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Real Estate Level 1 Exam Questions And Answers Correct And Verified 2025, Exams of Agricultural economics

Rasmussen College - IllinoisAgricultural economics

Real Estate Level 1 Exam Questions And Answers Correct And Verified 2025Real Estate Level 1 Exam Questions And Answers Correct And Verified 2025Real Estate Level 1 Exam Questions And Answers Correct And Verified 2025Real Estate Level 1 Exam Questions And Answers Correct And Verified 2025

Typology: Exams

2024/2025

Available from 07/08/2025

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Real Estate Level 1 Exam Questions And
Answers Correct And Verified 2025
Industrial real estate does NOT include:
a triplex
a manufacturing facility
a warehouse
a distribution center - correct answera triplex
Which is TRUE about Article 11?
A REALTOR® can obtain assistance from an expert without informing the client.
A REALTOR® is not required to disclose who is involved in the assignment.
A REALTOR® must disclose their lack of experience in a field to the client.
A REALTOR® should never provide a service that they do not specialize in. - correct
answerA REALTOR® must disclose their lack of experience in a field to the client.
Who is on the Education Standards Advisory Committee?
12 members, all license holders
6 members, including license holders and education education
6 members, including license holders, education members, and a public representative
12 members, including license holders, education members, and a public representative
- correct answer12 members, including license holders, education members, and a
public representative
What is the function of ESAC?
ESAC drafts and creates contract forms.
ESAC promulgates contract forms.
ESAC reviews and revises curriculum standards, course content and instructor
certification.
ESAC reviews and revises real estate license exams. - correct answerESAC reviews
and revises curriculum standards, course content and instructor certification.
Evaluate which type of land possesses the characteristic of indestructibility: a three-acre
farm with four brick-based structures; a commercial property in the city spanning one
block; or a retirement home on one acre of land in the suburbs.
the three-acre farm
the commercial property in the city
All options possess the characteristic of indestructibility.
the retirement home - correct answerAll options
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Real Estate Level 1 Exam Questions And

Answers Correct And Verified 2025

Industrial real estate does NOT include: a triplex a manufacturing facility a warehouse a distribution center - correct answera triplex Which is TRUE about Article 11? A REALTOR® can obtain assistance from an expert without informing the client. A REALTOR® is not required to disclose who is involved in the assignment. A REALTOR® must disclose their lack of experience in a field to the client. A REALTOR® should never provide a service that they do not specialize in. - correct answerA REALTOR® must disclose their lack of experience in a field to the client. Who is on the Education Standards Advisory Committee? 12 members, all license holders 6 members, including license holders and education education 6 members, including license holders, education members, and a public representative 12 members, including license holders, education members, and a public representative

  • correct answer12 members, including license holders, education members, and a public representative What is the function of ESAC? ESAC drafts and creates contract forms. ESAC promulgates contract forms. ESAC reviews and revises curriculum standards, course content and instructor certification. ESAC reviews and revises real estate license exams. - correct answerESAC reviews and revises curriculum standards, course content and instructor certification. Evaluate which type of land possesses the characteristic of indestructibility: a three-acre farm with four brick-based structures; a commercial property in the city spanning one block; or a retirement home on one acre of land in the suburbs. the three-acre farm the commercial property in the city All options possess the characteristic of indestructibility. the retirement home - correct answerAll options

Which of the following is NOT a feature of real estate? Property ownership can be transferred without transferring the property to another location. The person in possession of a property may not be the owner. Only an owner has the right to use a property. Property value is determined by the use of the land and the location of the property. - correct answerOnly an owner has the right to use a property. The cost of real estate in a metropolitan area has gone up dramatically over the past year because an increasing number of people has been moving to that area, and there are only a finite number of parcels of land that are close to the downtown area. This is an example of: situs scarcity modification illiquidity - correct answerscarcity What term identifies an economic preference for a certain location? fixity situs durability uniqueness - correct answersitus Which term refers to the permanence of land? durability situs uniqueness fixity - correct answerfixity What contains Fair Housing laws, community property laws, and homestead laws? State constitutions and Fair Housing Laws U.S. Constitution and Fair Housing Laws State constitutions and U.S. Constitution RESPA and state constitutions - correct answerState constitutions and U.S. Constitution Which of the following statements about the Sunset Act is TRUE? The Sunset Act requires that state agencies be reviewed every 10 years. The Sunset Act does not apply to TREC. TREC carries out the reviews required under the Sunset Act. The Sunset Act requires the reviews of all state agencies. - correct answerThe Sunset Act requires the reviews of all state agencies. Chapter 1102 of the _____________ governs the practice of Texas Real Estate inspectors. - correct answerTexas Occupations Code

every year every two years every six months every five years - correct answerevery year What is the difference between a client and a customer? A customer has an agency relationship with you or your broker and a client does not. A client has a legal responsibility to you or your broker and a customer does not. A client has an agency relationship with you or your broker and a customer does not. A customer has a legal responsibility to you or your broker and a client does not. - correct answerA client has an agency relationship with you or your broker and a customer does not. Which of the following actions is NOT grounds for disciplinary action, including revocation or suspension of a license? Failing to obey a client's unlawful instruction Engaging in conduct that is dishonest, or conduct that demonstrates untrustworthiness Acting negligently or incompetently Procuring or attempting to procure a real estate license fraudulently - correct answerFailing to obey a client's unlawful instruction To avoid ______________, a license holder should only give factual information from reputable sources, avoid speculation, and point potential buyers to the resources that can help with questions that you shouldn't answer. - correct answermisrepresentation Commingling happens when: A license holder mixes their own money with a broker's money. A client mixes their own money with another client's money. A client mixes their own money with a business' money. A license holder mixes their own money with a client's money. - correct answerA license holder mixes their own money with a client's money. Which of the following acts is NOT necessarily wrong? The buyer and the seller both pay the commission. A license holder fails to remove earned commissions from the trust account. A broker uses a client's money for his/her own use. An agent sells a property using a lottery system. - correct answerThe buyer and the seller both pay the commission. What is the only scenario in which you do NOT need a real estate license to sell or lease a property? If you are selling or leasing on behalf of an immediate family member. If you are just providing a locating service, and not leasing the property. If you are not receiving any commission from the sale. If you are selling or leasing a property whose owner has filed for bankruptcy. - correct answerIf you are not receiving any commission from the sale.

TRUE or FALSE: Employees working for a commercial firm do not have to have a real estate license if they are selling property owned by their firm. TRUE FALSE - correct answerTRUE Which of the following actions does NOT require a real estate license? showing the listing of a broker or licensed sales agent handling funds in property management selling a portion of a joint ownership in a property supervising licensed people - correct answerselling a portion of a joint ownership in a property When does an inactive license become active? when evidence of successful completion of education is submitted when the application is filed online when the course completion documents are reviewed by the Commission when the license holder joins a brokerage - correct answerwhen the license holder joins a brokerage The following circumstances would make the license of a salesperson inactive EXCEPT: expiration of the license of the sponsoring broker termination of sponsorship by the sponsoring broker having a Recovery Fund payment made as a result of an improper transaction death of the salesperson's sponsoring broker - correct answerhaving a Recovery Fund payment made as a result of an improper transaction The Real Estate License Act authorizes TREC to make sure that real estate sales agents and brokers abide by ____. both TRELA and TREC Rules the Sunset Act the Real Estate Settlement Procedures Act None of these are correct. - correct answerboth TRELA and TREC Rules Which of the following statements is TRUE? The real estate industry includes only residential and industrial sales. Farm and ranch sales are not part of the real estate industry. The real estate industry is made up of many specialties. The sale of unimproved land is not part of the real estate industry. - correct answerThe real estate industry is made up of many specialties.