Download Texas Real Estate Principles 1 - Unit 1 Exam Questions and Answers (Latest Update 2023) and more Exams Nursing in PDF only on Docsity!
and Answers (Latest Update 2023)
The Committee has _____ members appointed by the Commission. - correct answers ✅ 12 The __________ is a statute that is administered and enforced by the Texas Real Estate Commission (TREC), which is a state agency. - correct answers ✅Real Estate License Act A successful career in real estate requires someone to: - correct answers ✅be a self-started. A peak is characterized as the __________ turning point of a business cycle.
- correct answers ✅upper To be eligible to get a Texas real estate sales agent or broker license, a person must: - correct answers ✅All of the choices apply Which of the following is not a duty of TREC? - correct answers ✅Creates state laws, statues, and rules
and Answers (Latest Update 2023)
What are changes in business and economic activity that occur within the year? - correct answers ✅Short-term fluctuations. The majority of new licensees begin their careers with a __________ to help homeowners sell and homebuyers purchase homes. - correct answers ✅residential brokerage Which of the following statements is true regarding NAR and TAR? - correct answers ✅All of the choices apply. Any person who wants to engage in the real estate business and act as a real estate broker or real estate sales agent within the state of Texas must obtain a license from the: - correct answers ✅Texas Real Estate Commission. The Education Standards Advisory Committee is responsible for reviewing and revising: - correct answers ✅All of the choices apply. A(n) __________ is a rule issued by an administrative agency to enforce or amplify a statute. - correct answers ✅regulation
and Answers (Latest Update 2023)
Any form of online presence that allows end users to engage in multi- directional conversations in or around the content on the website is referred to as: - correct answers ✅Social Media Advertisements must include a designation, such as __________, that identifies the advertiser as a real estate agent. - correct answers ✅all of the choices apply The two main types of real estate licenses are the: - correct answers ✅broker's license and sales agent's license. __________ is written law enacted by state (or federal) legislative bodies. - correct answers ✅Statutory law What encompasses the activities a sales agent performs in order to seek out potential clients? - correct answers ✅Prospecting The Education Standards Advisory Committee was created in: - correct answers ✅2012.
and Answers (Latest Update 2023)
If a real estate salesperson closes on a transaction, who pays the salesperson their commission? - correct answers ✅The salesperson's sponsoring broker A means of comparing similar type properties, which have recently sold, to the subject property is known as the? - correct answers ✅Market Comparison Approach The market comparison approach is commonly used for this property type? - correct answers ✅Residential The amount of goods offered for sale within a given market at a given price during a given time period is known as? - correct answers ✅Supply A real estate agent is an example of what type of agent? - correct answers ✅Special agent A refrigerator is typically considered? - correct answers ✅Personal Property
and Answers (Latest Update 2023)
Tax benefits Pride of ownership All of the above An individual who has not owned real property for at least the previous two years is known as a? - correct answers ✅First-time homebuyer Which of the following is NOT a form of real property? - correct answers ✅Cooperative A form of ownership of real property recognized in all states that consists of individual ownership of some aspects and co-ownership in other aspects of the property is known as a? - correct answers ✅Condominium A mortgage payment typically includes? - correct answers ✅Interest Principal Insurance
and Answers (Latest Update 2023)
Real estate brokers have a ...... relationship with the principal? - correct answers ✅Fiduciary The 'L' in the acronym C.O.A.L.D. stands for which fiduciary duty? - correct answers ✅Loyalty When a real estate broker represents a buyer in a transaction, the broker and buyer are bound by which of the following contracts? - correct answers ✅buyer representation agreement An agency relationship created by oral or written agreement between the principal and the agent is known as? - correct answers ✅Express agency The Deceptive Trade Practices Act discourages agent from which of the following acts? - correct answers ✅Puffing- usually a exaggeration made by a salesperson or found in an ad regarding the quality of the item or the service offered. The prohibition of fair housing discrimination by a licensee is described in which of the following Acts? - correct answers ✅Texas Real Estate License Act
and Answers (Latest Update 2023)
Refusing to show properties in neighborhoods based on racial criteria Refusing to show properties in neighborhoods based on religious criteria The intricacies in marketing properties for others involves...? - correct answers ✅Competency An agent must be honest and truthful. This is an example of...? - correct answers ✅integrity Which of the following is one of the TREC canons of professional ethics...? - correct answers ✅Fidelity Integrity Competency If an agent does not abide by the TREC canons of professional ethics, which of the following may occur...? - correct answers ✅The agent's license can be revoked The agent's license can be suspended The agent may be placed on probation
and Answers (Latest Update 2023)
Fidelity, on TRECs canons of professional ethics, implies? - correct answers ✅Loyalty In addition to the TREC canons of professional ethics, this organization also publishes a code of ethics that must be followed by its members...? - correct answers ✅National Association of Realtors Who is legally entitled to receive a commission from a principal for a sale or rental of the principal's property...? - correct answers ✅real estate broker A real estate broker is authorized to perform which of the following acts...? - correct answers ✅Identify properties for purchase or lease Deal or sell options on real estate Auction off real estate If an administrative penalty is not paid, who is responsible for collecting the payment...? - correct answers ✅Attorney General
and Answers (Latest Update 2023)
Which of the following property descriptions is not used in the State of Texas? - correct answers ✅Government Survey Until a purchase contract is closed upon, it is considered a/an...? - correct answers ✅Executory contract If one of the parties in a real estate transaction are not considered competent, the contract between the parties is considered a/an...? - correct answers ✅voidable contract To mingle or mix, for example, a client's funds in the broker's personal or general account is known as...? - correct answers ✅commingling Which of the following real estate contracts must be in writing...? - correct answers ✅Purchase contract for a multi-family property Lease contract for greater than 1 year Sales contract
and Answers (Latest Update 2023)
Oral listing agreements between a seller and a broker are...? - correct answers ✅Unenforceable A fee simple estate is an example of which of the following estates...? - correct answers ✅Freehold estate A lien imposed against property without consent of an owner is referred to as a/an...? - correct answers ✅involuntary lien A right acquired by one party to use the land of another party for a special purpose is known as a...? - correct answers ✅Easement Which of the following acronyms can be used to describe government powers with regards to real property...? - correct answers ✅PETE The land that is encumbered by an easement is referred to as the...? - correct answers ✅Servient tenement
and Answers (Latest Update 2023)
Which entity produces the most commonly used Exclusive Right to Sell agreement in Texas...? - correct answers ✅Texas Association of Realtors A broker's compensation is - correct answers ✅Negotiable Which of the following is a type of contract used between brokers and sellers...? - correct answers ✅Exclusive Agency Agreement Exclusive Right to Sell Agreement Open Listing Which of the following is an example of an addendum found in a listing contract...? - correct answers ✅Seller Disclosure Notice Request for Information from an Owner's Association Lead Based Paint Disclosure
