Real estate -principles of real estate
1(2023-2024)Exam with complete updated
solution
What are ownership rights to all that is found beneath the surface of the tract of land owned,
extending downward to the center of the earth? - answerSubsurface rights
What is required of lease contracts with a lease period of one year or more that is not required for
leases of less than a year? - answerThey must be in writing
What does the ADA do? - answerProhibits discrimination against people with disabilities
Which of these groups of people would not need a real estate license to perform real estate actions
under Sec. 1101.005 of TRELA? - answeran onsite apartment manger and licensed lawyer in Texas
An agreement that gives one broker and the owner the right to sell the property is called a(n): -
answerexclusive agency listing
What is the correct term or phrase for encouraging the panic selling of homes at below their market
value? - answerBlockbusting
What is the primary tenet of the NAR Code of Ethics? - answerReal estate professionals must treat
all parties transactions fairly and honest.
What will a CLUE report tell you about a parcel of real estate? - answerWhether there has been an
insurance claim on it in the last five years.
All partners assume unlimited personal liability in what type of business organization? -
answerGeneral partnership
Which of these statements about the Equal Credit Opportunity Act is TRUE? - answerA lender can
ask whether you are married or unmarried under certain conditions.
After receiving a penalization notification, how many days does a licensee have to request a
hearing? - answer20
, Real estate -principles of real estate
1(2023-2024)Exam with complete updated
solution
What is unique about an exclusive right-to-sell listing agreement? - answerThe broker gets
compensation regardless of who sells the property.
The Golden Rule says to treat others like: - answeryou would want to be treated
Which of the following best defines the rectangular survey system? - answerA system of legal land
description that uses the globe lines of longitude and latitude to create a surveyed grid of meridians.
Requirements to become a Texas real estate license holder include: - answertaking required
education classes, passing the exam, being of legal age.
Which of these would create constructive notice that you owned a property? - answerrecording the
deed with the county.
Which of the TREC canons prevents license holders from making disclosures about race, color,
religion, sex, national origin, ancestry, familial status, or disability? - answerdiscriminatory practices
The difference between fraud and misrepresentation is mainly in: - answerintent
What does a quitclaim deed do? - answerterminates a person's claim to a property.
What is the name of the piece of legislation that created the capital gains tax exclusion for
homeowners? - answertaxpayer relief act of 1997
What is chattel? - answerpersonal property
The act of severance is the most common way to convert: - answerreal property into personal
property
Which of these terms refers to the desirability of a location? - answersitus
1(2023-2024)Exam with complete updated
solution
What are ownership rights to all that is found beneath the surface of the tract of land owned,
extending downward to the center of the earth? - answerSubsurface rights
What is required of lease contracts with a lease period of one year or more that is not required for
leases of less than a year? - answerThey must be in writing
What does the ADA do? - answerProhibits discrimination against people with disabilities
Which of these groups of people would not need a real estate license to perform real estate actions
under Sec. 1101.005 of TRELA? - answeran onsite apartment manger and licensed lawyer in Texas
An agreement that gives one broker and the owner the right to sell the property is called a(n): -
answerexclusive agency listing
What is the correct term or phrase for encouraging the panic selling of homes at below their market
value? - answerBlockbusting
What is the primary tenet of the NAR Code of Ethics? - answerReal estate professionals must treat
all parties transactions fairly and honest.
What will a CLUE report tell you about a parcel of real estate? - answerWhether there has been an
insurance claim on it in the last five years.
All partners assume unlimited personal liability in what type of business organization? -
answerGeneral partnership
Which of these statements about the Equal Credit Opportunity Act is TRUE? - answerA lender can
ask whether you are married or unmarried under certain conditions.
After receiving a penalization notification, how many days does a licensee have to request a
hearing? - answer20
, Real estate -principles of real estate
1(2023-2024)Exam with complete updated
solution
What is unique about an exclusive right-to-sell listing agreement? - answerThe broker gets
compensation regardless of who sells the property.
The Golden Rule says to treat others like: - answeryou would want to be treated
Which of the following best defines the rectangular survey system? - answerA system of legal land
description that uses the globe lines of longitude and latitude to create a surveyed grid of meridians.
Requirements to become a Texas real estate license holder include: - answertaking required
education classes, passing the exam, being of legal age.
Which of these would create constructive notice that you owned a property? - answerrecording the
deed with the county.
Which of the TREC canons prevents license holders from making disclosures about race, color,
religion, sex, national origin, ancestry, familial status, or disability? - answerdiscriminatory practices
The difference between fraud and misrepresentation is mainly in: - answerintent
What does a quitclaim deed do? - answerterminates a person's claim to a property.
What is the name of the piece of legislation that created the capital gains tax exclusion for
homeowners? - answertaxpayer relief act of 1997
What is chattel? - answerpersonal property
The act of severance is the most common way to convert: - answerreal property into personal
property
Which of these terms refers to the desirability of a location? - answersitus
