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Principles of Real Estate 1 Final Exam – 63 Q’s and A’s
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Principles of Real Estate 1 FinalExam – 63 Q’s and A’s
If a real estate salesperson closes on a transaction, who pays the
salesperson their commission? - -The salesperson's sponsoring broker
-A means of comparing similar type properties, which have recently sold, to
the subject property is known as the? - -Market Comparison Approach
-The market comparison approach is commonly used for this property type?
- -Residential
-The amount of goods offered for sale within a given market at a given price
during a given time period is known as? - -Supply
-A real estate agent is an example of what type of agent? - -Special agent
-A refrigerator is typically considered? - -Personal Property
-Mobile homes not permanently attached to the land are generally
considered? - -Personal Property
-Which of the following is considered a legal test for determining if an item is
a fixture or not? - -Mode and permanence of how the item was attached
Adaptation of the item
Intention of the parties
All of the above
-The right of exclusion, which allows a landowner to prevent others from
entering or occupying their property, is included in the? - -Bundle of rights
-Which of the following is an example of a fixture? - -Kitchen cabinets
-Which of the following is an advantage to owning a home? - -Potential for
asset appreciation
Tax benefits
Pride of ownership
All of the above
-An individual who has not owned real property for at least the previous two
years is known as a? - -First-time homebuyer
-Which of the following is NOT a form of real property? - -Cooperative
, -A form of ownership of real property recognized in all states that consists of
individual ownership of some aspects and co-ownership in other aspects of
the property is known as a? - -Condominium
-A mortgage payment typically includes? - -Interest
Principal
Insurance
-Real estate brokers have a ...... relationship with the principal? - -Fiduciary
-The 'L' in the acronym C.O.A.L.D. stands for which fiduciary duty? - -Loyalty
-When a real estate broker represents a buyer in a transaction, the broker
and buyer are bound by which of the following contracts? - -buyer
representation agreement
-An agency relationship created by oral or written agreement between the
principal and the agent is known as? - -Express agency
-The Deceptive Trade Practices Act discourages agent from which of the
following acts? - -Puffing- usually a exaggeration made by a salesperson or
found in an ad regarding the quality of the item or the service offered.
-The prohibition of fair housing discrimination by a licensee is described in
which of the following Acts? - -Texas Real Estate License Act
-The laws governing fair housing are also referred to as? - -equal housing
opportunities
-Under the Equal Credit Opportunity Act, lenders must provide financing
based on which of the following criteria? - -Income
-Blockbusting is also known as? - -panic selling
-Any medical disorder, condition, disfigurement or loss affecting one of the
body systems is known as a...? - -Physical impairment
-HUD fair housing complaints can be filed in which of the following ways/ - -
Online
Phone
-Which of the following is considered illegal under the Fair Housing Act...? - -
Refusing to sell to a protected class
Refusing to show properties in neighborhoods based on racial criteria
Refusing to show properties in neighborhoods based on religious criteria
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