TEXAS PRINCIPLES OF REAL ESTATE
1 PRACTICE EXAM QUESTIONS &
VALID CORRECT SOLUTIONS
The Statute of Frauds applies to: - Correct Answer ✔✔ contracts for the sale of real
estate
Consideration is defined as: - Correct Answer ✔✔ something given in exchange for a
promise
You can use the acronym ____________ to remember the five essential elements of a
valid and enforceable contract. - Correct Answer ✔✔ COLIC
While listing the property with a licensed sales agent, the seller asks, "Who sets real
estate commission rates?" The correct response would be: - Correct Answer ✔✔ there
is no standard rate, and different brokers can charge different fees.
Julie, a sales agent at Acme Realty, obtained a listing on Seller Sam's property on Oak
Street. The following week, Julie was found to be mentally incompetent and was
admitted to the state mental hospital in Rusk. Given Julie's unfortunate status, what is
the effect on the listing with Seller Sam? - Correct Answer ✔✔ the listing agreement is
unaffected because it is an agency agreement between seller Sam and the broker
Seller Steve listed his property with City Realty, Acme Realty and Countrywide Realty
all at the
same time. After signing the listing agreements, Steve continued to run for sale by
owner ads on
Craigslist. The type of listing agreement Steve signed with the various companies is
a(n):
a. Exclusive Right to Sell
b. Exclusive Agency Agreement
c. Open Listing
d. Net Listing - Correct Answer ✔✔ c. Open Listing
A legal description that contains the words "beginning at a point" is a__________ -
Correct Answer ✔✔ Metes and Bounds description
The reference point of the Government Survey System grid is known as
a(n)___________ - Correct Answer ✔✔ Initial Point
One acre of land contains___________ - Correct Answer ✔✔ 43,560 sq feet
1 PRACTICE EXAM QUESTIONS &
VALID CORRECT SOLUTIONS
The Statute of Frauds applies to: - Correct Answer ✔✔ contracts for the sale of real
estate
Consideration is defined as: - Correct Answer ✔✔ something given in exchange for a
promise
You can use the acronym ____________ to remember the five essential elements of a
valid and enforceable contract. - Correct Answer ✔✔ COLIC
While listing the property with a licensed sales agent, the seller asks, "Who sets real
estate commission rates?" The correct response would be: - Correct Answer ✔✔ there
is no standard rate, and different brokers can charge different fees.
Julie, a sales agent at Acme Realty, obtained a listing on Seller Sam's property on Oak
Street. The following week, Julie was found to be mentally incompetent and was
admitted to the state mental hospital in Rusk. Given Julie's unfortunate status, what is
the effect on the listing with Seller Sam? - Correct Answer ✔✔ the listing agreement is
unaffected because it is an agency agreement between seller Sam and the broker
Seller Steve listed his property with City Realty, Acme Realty and Countrywide Realty
all at the
same time. After signing the listing agreements, Steve continued to run for sale by
owner ads on
Craigslist. The type of listing agreement Steve signed with the various companies is
a(n):
a. Exclusive Right to Sell
b. Exclusive Agency Agreement
c. Open Listing
d. Net Listing - Correct Answer ✔✔ c. Open Listing
A legal description that contains the words "beginning at a point" is a__________ -
Correct Answer ✔✔ Metes and Bounds description
The reference point of the Government Survey System grid is known as
a(n)___________ - Correct Answer ✔✔ Initial Point
One acre of land contains___________ - Correct Answer ✔✔ 43,560 sq feet
