ACEABLE AGENT- PRINCIPLES OF
REAL ESTATE EXAM 1 FINAL TEXAS
QUESTIONS & DETAILED CORRECT
SOLUTIONS
Exclusive right to sell
agreement guarantees the agent's brokerage receives a commission if the property is sold,
regardless of who brings the buyer
Lead based paint
An agent is listing a property built in 1964. The agent is required by federal law to provide the
buyer with a disclosure on which environmental hazard
In Writing
For a listing agreement to be enforceable in court, it MUST be:
Trust Tenancy
Which one of the following is NOT a type of co-ownership?
limited partnership
When a business has general partners that oversee the day-to-day activities of the business
and other partners that are only investors and ONLY have liability up to the amount of their
investments
creditors
Texas homestead laws protect homeowners from:
abstract of title
What is the history of the title to a property called?
Littoral rights
Buyer Alex is looking at a lakefront property. He has questions about whether he would be
allowed to access and use the lake. What kind of rights is Alex wondering about?
Riparian Rights
, Rights that govern the use of flowing water, such as rivers and streams that pass through or
border a property are known as:
cloud on title
Winston and Ally purchased a home together, but both remained on the title after their divorce,
even though Ally got the house to herself. While trying to sell the house, it is discovered that
Winston is still considered an owner.
This is an example of what type of encumbrance?
sue for compensatory damages, specific performance or both
When there is a breach of contract, the non-breaching party can rescind the contract, forfeit
the contract, or:
Air Lot
space above a parcel of land called
contour maps
Where can developers find information about the terrain and elevation for a given parcel
rectangular survey method
Choose the survey method that could result in this legal description: "SW 1/4 of the NE 1/4 of
the NW 1/4 of Section 2, Township 8 South, Range 3
bench mark
A monument used to establish the elevation of the point, usually relative to Mean Sea Level. It
is permanent.
government survey system
A method of specifying the location of a parcel of land using prime meridians, base lines,
standard parallels, guide meridians, townships and sections is known as the...
range
A strip or column of land six miles wide, determined by a government survey, running in a
north-south direction, lying east or west of a principal meridian is known as a
Metes and Bounds
Land in Texas was originally identified by
all of the above
REAL ESTATE EXAM 1 FINAL TEXAS
QUESTIONS & DETAILED CORRECT
SOLUTIONS
Exclusive right to sell
agreement guarantees the agent's brokerage receives a commission if the property is sold,
regardless of who brings the buyer
Lead based paint
An agent is listing a property built in 1964. The agent is required by federal law to provide the
buyer with a disclosure on which environmental hazard
In Writing
For a listing agreement to be enforceable in court, it MUST be:
Trust Tenancy
Which one of the following is NOT a type of co-ownership?
limited partnership
When a business has general partners that oversee the day-to-day activities of the business
and other partners that are only investors and ONLY have liability up to the amount of their
investments
creditors
Texas homestead laws protect homeowners from:
abstract of title
What is the history of the title to a property called?
Littoral rights
Buyer Alex is looking at a lakefront property. He has questions about whether he would be
allowed to access and use the lake. What kind of rights is Alex wondering about?
Riparian Rights
, Rights that govern the use of flowing water, such as rivers and streams that pass through or
border a property are known as:
cloud on title
Winston and Ally purchased a home together, but both remained on the title after their divorce,
even though Ally got the house to herself. While trying to sell the house, it is discovered that
Winston is still considered an owner.
This is an example of what type of encumbrance?
sue for compensatory damages, specific performance or both
When there is a breach of contract, the non-breaching party can rescind the contract, forfeit
the contract, or:
Air Lot
space above a parcel of land called
contour maps
Where can developers find information about the terrain and elevation for a given parcel
rectangular survey method
Choose the survey method that could result in this legal description: "SW 1/4 of the NE 1/4 of
the NW 1/4 of Section 2, Township 8 South, Range 3
bench mark
A monument used to establish the elevation of the point, usually relative to Mean Sea Level. It
is permanent.
government survey system
A method of specifying the location of a parcel of land using prime meridians, base lines,
standard parallels, guide meridians, townships and sections is known as the...
range
A strip or column of land six miles wide, determined by a government survey, running in a
north-south direction, lying east or west of a principal meridian is known as a
Metes and Bounds
Land in Texas was originally identified by
all of the above
