seller and title company for punitive
damages
Terminate the purchase contract with the
seller.
To be eligible for a real estate license, an
individual MUST:
a. be at least 21 years of age
b. prove competence by completing a number
of core courses
c. satisfy the Commission as to the individual’s integrity
d. be a resident of Texas for at least 60 days
satisfy the Commission as to the individual’s integrity
As a marketing promotion, a real estate
salesperson offers property for sale by
lottery. This practice is:
a. lawful since the adoption of the Texas State
Lottery
b. prohibited unless authorized by the owner
in writing
c. grounds for suspension or revocation of license
d. lawful if a real estate lottery license has
been issued
grounds for suspension or revocation of license
A single woman dies intestate. In regards to her surviving heirs, her property will:
a. escheat to the State of Texas
b. be distributed according to her will
c. go to her parents, if they have survived her
d. be distributed according to the law of
descent and distribution
be distributed according to the law of
descent and distribution
When MUST an existing agency relationship be disclosed to another party to a proposed transaction?
a. During a substantive discussion.
b. Before submitting an offer.
c. At no time during negotiations.
d. At the time of licensee’s first contact.
At the time of licensee’s first contact
