Texas Principles 1 Exam Practice Questions - Champions School of Real Estate
1. a: BOMA's major concern is advocacy on the part of:
(a) Building owners and managers (b) Landlords and tenants(c) Employment law and managers
(d) None of these are correct
2. a: The _________ combines the elements of the Good Faith Estimate form and the initial
Truth in Lending disclosure.
(a) Loan Estimate(b) Controlled Business Arrangement (c) Closing Disclosure(d) None of these is
correct
3. a: The quarterly interest payment on a loan is $4,000. The interest rate is 5%. What is the loan
amount?
(a) $320,000 (b) $32,000 (c) $80,000 (d) $800,000
4. a: Auctioneers who call at a real estate auction ______.
(a) may do so without a license(b) may not do so without a license(c) are known as foreclosure
specialists (d) none of the above
5. a: The assessed value of a property is $90,000. The tax rate is $3.42 per hundred. What are
the annual taxes? (a) $3,078.00 (b) $307.80 (c) $3,420.00 (d) $342.00
6. a: The ABR designation is especially useful for:
(a) Residential buyer's agents(b) Commercial property managers (c) Foreclosure specialists(d)
Industrial property specialists
7. a: Located in between incompatible uses, a _______ is an area of land separating one land
use from another, such as residential from commercial.
(a) buffer zone(b) forward condemnation (c) reverse condemnation (d) police power zone
8. a: The ________ is the central banking system of the United States.
(a) Federal Reserve(b) FHA(c) FOMC(d) Federal Credit Union
9. a: For tax purposes the _______ is determined by the taxing authority.
(a) assessed value (b) appraised value (c) market price(d) investment value
10. a: The market value of a property is $425,000. The appraised value is 95% of market value.
What is the appraised value of the property?
(a) $403,750 (b) $21,250 (c) $416,350 (d) $395,675
11. b: The appraised value of a property is:
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, (a) The sale price
(b) An opinion of value
(c) A market analysis
(d) The market value of a property
12. b: John owns 787,253 square feet of land. How many acres does he own?
(a) 20 (b) 18 (c) 180 (d) 10
13. b: The potential income of a property that is derived from rents collected in a year is called:
(a) Gross Rent Multiplier(b) Gross Scheduled Income (c) Great Rental Income(d) Appreciation
Schedule
14. b: Which of the following is not a type of involuntary alienation?
(a) Bankruptcy(b) Devise(c) Condemnation (d) Foreclosure
15. b: A restriction in a deed is a limitation placed on the new owner by the _______.
(a) Grantee (b) Grantor (c) Court (d) Agent
16. b: Title is conveyed when the deed is signed and _________.
(a) Witnessed (b) Delivered (c) Recorded (d) Notarized
17. b: Changing the zoning of a property to a lower value use is called _______.
(a) buffer zoning (b) downzoning (c) police zoning (d) condemnation
18. b: When a property is not well-maintained, the result is:
(a) Preventive maintenance (b) Deferred maintenance (c) Escalation clauses(d) Assignment and
sublet
19. b: Which of the following defines the rights and obligations of both landlord and tenant in
the leasing of residential and commercial properties?
(a) Statute of Frauds(b) Landlord and Tenant Act (c) Federal Fair Housing Act (d) TREC statutes
20. b: Which of the following designations is a challenging program regarded as the "gold
standard" for commercial real estate professionals?
(a) RLI (b) CCIM (c) ABR (d) ALC
21. b: Which of the following items is NOT covered by a title policy?
(a) A lien filed against the title because a previous owner failed to pay
(b) Survivorship rights of a policyholder's spouse
(c) A charge by a property owners or condominium association
(d) Legal descriptions on property use that were not disclosed in the title policy
22. b: Before the title commitment is delivered it is divided into sections called ________.
(a) kickbacks(b) schedules(c) lis pendens(d) None of the above
This study source was downloaded by 100000866199000 from CourseHero.com on 06-01-2023 14:52:33 GMT -05:00
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1. a: BOMA's major concern is advocacy on the part of:
(a) Building owners and managers (b) Landlords and tenants(c) Employment law and managers
(d) None of these are correct
2. a: The _________ combines the elements of the Good Faith Estimate form and the initial
Truth in Lending disclosure.
(a) Loan Estimate(b) Controlled Business Arrangement (c) Closing Disclosure(d) None of these is
correct
3. a: The quarterly interest payment on a loan is $4,000. The interest rate is 5%. What is the loan
amount?
(a) $320,000 (b) $32,000 (c) $80,000 (d) $800,000
4. a: Auctioneers who call at a real estate auction ______.
(a) may do so without a license(b) may not do so without a license(c) are known as foreclosure
specialists (d) none of the above
5. a: The assessed value of a property is $90,000. The tax rate is $3.42 per hundred. What are
the annual taxes? (a) $3,078.00 (b) $307.80 (c) $3,420.00 (d) $342.00
6. a: The ABR designation is especially useful for:
(a) Residential buyer's agents(b) Commercial property managers (c) Foreclosure specialists(d)
Industrial property specialists
7. a: Located in between incompatible uses, a _______ is an area of land separating one land
use from another, such as residential from commercial.
(a) buffer zone(b) forward condemnation (c) reverse condemnation (d) police power zone
8. a: The ________ is the central banking system of the United States.
(a) Federal Reserve(b) FHA(c) FOMC(d) Federal Credit Union
9. a: For tax purposes the _______ is determined by the taxing authority.
(a) assessed value (b) appraised value (c) market price(d) investment value
10. a: The market value of a property is $425,000. The appraised value is 95% of market value.
What is the appraised value of the property?
(a) $403,750 (b) $21,250 (c) $416,350 (d) $395,675
11. b: The appraised value of a property is:
This study source was downloaded by 100000866199000 from CourseHero.com on 06-01-2023 14:52:33 GMT -05:00
https://www.coursehero.com/file/77422621/Texas-Principles-2-Exam-Practice-Questions-Champions-School-of-Real-Estatedocx/
, (a) The sale price
(b) An opinion of value
(c) A market analysis
(d) The market value of a property
12. b: John owns 787,253 square feet of land. How many acres does he own?
(a) 20 (b) 18 (c) 180 (d) 10
13. b: The potential income of a property that is derived from rents collected in a year is called:
(a) Gross Rent Multiplier(b) Gross Scheduled Income (c) Great Rental Income(d) Appreciation
Schedule
14. b: Which of the following is not a type of involuntary alienation?
(a) Bankruptcy(b) Devise(c) Condemnation (d) Foreclosure
15. b: A restriction in a deed is a limitation placed on the new owner by the _______.
(a) Grantee (b) Grantor (c) Court (d) Agent
16. b: Title is conveyed when the deed is signed and _________.
(a) Witnessed (b) Delivered (c) Recorded (d) Notarized
17. b: Changing the zoning of a property to a lower value use is called _______.
(a) buffer zoning (b) downzoning (c) police zoning (d) condemnation
18. b: When a property is not well-maintained, the result is:
(a) Preventive maintenance (b) Deferred maintenance (c) Escalation clauses(d) Assignment and
sublet
19. b: Which of the following defines the rights and obligations of both landlord and tenant in
the leasing of residential and commercial properties?
(a) Statute of Frauds(b) Landlord and Tenant Act (c) Federal Fair Housing Act (d) TREC statutes
20. b: Which of the following designations is a challenging program regarded as the "gold
standard" for commercial real estate professionals?
(a) RLI (b) CCIM (c) ABR (d) ALC
21. b: Which of the following items is NOT covered by a title policy?
(a) A lien filed against the title because a previous owner failed to pay
(b) Survivorship rights of a policyholder's spouse
(c) A charge by a property owners or condominium association
(d) Legal descriptions on property use that were not disclosed in the title policy
22. b: Before the title commitment is delivered it is divided into sections called ________.
(a) kickbacks(b) schedules(c) lis pendens(d) None of the above
This study source was downloaded by 100000866199000 from CourseHero.com on 06-01-2023 14:52:33 GMT -05:00
https://www.coursehero.com/file/77422621/Texas-Principles-2-Exam-Practice-Questions-Champions-School-of-Real-Estatedocx/
