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modern real estate principles 1 > test > Flashcards

test Flashcards

1
Q

Courses for the renewal of an active real estate broker or sales agent license are called

A

continuing education (CE).

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2
Q

What is the maximum amount that the Commission will pay from the real estate recovery trust account for claims against any one license holder, until the account has been repaid in full by the license holder?

A

$100,000

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3
Q

Which is owned by the tenant?

A

Trade fixture

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4
Q

Which of the following terms refers not only to the surface of the earth but also below to the center of the earth, above to infinity, and natural things permanently attached but doesNOTrefer to artificial things permanently attached?

A

Land

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5
Q

If the court learns that the seller placed a sign that said “Not Included” on the stove every time a buyer looked at the property, the court will consider which of the following in determining whether the stove is a fixture, absent a written agreement?

A

Intention of the parties

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6
Q

What type of estate is complete ownership and exists for an unlimited time?

A

Fee simple

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7
Q

If a condition of ownership is violated, title to the subject property automatically reverts to the original owner in

A

a determinable fee estate.

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8
Q

An urban homestead is limited to a lot or lotsNOTto exceed how many acres?

A

10

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9
Q

The method used to describe real estate by distance, direction, and boundaries is

A

the metes-and-bounds method.

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10
Q

Which equals one square mile or 640 acres?

A

Section

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11
Q

Under the federal Fair Housing Act, real estate organizations, such as multiple listing services, mayNOTdo which because someone is in a protected group?

A

Refuse membership or put conditions on participation

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12
Q

Which aspect of the Canons of Professional Ethics and Conduct requires the broker or sales agent to be informed on market conditions and national, state, and local developments affecting the real estate business?

A

Competency

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13
Q

A complaint of discrimination brought under the Texas Fair Housing Act can be filed with the U.S. Department of Housing and Urban Development or with

A

the Texas Workforce Commission Civil Rights Division.

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14
Q

An aggrieved person who believes illegal discrimination has occurred may file a complaint within what time frame following the alleged discriminatory act?

A

One year

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15
Q

Appurtenant easement rights transfer with

A

the dominant tenement.

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16
Q

An owner sells part of his land that has no access to a public road but does have access over his remaining land. This creates an easement by

A

necessity.

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17
Q

When there are two or more liens on a property, the order in which the liens will be satisfied when the property is sold will be determined by

A

the priority of the liens.

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18
Q

Which of the following may be a natural object, such as a tree or a boulder, or an artificial object, such as a steel rod or a stake driven into the ground?

A

Monument

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19
Q

It is unlawful for a person to act in the capacity of or claim to be a real estate broker without first

A

obtaining a license from the Texas Real Estate Commission.

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20
Q

A real estate broker’s license isNOTrequired of persons who

A

advertise and lease their own properties.

21
Q

The Texas Real Estate Commission is composed of

A

nine members, six of whom are brokers and three of whom are lay members, each appointed by the governor with senate approval.

22
Q

Which of the following isNOTa requirement for an applicant for a Texas real estate license?

A

To be a resident of Texas or one of the contiguous states

23
Q

A license holder must use the earnest money contract forms promulgated by the Commission unless

A

an attorney prepares the forms and the property owner requires their use.

24
Q

Which of the following isNOTa violation for which the Texas Real Estate Commission (TREC) may suspend or revoke a license or take other disciplinary action?

A

Failing to advise a buyer or a seller regarding the validity of title to real estate

25
Q

A licensed real estate broker is not authorized to practice law unless the broker also is a licensed attorney. Which activity is permitted to be performed by a real estate license holder?

A

Filling in the blanks of a contract form promulgated or approved for that use by the Texas Real Estate Commission (TREC)

26
Q

Which wouldNOTbe considered a violation of antitrust laws?

A

Brokers throughout the city set their commission rates unilaterally without consulting with competitors.

27
Q

It is the duty of an agent to disclose to the principal every step taken in the transaction of the principal’s business because

A

the agent has a fiduciary obligation to the principal.

28
Q

Misleading or deceptive practices according to the Deceptive Trade Practices Act (DTPA) include all of the followingEXCEPT

A

stating that a property is being sold “as is.”

29
Q

The Deceptive Trade Practices Act (DTPA) doesNOTapply to the actions of real estate agents when an agent

A

makes an exaggerated or unsubstantiated statement of value given as advice, judgment, or opinion when selling real estate.

30
Q

A real estate agent tells a seller during a listing presentation that the firm’s real estate commission is in line with those of other real estate firms in the area. The broker may

A

be guilty of price-fixing.

31
Q

A sales agent who has listed a property for sale generally has which agency relationship with the seller?

A

No agency relationship

32
Q

A consumer has sent a complaint to the Texas Real Estate Commission (TREC) against a real estate agent, claiming a violation of the Canon of Integrity. The agent is accused of

A

misrepresenting the condition of the property by omitting pertinent facts.

33
Q

Which action is permitted under the federal Fair Housing Act?

A

Refusing to sell a home to a minority individual because of a poor credit history

34
Q

Which law prohibits all discrimination based on race in any real estate transaction without exception?

A

Civil Rights Act of 1866

35
Q

The federal Fair Housing Act of 1968

A

prohibits discrimination in residential housing based on race, color, national origin, and religion.

36
Q

Which family isNOTprotected under the familial status provisions of the Fair Housing Act?

A

A 55-year-old father, 40-year-old mother, and 17-year-old son who want to purchase a home in an age-restricted adults-only community

37
Q

“I hearthey’removing in. There goes the neighborhood! Better put your house on the market before values drop!” This is an example of

A

blockbusting.

38
Q

Where are subdivision plats filed?

A

In the county clerk’s office of the county in which the land is located

39
Q

The act of channeling homeseekers to a particular area either to maintain or to change the character of a neighborhood is

A

steering.

40
Q

The priority of a mechanic’s lien is established from the date

A

work was begun or materials were delivered, in whole or in part.

41
Q

Randy has constructed a fence that extends 1 foot over his lot line onto the property of a neighbor. The fence is an example of

A

an encroachment.

42
Q

Encumbrances on real estate

A

may include liens, easements, and deed restrictions.

43
Q

Which of the followingBESTrefers to the type of lien that affects all real and personal property of a debtor?

A

General lien

44
Q

The right of defaulted taxpayers to recover their property before its sale for unpaid taxes is the

A

equitable right of redemption.

45
Q

Which of the following is (are) considered a lien on real estate?

A

Unpaid mortgage loans

46
Q

Which of the following isNOTincluded in the bundle of legal rights regarding real property?

A

Right of first refusal

47
Q

What is a section of land?

A

640 acres

48
Q

An acre consists of how many square feet?

A

43,560

modern real estate principles 1 (13 decks)

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