Principles of Real Estate 1- Champions Quiz Exam Questions And Answers Rated A+ New Update Assured Satisfaction

Contracts with a person who lacks mental capacity can be - either void or voidable Community property is a concept of - Spanish law, and marriage is regarded as a partnership. Intermediary Without Appointments. - an agent will have the opportunity to sell their own listing. Oil and gas companies employ - a large number of individuals with a real estate background. The NFIP - offers flood insurance The NFIP offers flood insurance to - homeowners, renters, and business owners The vast majority of homes built in the United States are - site built. When a condominium is sold, three interests are created: - fee simple ownership of the unit, fee simple ownership in an undivided interest in the common areas, and an easement to the airspace occupied by the unit. The Bureau [CFPB] is responsible for enforcing - federal consumer financial law To convert 152,460 square feet of land: - 152,460 / 43,560 = 3.5 Exclusive agency agreements - list their properties with a broker, primarily to expose their properties through the multiple listing serviceEasements may be created by - grant, reservation, implied grant, prescription, necessity, condemnation. The Texas Real Estate Commission consists of - of nine members and three members who represent the public. cooperative sale with single buyer representation - If the buyer purchases a property listed by another firm If the buyer purchases a property listed by another firm, - The listing firm represents the seller, and the selling firm represents the buyer Community property - marriage is regarded as a partnership. Mutual Consent - Offer and Acceptance An estate in severalty - involves ownership of real estate by one individual or entity. Real estate brokers recommend this listing - grants an exclusive right to sell the property during the listing term. exclusive right to sell - A commission is paid even if the property is sold by the owner TREC has promulgated sales contract forms for most residential properties including - One-to-Four Family Residential Contract (Resale), New Home Contract (Incomplete Construction), New Home Contract (Completed Construction), Unimproved Property Contract, Residential Condominium Contract (Resale), Farm and Ranch Contract. Liens can be - specific or general Violation of the law is - a civil offensePassed in 1973 - DTPA allows an aggrieved consumer to sue a seller of goods for damages Units in a cooperative - are most often owned by a corporation Indestructibility, a physical characteristic of land, is also known as: - Durability A professional association whose local affiliates own and operate MLS systems throughout the United States is the: - NAR Appraisal is the business of: - Providing a professional opinion of the value of real property The least important factor affecting demand for real estate is - Personal preference Air rights are commonly leased or conveyed in - Cell tower leases, Condominiums, Outdoor advertising Rights that are associated with the ownership of real property are often referred to as the owner's: - Bundle of rights Surface, subsurface and air rights are said to be - Severable If a tenant fails to remove trade fixtures from the leased premises, the fixtures become the property of the landlord through: - Accession Effective in 1976, manufactured homes have been built according to a building code administered by: - HUD Townhomes and single-family homes differ in that ______a common wall - townhomes shareHomeowners insurance can protect the policyholders from unexpected losses, including:_______. - fire, vandalism, and personal liability Which of the following is not a factor that can affect insurance premiums - Policyholder's age Most standard homeowners insurance policies do not generally cover damage from _________ - Flooding Most windstorm insurance in Texas is underwritten by ___________. - TWIA In real estate, a buyer or seller is considered an agent's customer until he or she becomes a(n) ______. - client The agreement between a broker and a client is most often a(n) __________ agency relationship. - Special