TEXAS PRINCIPLES 1 EXAM 2023-2024 ACTUAL EXAM 300 QUESTIONS AND CORRECT DETAILED
ANSWERS
voluntary lien - (answer) A lien placed on property with the knowledge and consent of the property
owner.
abstract of title - (answer) A history of the ownership of a parcel of land which includes transfers,
grants, wills, conveyances, liens and encumbrances
accretion - (answer) gradual increase in land area through deposits of soil by water
acre - (answer) A measure of land equal to 43,560 square feet.
ad valorem tax - (answer) tax calculated according to the assessed value of a piece of real estate
adaptation - (answer) use and modification of a particular item for a specific use in a property
addenda - (answer) documents containing additional terms, information, or obligations that are
attached to the contract
agency - (answer) an individual with authority to act on behalf of another
air lot - (answer) airspace above a piece of land
air rights - (answer) The right to use, control and occupy the space above a particular parcel of land.
amendment - (answer) changes or modifications to an already agreed upon contract
Americans with disabilities Act - (answer) federal law that removes barriers for individuals with
disabilities
amortization - (answer) process of paying off debt in regular intervals
,TEXAS PRINCIPLES 1 EXAM 2023-2024 ACTUAL EXAM 300 QUESTIONS AND CORRECT DETAILED
ANSWERS
apartment locator - (answer) agent who finds potential tenants for dwellings
appointed license holder - (answer) designated to work with a client as part of an intermediary
transaction
approved forms - (answer) forms prepared and authorized by TREC that can be used by real estate
license holders
arbitration - (answer) third party in the room to make a final decision on the bet method of resolving
the conflict
arrears - (answer) payment for an item after the fact
assignment - (answer) transference of obligations in a contract from one party to another
attorney - (answer) person licensed to give legal advice
avulsion - (answer) the sudden loss of land by action of water
bilateral contract - (answer) A type of contract that arises when a promise is given in exchange for a
return promise.
blockbustering - (answer) illegal act of causing people to sell their houses by creating fear that
members of a protected class are moving into the area
broker - (answer) person or business entity who is licensed to represent one of the parties in a real
estate transaction and receive commission
bundle of rights - (answer) broker's opinion of the value of a piece of real property
, TEXAS PRINCIPLES 1 EXAM 2023-2024 ACTUAL EXAM 300 QUESTIONS AND CORRECT DETAILED
ANSWERS
Buyer Representation Agreement - (answer) A principal-agent relationship in which the real estate
professional acts on behalf of the buyer, usually as an agent, with fiduciary responsibilities to the buyer.
Canons of Professional Ethics and Conduct - (answer) TREC code of ethics for real estate license holder
s, contained in chapter 531 of the Texas Administrative Code
civil rights act of 1866 - (answer) the first law that began to promise equal rights for all citizens
regardless of race or color
client - (answer) persom whom an agent is representing, made official through a representation
agreement
cloud - (answer) any claim to or encumbrance on the title to a property which affects transferability
CLUE reports - (answer) comprehensive loss underwriting exchange
co-ownership - (answer) Title ownership held by two or more persons.
code of ethics - (answer) document created by the national association of realtors that their members
pledge to abide by
commingling - (answer) Illegally mixing deposits or monies, collected from a client, with one's personal
or business account.
common elements - (answer) Stairwells, roofs, etc., owned by all
Community Property - (answer) property acquired during marriage and owned equally by both
spouses
ANSWERS
voluntary lien - (answer) A lien placed on property with the knowledge and consent of the property
owner.
abstract of title - (answer) A history of the ownership of a parcel of land which includes transfers,
grants, wills, conveyances, liens and encumbrances
accretion - (answer) gradual increase in land area through deposits of soil by water
acre - (answer) A measure of land equal to 43,560 square feet.
ad valorem tax - (answer) tax calculated according to the assessed value of a piece of real estate
adaptation - (answer) use and modification of a particular item for a specific use in a property
addenda - (answer) documents containing additional terms, information, or obligations that are
attached to the contract
agency - (answer) an individual with authority to act on behalf of another
air lot - (answer) airspace above a piece of land
air rights - (answer) The right to use, control and occupy the space above a particular parcel of land.
amendment - (answer) changes or modifications to an already agreed upon contract
Americans with disabilities Act - (answer) federal law that removes barriers for individuals with
disabilities
amortization - (answer) process of paying off debt in regular intervals
,TEXAS PRINCIPLES 1 EXAM 2023-2024 ACTUAL EXAM 300 QUESTIONS AND CORRECT DETAILED
ANSWERS
apartment locator - (answer) agent who finds potential tenants for dwellings
appointed license holder - (answer) designated to work with a client as part of an intermediary
transaction
approved forms - (answer) forms prepared and authorized by TREC that can be used by real estate
license holders
arbitration - (answer) third party in the room to make a final decision on the bet method of resolving
the conflict
arrears - (answer) payment for an item after the fact
assignment - (answer) transference of obligations in a contract from one party to another
attorney - (answer) person licensed to give legal advice
avulsion - (answer) the sudden loss of land by action of water
bilateral contract - (answer) A type of contract that arises when a promise is given in exchange for a
return promise.
blockbustering - (answer) illegal act of causing people to sell their houses by creating fear that
members of a protected class are moving into the area
broker - (answer) person or business entity who is licensed to represent one of the parties in a real
estate transaction and receive commission
bundle of rights - (answer) broker's opinion of the value of a piece of real property
, TEXAS PRINCIPLES 1 EXAM 2023-2024 ACTUAL EXAM 300 QUESTIONS AND CORRECT DETAILED
ANSWERS
Buyer Representation Agreement - (answer) A principal-agent relationship in which the real estate
professional acts on behalf of the buyer, usually as an agent, with fiduciary responsibilities to the buyer.
Canons of Professional Ethics and Conduct - (answer) TREC code of ethics for real estate license holder
s, contained in chapter 531 of the Texas Administrative Code
civil rights act of 1866 - (answer) the first law that began to promise equal rights for all citizens
regardless of race or color
client - (answer) persom whom an agent is representing, made official through a representation
agreement
cloud - (answer) any claim to or encumbrance on the title to a property which affects transferability
CLUE reports - (answer) comprehensive loss underwriting exchange
co-ownership - (answer) Title ownership held by two or more persons.
code of ethics - (answer) document created by the national association of realtors that their members
pledge to abide by
commingling - (answer) Illegally mixing deposits or monies, collected from a client, with one's personal
or business account.
common elements - (answer) Stairwells, roofs, etc., owned by all
Community Property - (answer) property acquired during marriage and owned equally by both
spouses
