Principles of Real Estate I (Texas) -
Final Exam Questions
When the property occupant has possession for a specified period of time with no
ownership rights, he or she has a _______ estate? - Answer- Leasehold
The ECOA prohibits discriminatory practices on the basis of _______? - Answer-
Marital Status
What is the totality of the property represented on a plat? - Answer- Tract
What is the limited partners' function in a limited partnership? - Answer- Supplying
Capital
What is meant by the term "right of survivorship"? - Answer- The right of survivorship
predetermines when one co-owner dies, his or her ownership interest reverts to the
surviving co-owners.
Listing agreements and buyer's representation agreements create what kind of a
relationship between the Broker and the client? - Answer- Agency
Which state is a community property state? - Answer- Texas
Who is usually the agent for the seller in a real estate transaction? - Answer- Listing
Agent
According to the Texas Real Estate Commission Sec. 1101.202, what document
must be prominently displayed in each broker's or inspector's place of business? -
Answer- Consumer Information Form 1-2
What is the difference between a fixture and a trade fixture? - Answer- A. Trade
fixtures are items that a tenant uses in his or her business.
B. The tenant can remove trade fixtures.
C. Fixtures become part of the real estate and cannot be removed by the tenant.
D. All of the above are true.
D. All of the above are true.
What is one of the unities that distinguish a joint tenancy from other kinds of co-
ownership? - Answer- Title
What is the only type of listing that ensures the broker will get paid when the property
is sold? - Answer- Exclusive right to sell
The difference between the terms real estate and real property is? - Answer- Real
property is the land, the improvements and the bundle of legal rights.
, TREC is NOT the state's regulatory agency for? - Answer- New home builders
According to the NAR Code of Ethics, who must agents treat fairly and honestly? -
Answer- All parties to a transaction
Homestead protection protects the family home from? - Answer- Creditors
What is the primary difference between a townhouse and a condominium? - Answer-
Ownership or conveyance of a townhouse includes the land ownership.
How are the ownership interests divided between spouses in a community property
state? - Answer- Half and half
Trees that do not require annual cultivation are? - Answer- Fructus Naturales
Real Estate
What is unique about an exclusive right to sell argreement? - Answer- The broker
gets the commission regardless of who sells the property.
Which of the following is NOT an encumbrance? - Answer- A tax exemption
What is a plat? - Answer- A drawing of a development used in the lot and block
method.
Which of the following duties is NOT one that an agent owes to a client? - Answer-
Duty of liability
Which of the following types of listing agreements provides that the broker will get
paid regardless of who buys the listed property? - Answer- Exclusive right to sell
A lot that is 43,560 square feet is? - Answer- One acre
What are the three major categories of Articles in the NAR Code of Ethics? -
Answer- Duties to Clients and Customers, Duties to the Public, and Duties to
REALTORS.
Which one of the following situations best describes an unethical practice on the part
of a broker? - Answer- A broker accepts extra money from a seller in order to
embellish the details of a property
A plat is used in which method of land description? - Answer- Lot and Block Method
Who must confirm the governor's appointed commissioners? - Answer- Two-thirds of
the Texas Senate (The Majority of Senate)
What is unique about an exclusive right to sell agreement? - Answer- The broker
gets the commission regardless of who sells the property.
In Texas, which fact does NOT have to be disclosed to the customer? - Answer- The
previous resident committed suicide in the master bedroom of the house.
Final Exam Questions
When the property occupant has possession for a specified period of time with no
ownership rights, he or she has a _______ estate? - Answer- Leasehold
The ECOA prohibits discriminatory practices on the basis of _______? - Answer-
Marital Status
What is the totality of the property represented on a plat? - Answer- Tract
What is the limited partners' function in a limited partnership? - Answer- Supplying
Capital
What is meant by the term "right of survivorship"? - Answer- The right of survivorship
predetermines when one co-owner dies, his or her ownership interest reverts to the
surviving co-owners.
Listing agreements and buyer's representation agreements create what kind of a
relationship between the Broker and the client? - Answer- Agency
Which state is a community property state? - Answer- Texas
Who is usually the agent for the seller in a real estate transaction? - Answer- Listing
Agent
According to the Texas Real Estate Commission Sec. 1101.202, what document
must be prominently displayed in each broker's or inspector's place of business? -
Answer- Consumer Information Form 1-2
What is the difference between a fixture and a trade fixture? - Answer- A. Trade
fixtures are items that a tenant uses in his or her business.
B. The tenant can remove trade fixtures.
C. Fixtures become part of the real estate and cannot be removed by the tenant.
D. All of the above are true.
D. All of the above are true.
What is one of the unities that distinguish a joint tenancy from other kinds of co-
ownership? - Answer- Title
What is the only type of listing that ensures the broker will get paid when the property
is sold? - Answer- Exclusive right to sell
The difference between the terms real estate and real property is? - Answer- Real
property is the land, the improvements and the bundle of legal rights.
, TREC is NOT the state's regulatory agency for? - Answer- New home builders
According to the NAR Code of Ethics, who must agents treat fairly and honestly? -
Answer- All parties to a transaction
Homestead protection protects the family home from? - Answer- Creditors
What is the primary difference between a townhouse and a condominium? - Answer-
Ownership or conveyance of a townhouse includes the land ownership.
How are the ownership interests divided between spouses in a community property
state? - Answer- Half and half
Trees that do not require annual cultivation are? - Answer- Fructus Naturales
Real Estate
What is unique about an exclusive right to sell argreement? - Answer- The broker
gets the commission regardless of who sells the property.
Which of the following is NOT an encumbrance? - Answer- A tax exemption
What is a plat? - Answer- A drawing of a development used in the lot and block
method.
Which of the following duties is NOT one that an agent owes to a client? - Answer-
Duty of liability
Which of the following types of listing agreements provides that the broker will get
paid regardless of who buys the listed property? - Answer- Exclusive right to sell
A lot that is 43,560 square feet is? - Answer- One acre
What are the three major categories of Articles in the NAR Code of Ethics? -
Answer- Duties to Clients and Customers, Duties to the Public, and Duties to
REALTORS.
Which one of the following situations best describes an unethical practice on the part
of a broker? - Answer- A broker accepts extra money from a seller in order to
embellish the details of a property
A plat is used in which method of land description? - Answer- Lot and Block Method
Who must confirm the governor's appointed commissioners? - Answer- Two-thirds of
the Texas Senate (The Majority of Senate)
What is unique about an exclusive right to sell agreement? - Answer- The broker
gets the commission regardless of who sells the property.
In Texas, which fact does NOT have to be disclosed to the customer? - Answer- The
previous resident committed suicide in the master bedroom of the house.
