PRINCIPLES OF REAL ESTATE 1 CHAMPIONS SCHOOL OF REAL ESTATE QUESTIONS WITH COMPLETE ANSWERS

1 of 102

Definition Term



In real estate, a buyer or seller is C
considered an agent's customer
until he or she becomes a(n)
_______________.


(a) Subagent
(b) Intermediary
(c) Client
(d) Associate

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True False




2 of 102

,Definition Term



RMLOs in Texas are licensed C
through:


(a) Texas Real Estate
Commission
(b) National Mortgage Bankers
Association
(c) Texas Department of Savings
and Mortgage Lending
(d) Texas savings and loan
board

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True False




3 of 102

Definition Term



A legal description that contains A
the words "beginning at a point"
is a:


(a) Lot and block description
(b) Metes and bounds
description
(c) Informal reference
(d) PLSS description

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, True False



Correct definition



B




4 of 102

Definition Term



The duties of a broker in a C
fiduciary relationships includes...


(a) budgeting
(b) Security
(c) Loyalty
(d) Trust

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True False




5 of 102

Definition Term


Appraisal is the business of:
D

(a) acquisition of land for
development into residential
subdivisions and retail centers

, (b) Providing money to
individuals or corporations for
the conditional transfer or
pledge of real estate as security
for the payment of a debt
(c) Providing a professional
opinion of the value of real
property
(d) Locating units for tenants in
multi-family complexes

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True False



Correct definition



C




6 of 102

Definition Term



Jill and Adkins are married and C
live in Texas. They saved for a
number of years and purchased
a home. In this case, the form of
ownership is most likely to be:


(a) Separate property
(b) joint property