PRINCIPLES OF REAL ESTATE 1-
CHAMPIONS QUIZ & RATIONALE
PASSED 100%
either void or voidable - Correct Answer ✔✔ Contracts with a person who lacks mental
capacity can be
Spanish law, and marriage is regarded as a partnership. - Correct Answer ✔✔
Community property is a concept of
an agent will have the opportunity to sell their own listing. - Correct Answer ✔✔
Intermediary Without Appointments.
a large number of individuals with a real estate background. - Correct Answer ✔✔ Oil
and gas companies employ
offers flood insurance - Correct Answer ✔✔ The NFIP
homeowners, renters, and business owners - Correct Answer ✔✔ The NFIP offers flood
insurance to
site built. - Correct Answer ✔✔ The vast majority of homes built in the United States are
fee simple ownership of the unit, fee simple ownership in an undivided interest in the
common areas, and an easement to the airspace occupied by the unit. - Correct Answer
✔✔ When a condominium is sold, three interests are created:
federal consumer financial law - Correct Answer ✔✔ The Bureau [CFPB] is responsible
for enforcing
152,,560 = 3.5 - Correct Answer ✔✔ To convert 152,460 square feet of land:
list their properties with a broker, primarily to expose their properties through the
multiple listing service - Correct Answer ✔✔ Exclusive agency agreements
grant, reservation, implied grant, prescription, necessity, condemnation. - Correct
Answer ✔✔ Easements may be created by
of nine members and three members who represent the public. - Correct Answer ✔✔
The Texas Real Estate Commission consists of
, If the buyer purchases a property listed by another firm - Correct Answer ✔✔
cooperative sale with single buyer representation
The listing firm represents the seller, and the selling firm represents the buyer - Correct
Answer ✔✔ If the buyer purchases a property listed by another firm,
marriage is regarded as a partnership. - Correct Answer ✔✔ Community property
Offer and Acceptance - Correct Answer ✔✔ Mutual Consent
involves ownership of real estate by one individual or entity. - Correct Answer ✔✔ An
estate in severalty
grants an exclusive right to sell the property during the listing term. - Correct Answer
✔✔ Real estate brokers recommend this listing
A commission is paid even if the property is sold by the owner - Correct Answer ✔✔
exclusive right to sell
One-to-Four Family Residential Contract (Resale), New Home Contract (Incomplete
Construction), New Home Contract (Completed Construction), Unimproved Property
Contract, Residential Condominium Contract (Resale), Farm and Ranch Contract. -
Correct Answer ✔✔ TREC has promulgated sales contract forms for most residential
properties including
specific or general - Correct Answer ✔✔ Liens can be
a civil offense - Correct Answer ✔✔ Violation of the law is
DTPA allows an aggrieved consumer to sue a seller of goods for damages - Correct
Answer ✔✔ Passed in 1973
are most often owned by a corporation - Correct Answer ✔✔ Units in a cooperative
Durability - Correct Answer ✔✔ Indestructibility, a physical characteristic of land, is also
known as:
NAR - Correct Answer ✔✔ A professional association whose local affiliates own and
operate MLS systems throughout the United States is the:
Providing a professional opinion of the value of real property - Correct Answer ✔✔
Appraisal is the business of:
Personal preference - Correct Answer ✔✔ The least important factor affecting demand
for real estate is
CHAMPIONS QUIZ & RATIONALE
PASSED 100%
either void or voidable - Correct Answer ✔✔ Contracts with a person who lacks mental
capacity can be
Spanish law, and marriage is regarded as a partnership. - Correct Answer ✔✔
Community property is a concept of
an agent will have the opportunity to sell their own listing. - Correct Answer ✔✔
Intermediary Without Appointments.
a large number of individuals with a real estate background. - Correct Answer ✔✔ Oil
and gas companies employ
offers flood insurance - Correct Answer ✔✔ The NFIP
homeowners, renters, and business owners - Correct Answer ✔✔ The NFIP offers flood
insurance to
site built. - Correct Answer ✔✔ The vast majority of homes built in the United States are
fee simple ownership of the unit, fee simple ownership in an undivided interest in the
common areas, and an easement to the airspace occupied by the unit. - Correct Answer
✔✔ When a condominium is sold, three interests are created:
federal consumer financial law - Correct Answer ✔✔ The Bureau [CFPB] is responsible
for enforcing
152,,560 = 3.5 - Correct Answer ✔✔ To convert 152,460 square feet of land:
list their properties with a broker, primarily to expose their properties through the
multiple listing service - Correct Answer ✔✔ Exclusive agency agreements
grant, reservation, implied grant, prescription, necessity, condemnation. - Correct
Answer ✔✔ Easements may be created by
of nine members and three members who represent the public. - Correct Answer ✔✔
The Texas Real Estate Commission consists of
, If the buyer purchases a property listed by another firm - Correct Answer ✔✔
cooperative sale with single buyer representation
The listing firm represents the seller, and the selling firm represents the buyer - Correct
Answer ✔✔ If the buyer purchases a property listed by another firm,
marriage is regarded as a partnership. - Correct Answer ✔✔ Community property
Offer and Acceptance - Correct Answer ✔✔ Mutual Consent
involves ownership of real estate by one individual or entity. - Correct Answer ✔✔ An
estate in severalty
grants an exclusive right to sell the property during the listing term. - Correct Answer
✔✔ Real estate brokers recommend this listing
A commission is paid even if the property is sold by the owner - Correct Answer ✔✔
exclusive right to sell
One-to-Four Family Residential Contract (Resale), New Home Contract (Incomplete
Construction), New Home Contract (Completed Construction), Unimproved Property
Contract, Residential Condominium Contract (Resale), Farm and Ranch Contract. -
Correct Answer ✔✔ TREC has promulgated sales contract forms for most residential
properties including
specific or general - Correct Answer ✔✔ Liens can be
a civil offense - Correct Answer ✔✔ Violation of the law is
DTPA allows an aggrieved consumer to sue a seller of goods for damages - Correct
Answer ✔✔ Passed in 1973
are most often owned by a corporation - Correct Answer ✔✔ Units in a cooperative
Durability - Correct Answer ✔✔ Indestructibility, a physical characteristic of land, is also
known as:
NAR - Correct Answer ✔✔ A professional association whose local affiliates own and
operate MLS systems throughout the United States is the:
Providing a professional opinion of the value of real property - Correct Answer ✔✔
Appraisal is the business of:
Personal preference - Correct Answer ✔✔ The least important factor affecting demand
for real estate is
