Principles I

Front 1

The purpose of the Texas Real Estate License Act is

Back 1

To protect the public against unscrupulous brokers and salesmen

Front 2

Climate, views, access to to natural recreation, good schools, and job opportunities are some factors that contribute to the desirability of land in particular locations. These factors best describe:

Back 2

Situs

Front 3

When real property is sold, fixtures:

Back 3

remain with the property

Front 4

Emblements are:

Back 4

personal property,annual cultivated crops, attached to the land

Front 5

What is often considered the most important test of a fixture

Back 5

intention of the parties

Front 6

Which factor does not affect insurance premiums?

Back 6

Policyholder's age

Front 7

The main distinction between a townhome and a single family home is that:

Back 7

townhome share a common wall (party wall)

Front 8

Homeowners insurance can protect the policyholder from unexpected losses, including:

Back 8

fire, vandalism, personal liability

Front 9

When an agent is authorized to carry other the affairs of a business for another this is:

Back 9

general agency

Front 10

The duties of an agent include

Back 10

loyalty,confidentiality, and disclosure

Front 11

One who represents another from who he has delivered authority is called:

Back 11

an agent

Front 12

A licensee who represents a party must disclose this representation

Back 12

a first contact

Front 13

The duties of a broker in a fiduciary relationship include:

Back 13

loyalty, care, accounting

Front 14

The IABS form is used:

Back 14

to provide agency information to consumers

Front 15

Appointed associates under an Intermediary may:

Back 15

give advice and opinions to their respective parties

Front 16

The Intermediary Relationship Notice:

Back 16

names the appointed associates when intermediary with appointments is used

Front 17

Taking buyers to or away from a particular area based on any of the protected categories under Fair Housing Laws is:

Back 17

steering

Front 18

The Federal Fair Housing Act provides for both civil and criminal penalties (true/false)

Back 18

False

Front 19

The Civil Rights Act of 1968 does NOT offer protection for discrimination based on:

Back 19

occupation

Front 20

The Federal Fair Housing Act prohibits housing discrimination on the basis of all of the following, EXCEPT:

Back 20

age

Front 21

The penalties for violation of the Fair Housing Act are:

Back 21

up to $75,000 for the first violation and up to $150,000 for subsequent violations

Front 22

The law requiring the ease of access and the removal of barriers is:

Back 22

The Americans with Disabilities Act

Front 23

Requirements of the ADA include:

Back 23

Wheelchair access, braille marking on elevator control keys, flashing alarm lights for the hearing impaired

Front 24

The sales licensee is going door to door to secure residential listings. His marketing strategy includes a suggestion that an impending change in the racial composition of the neighborhood will result in a drop in values and therefore owners should list and sell now. This is an example of:

Back 24

Blockbusting

Front 25

What type of building is exempt from the ADA

Back 25

A private club

Front 26

An example of compliance with the Federal Fair Housing Act would be:

Back 26

signing the VAMA, displaying the equal housing partner, having a standard office procedure for working with customers

Front 27

The Federal Fair Housing Act prohibits discrimination based on:

Back 27

race, religion, and sex

Front 28

Competency is best described as:

Back 28

the duty of a licensee to exercise skill and judgement in the performance of his work

Front 29

Which of the Canons of Professional Ethics and Conduct describes the obligation of a licensee to be knowledgeable as a real estate brokerage practitioner?

Back 29

Competency

Front 30

What is not required to obtain a license in Texas?

Back 30

an applicant must be 21 years of age

Front 31

How long does a consumer have to file a complaint with TREC against a licensee?

Back 31

4 years from the date of the incident

Front 32

The Recovery Trust Account

Back 32

protects consumers who suffer a lost due to illegal acts of licensees, has two maximum payment amounts - $50,000 and $100,000, is funded by licensees and applicants

Front 33

If a licensee fails to respond to a subpoena, TRAC can file suit with the Attorney General to enforce a subpeona

Back 33

True

Front 34

TREC will investigate the actions of a licensee if they receive:

Back 34

any written, signed complaint submitted no later than the fourth anniversary of the date of the incident

Front 35

The Broker-Lawyer Committee:

Back 35

writes the TREC contract forms

Front 36

All of the following are necessary to obtain a real estate license:

Back 36

be 18 years or older, submit fingerprints to TREC, comply with legal residency requirements

Front 37

TREC has a Real Estate Recovery Trust Account, what payments are made in that account?

Back 37

every applicant for a license in Texas pays $10 to the account, if the balance in the account goes over $3.5 million, the excess goes to the general revenue fund, money in the account can be invested

Front 38

TRAM may suspend or revoke a license for any of the following reasons:

Back 38

commingling broker funds with client funds, selling real property by lottery, acting in the undisclosed dual capacity of broker and seller with a single transaction

Front 39

TREC may assess an administrative penalty of up to $5,000 per day for violation of the License Act by:

Back 39

any person in Texas, licensed or unlicensed, who violates the rules of TREC

Front 40

What is required for a lot and block description of a property?

Back 40

a recorded plot

Front 41

A contracts that meets all the requirements of the law is:

Back 41

valid

Front 42

Some given in exchange for a promise is called:

Back 42

consideration

Front 43

When a sale finally closes, the contract is:

Back 43

fully executed

Front 44

Which real estate contract is the exception to the Statute of Frauds?

Back 44

A lease for one year or less

Front 45

Property taxes:

Back 45

are according to value, create the highest priority lien on a real property, are always paid first at a foreclosure sale

Front 46

The right of the government to take privately owned land for the public use is called:

Back 46

eminent domain

Front 47

The type of ownership in which a person has the most rights is called:

Back 47

Fee simple

Front 48

All of the following types of ownership can be defeated or terminated if the owner violates conditions or terms in the deed:

Back 48

defeasible fee, qualified fee, conditional fee

Front 49

When a holdover tenant refuses to leave and is not paying rent his interest in the property is called:

Back 49

tenancy at sufferance

Front 50

Texas is a community property state. What is true about community property?

Back 50

property inherited by one spouse can remain the separate property of that spouse

Front 51

What is true about tenancy in common?

Back 51

ownership passes to heirs at probate

Front 52

A married couple owns their own home. One spouse dies and immediately the surviving spouse becomes the sole owner of the property. What type of ownership did they have?

Back 52

Tenancy by the entirety

Front 53

Listing agreements are terminated:

Back 53

on the termination date