BUNDLED ACEABLE REAL ESTATE PRINCIPALS 1 EXAM PRACTICE TEST QUESTIONS AND ANSWERS 2024

What is the money in the Recovery Trust Account used for? A) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction B) To pay commission that agents were wrongfully deprived of C) For taxes for the state of Texas D) For TREC to recover th...

BPO - broker's price opinion. process used by a hired sales agent to determine the potential selling price or estimated value of a real estate property. Reasons for a BPO. 1. The people in the home have asked to refinance the home and the lender does not want to pay for a full appraisal, but t...

Real Estate Settlement Procedures Act (RESPA) - to protect consumers from abusive lending practices. General data - is information about a property's location. This could include the city, region, and neighborhood in which the property is situated. The appraisal report is usually paid by - th...

A married couple purchased a primary residence for $600,000 in 2015. They lived there for seven years. In 2022, they sold the property for $1,000,000. How much profit will they owe capital gains tax on? - 0 What is a REALTOR®? - a member of the National Association of Realtors®. Which of the...

General Data - Is information about a property's location. This could include the city, region, and neighborhood in which the poperty uis situated. Specific Data - Is information regarding the property itself. Principle if Anticipation - The idea that the present value of a property is affect...

In what code is the Real Estate Law found? - Business and Professions Code Who does the Real Estate Commissioner Report to? - The governor A salesperson owns 25% of the outstanding shares of Rollo Reality Inc and the broker owns the remaining shares. Is the division ownership acceptable or una...

What is the money in the Recovery Trust Account used for? A) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction B) To pay commission that agents were wrongfully deprived of C) For taxes for the state of Texas D) For TREC to recover th...

REO - What term describes a property that is owned by a lender because a third-party buyer couldn't be found at a foreclosure auction? Real Estate Mortgage Investment Conduit (REMIC) - A type of SPV that holds commercial and residential mortgages in trust, assembles said mortgages into pools bas...

Which of these is a red flag for predatory lending? - There are unexpected, undisclosed lender fees that appear at closing. Percy is a broker who oversees three agents. If one of the agents violates the law, which of the following is TRUE of Percy? - Because of his vicarious liability Percy may b...

Courses for the renewal of an active real estate broker or sales agent license are called - continuing education (CE) What is the maximum amount that the Commission will pay from the real estate recovery trust account for claims against any one license holder, until the account has been repaid in...