TEXAS PRINCIPLES 1 EXAM 2023-2024 TEST BANK
ACTUAL EXAM 500 QUESTIONS AND CORRECT
DETAILED ANSWERS WITH RATIONALES (VERIFIED
ASNWERS) |ALREADY GRADED A+
A contract in which a property owner employs a real estate broker to market the property described in
the contract is known as the...
Agency Disclosure Contract
Purchase and Sales Contract
Closing Contract
Listing Contract - ANSWER-Listing Contract
Properties with five or more dwelling units are considered...?
Special Purpose Property
Commercial Property
Industrial Property
Residential Property - ANSWER-Commercial Property
The amount of goods offered for sale within a given market at a given price during a given time period is
known as...
Demand
GDP
Supply
None of the above - ANSWER-Supply
The general uses of real property include which of the following...?
Residential
Industrial
Commercial
All of the above - ANSWER-All of the Above
,If a real estate salesperson closes on a transaction, who pays the salesperson their commission...?
The Buyer
The salesperson's sponsoring broker
Whatever is stated in the listing agreement
The Seller - ANSWER-The Salesperson's Sponsoring Broker
A property manager is an example of what type of agent...?
Universal Agent
Specific Agent
General Agent
Special Agent - ANSWER-General Agent
The employer of an agent is known as the...?
Principal
All of the above
Customer
Escrow - ANSWER-Principal
The market comparison approach is commonly used for this property type...?
Mixed-use
Industrial
Residential
Commercial - ANSWER-Residential
Land and everything permanently attached to land is defined as...?
Bundle of Rights
Real Property
Fixture
,Real Estate - ANSWER-Real Estate
A refrigerator is typically considered...?
Fixture
Real Property
Personal Property
Emblements - ANSWER-Personal Property
All property that is not land and is not permanently attached to land is known as...?
Personal Property
Real Property
Real Estate
Fixture - ANSWER-Personal Property
Mineral rights are typically considered dominant to which of the following rights...?
Sub-surface rights
None of the above
Air rights
Surface rights - ANSWER-Surface Rights
Which of the following is considered a legal test for determining if an item is a fixture or not...?
Intention of the parties
Mode and permanence of how the item was attached
Adaptation of the item
All of the above - ANSWER-All of the Above
The right of exclusion, which allows a landowner to prevent others from entering or occupying their
property, is included in the...?
Riparian Rights
, Littoral Rights
Air Rights
Bundle of Rights - ANSWER-Bundle of Rights
The landowner's ability to take minerals from the earth or to sell or lease this right to others is known
as...?
Bundle of Rights
Land Rights
Mineral rights
Air Rights - ANSWER-Mineral Rights
The transfer of personal property is typically done using a...?
Deed
Purchase Contract
All of the above
Bill of Sale - ANSWER-Bill of Sale
Which of the following is an example of a fixture...?
Curtains
Removable bookshelves
Rugs
Kitchen cabinets - ANSWER-Kitchen Cabinets
Mobile homes not permanently attached to the land are generally considered...?
Trade Fixtures
Fixtures
Real Property
Personal Property - ANSWER-Personal Property
ACTUAL EXAM 500 QUESTIONS AND CORRECT
DETAILED ANSWERS WITH RATIONALES (VERIFIED
ASNWERS) |ALREADY GRADED A+
A contract in which a property owner employs a real estate broker to market the property described in
the contract is known as the...
Agency Disclosure Contract
Purchase and Sales Contract
Closing Contract
Listing Contract - ANSWER-Listing Contract
Properties with five or more dwelling units are considered...?
Special Purpose Property
Commercial Property
Industrial Property
Residential Property - ANSWER-Commercial Property
The amount of goods offered for sale within a given market at a given price during a given time period is
known as...
Demand
GDP
Supply
None of the above - ANSWER-Supply
The general uses of real property include which of the following...?
Residential
Industrial
Commercial
All of the above - ANSWER-All of the Above
,If a real estate salesperson closes on a transaction, who pays the salesperson their commission...?
The Buyer
The salesperson's sponsoring broker
Whatever is stated in the listing agreement
The Seller - ANSWER-The Salesperson's Sponsoring Broker
A property manager is an example of what type of agent...?
Universal Agent
Specific Agent
General Agent
Special Agent - ANSWER-General Agent
The employer of an agent is known as the...?
Principal
All of the above
Customer
Escrow - ANSWER-Principal
The market comparison approach is commonly used for this property type...?
Mixed-use
Industrial
Residential
Commercial - ANSWER-Residential
Land and everything permanently attached to land is defined as...?
Bundle of Rights
Real Property
Fixture
,Real Estate - ANSWER-Real Estate
A refrigerator is typically considered...?
Fixture
Real Property
Personal Property
Emblements - ANSWER-Personal Property
All property that is not land and is not permanently attached to land is known as...?
Personal Property
Real Property
Real Estate
Fixture - ANSWER-Personal Property
Mineral rights are typically considered dominant to which of the following rights...?
Sub-surface rights
None of the above
Air rights
Surface rights - ANSWER-Surface Rights
Which of the following is considered a legal test for determining if an item is a fixture or not...?
Intention of the parties
Mode and permanence of how the item was attached
Adaptation of the item
All of the above - ANSWER-All of the Above
The right of exclusion, which allows a landowner to prevent others from entering or occupying their
property, is included in the...?
Riparian Rights
, Littoral Rights
Air Rights
Bundle of Rights - ANSWER-Bundle of Rights
The landowner's ability to take minerals from the earth or to sell or lease this right to others is known
as...?
Bundle of Rights
Land Rights
Mineral rights
Air Rights - ANSWER-Mineral Rights
The transfer of personal property is typically done using a...?
Deed
Purchase Contract
All of the above
Bill of Sale - ANSWER-Bill of Sale
Which of the following is an example of a fixture...?
Curtains
Removable bookshelves
Rugs
Kitchen cabinets - ANSWER-Kitchen Cabinets
Mobile homes not permanently attached to the land are generally considered...?
Trade Fixtures
Fixtures
Real Property
Personal Property - ANSWER-Personal Property
