TREC Final Exam Chapter one
What do littoral rights govern? - Answer-lakefront or oceanfront property rights
Karen bought a house. What is the best way she can protect her title from ownership claims? - Answer-
Get title insurance.
Homeowners can take advantage of the capital gains exemption under the Taxpayer Relief Act of 1997
every - Answer-Two Years
In Texas, mandatory membership to an HOA must be: - Answer-disclosed
Which of these is a unilateral contract?
A car dealership offers a $1,000 bonus to any salesperson who can sell 10 vehicles in a month.
Lesley and Andrew sign a contract for the sale of Lesley's home to Andrew.
Sarah and Jeff sign a contract for the sale of Sarah's car to Jeff.
Amari gets in Loren's taxi. Loren drives her to her destination, and Amari pays Loren the stated rate. -
Answer-A car dealership offers a $1,000 bonus to any salesperson who can sell 10 vehicles in a month.
Which of the following provides the BEST definition for addenda?
, an agreement in which both parties give consideration and promise to perform the actions specified in a
contract
a contract that creates an agency relationship between a buyer and an agent
documents containing additional terms, information, or obligations that are attached to a contract
a contract that is not completely executed or performed. - Answer-documents containing additional
terms, information, or obligations that are attached to a contract
Before a new license holder can engage in the practice of real estate, who must receive a copy of that
sales agent's license? - Answer-the broker that is sponsoring the sales agent
Who manages and holds the legal title to a property on behalf of the beneficiary in a trust? - Answer-
Trustee
What are the primary duties of the Broker-Lawyer Committee? - Answer-to draft and revise contract
forms for the approval and adoption by TREC
Who can a salesperson accept payment from? - Answer-Their sponsoring broker only.
What is the standard capital gains exclusion for someone selling a primary residence? - Answer-
$500,000 for joint filers, $250,000 for single filers
Which of these is a method of disclosing agency? - Answer-giving a party the IABS notice
What is chattel? - Answer-a commonly used term for personal property in the world of real estate
What do littoral rights govern? - Answer-lakefront or oceanfront property rights
Karen bought a house. What is the best way she can protect her title from ownership claims? - Answer-
Get title insurance.
Homeowners can take advantage of the capital gains exemption under the Taxpayer Relief Act of 1997
every - Answer-Two Years
In Texas, mandatory membership to an HOA must be: - Answer-disclosed
Which of these is a unilateral contract?
A car dealership offers a $1,000 bonus to any salesperson who can sell 10 vehicles in a month.
Lesley and Andrew sign a contract for the sale of Lesley's home to Andrew.
Sarah and Jeff sign a contract for the sale of Sarah's car to Jeff.
Amari gets in Loren's taxi. Loren drives her to her destination, and Amari pays Loren the stated rate. -
Answer-A car dealership offers a $1,000 bonus to any salesperson who can sell 10 vehicles in a month.
Which of the following provides the BEST definition for addenda?
, an agreement in which both parties give consideration and promise to perform the actions specified in a
contract
a contract that creates an agency relationship between a buyer and an agent
documents containing additional terms, information, or obligations that are attached to a contract
a contract that is not completely executed or performed. - Answer-documents containing additional
terms, information, or obligations that are attached to a contract
Before a new license holder can engage in the practice of real estate, who must receive a copy of that
sales agent's license? - Answer-the broker that is sponsoring the sales agent
Who manages and holds the legal title to a property on behalf of the beneficiary in a trust? - Answer-
Trustee
What are the primary duties of the Broker-Lawyer Committee? - Answer-to draft and revise contract
forms for the approval and adoption by TREC
Who can a salesperson accept payment from? - Answer-Their sponsoring broker only.
What is the standard capital gains exclusion for someone selling a primary residence? - Answer-
$500,000 for joint filers, $250,000 for single filers
Which of these is a method of disclosing agency? - Answer-giving a party the IABS notice
What is chattel? - Answer-a commonly used term for personal property in the world of real estate
