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Texas Principles of Real Estate 1 Exam – 324 Questions & Answers
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Texas Principles of Real Estate 1 Exam –324 Questions & Answers
brokerage - -The business of bringing buyers and sellers together and
assisting in negotiations for the terms of sale of real estate.
-real estate broker - -A person or an organization acting as the agent for
others in negotiating the purchase and sale of real property or other
commodities for a fee
-real estate salesperson - -A person performing any of the acts included in
the definition of real estate broker but while associated with and supervised
by a broker
-residential property - -A type of property that includes one to four dwelling
units
-commercial property - -Property that produces rental income or that is
used in business. Properties with five or more dwelling units are considered
commercial property.
-industrial property - -Property that is used by companies or persons for
manufacturing, warehousing, or the assemblage of components
-special purpose property - -A category of real property created as a result
of combining the land and its improvements for a single highest and best use
-mixed use property - -Any urban, suburban or village development, or even
a single building, that blends a combination of residential, commercial,
cultural, institutional, or industrial uses, where those functions are physically
and functionally integrated, and that provides pedestrian connections
-brokerage - -The business of bringing buyers and sellers together and
assisting in negotiations for the terms of sale of real estate is known as...?
-public parks - -Government held properties include which of the
following...?
-yes - -Must property inspections must be licensed by the Texas Real Estate
Commission...?
-special purpose - -A church is a definition of a _____________ ____________
property.
, -continuing education courses - -What courses must be taken after you
obtain your real estate license...?
-60 (part I and part II) - -The qualifying Real Estate Principles course
consists of how many classroom hours in total...?
-3600 - -How many points must an applicant earn in order to obtain their
real estate broker's license...?
-educational standards advisory - -The mission of the _______________
_______________ ________________ Committee (ESAC) is to regularly review and
revise the curriculum standards, course content requirements, and instructor
certification requirements for qualifying and continuing education courses...?
-qualifying education - -The pre-licensing courses needed to obtain your
real estate license are considered what type of courses...?
-improvements - -Changes or additional made to a property, such as walls
and roads. These typically increase the value of a property, except in some
cases of over improvement
-non-homogeneity - -A physical characteristic of land describing that land as
a unique commodity
-value - -The present worth of future benefits
-price - -The amount a purchaser agrees to pay and a seller agrees to
accept under the circumstances surrounding a transaction
-cost - -The total dollar expenditure for labor, materials, and other items
related to construction
-supply - -The amount of goods offered for sale within a given market at a
given price during a given time period
-demand - -The amount of goods consumers are willing and able to buy at
any given price during any given time period
-demography - -The study of the social and economic statistics of a
community
-no - -Is value the same as price?
-cost of labor - -Which of the following affects supply...?
Employment
Cost of labor
,Population
All of the above
-improvements - -Changes or additions made to a property, such as walls
and roads are known as...?
-value - -The present worth of future benefits is referred to as...?
-agent - -A person authorized to act on behalf of another
-principal - -The employer of an agent
-customer - -The party the agent brings to the principal as seller or buyer of
the property.
-general agent - -An agent with full authority over one property of the
principal, such as a property manager
-special agent - -An agent with limited authority to act on behalf of the
principal, such as created by a listing
-listing contract - -A contract in which a property owner employs a real
estate broker to market the property described in the contract
-fiduciary duty - -That duty owed by an agent to act in the highest good
faith toward the principal and not to obtain any advantage over the latter by
the slightest misrepresentation, concealment, duress or pressure
-fiduciary - -A person in a position of trust and confidence, as between
principal and broker; broker as fiduciary owes certain loyalty which cannot
be breached under the rules of agency
-caveat emptor - -Let the buyer beware. The buyer must examine the goods
or property and buy at his or her own risk
-disclosure - -Which of the following is a fiduciary duty owed by an agent to
their client...?
Indemnification
Disclosure
Compensation
All of the above
-Texas Real Estate Dealers Act - -This Act established the real estate
licensing requirements in Texas in 1939...?
Fair Housing Act
Texas Real Estate Commission Act
, Texas Real Estate Dealers Act
U.S. Real Estate Licensing Act
-someone acting under a power of attorney - -Which of the following is
exempt from having to obtain a real estate license to buy or sell real estate
on someone else's behalf...?
Someone acting under a power of attorney
Architects
Appraisers
All of the above
-agent - -A person authorized to act on behalf of another is known as
a/an...?
Principal
Agent
Customer
Attorney
-customer - -The party the agent brings to the principal as seller or buyer of
the property is known as the...?
Customer
Broker
Intermediary
All of the above
-fiduciary - -A person in a position of trust and confidence, as between
principal and broker, is known as a...?
Customer
Principal
Client
Fiduciary
-appraised value - -An evaluation of a property's value based on a given
point in time that is performed by a professional appraiser during the
mortgage origination process.
-market comparison approach - -A means of comparing similar type
properties, which have recently sold, to the subject property. Commonly
used in comparing residential properties.
-cost approach - -An analysis in which a value estimate of a property is
derived by estimating the replacement cost of the improvements, deducting
therefrom the estimated accrued depreciation, then adding the market value
of the land.
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