Principles of Real Estate 1 – Champions Exam Questions and Answers 2024
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Course
CHAMPIONS OF REAL ESTATE
Institution
CHAMPIONS OF REAL ESTATE
Leasehold Estates - Answer- possession and use of property without ownership
Estate for years (tenancy for years) - Answer- any lease with a specific starting and ending date. Survives the death or sale of the property
Periodic Tenancy/periodic estate - Answer- lease that automatically renews...
Principles of Real Estate 1 – Champions
Exam Questions and Answers
Leasehold Estates - Answer- possession and use of property without ownership
Estate for years (tenancy for years) - Answer- any lease with a specific starting and
ending date. Survives the death or sale of the property
Periodic Tenancy/periodic estate - Answer- lease that automatically renews itself for like
periods. example month to month. Requires notice to terminate
Estate at Will - Answer- Very loose agreement, terminates on death or sale of the
property
Tenancy in Sufferance - Answer- created when a tenant remains on the property after a
lease has expired
Requirements of a Valid Lease - Answer- Competent parties, let and take agreement,
adequate consideration (rent), legal purpose, property description
Emblements - Answer- Annual crops. Even though attached to the land they remain
personal property through harvest
Recovery Trust Account - Answer- Payments may not exceed $50,000 for single
transaction and $100,000 per licenseholder
Estate - Answer- the interest or nature of interest a person has in real property.
Bundle of Rights - Answer- Rights associated with property ownership
Fee simple absolute - Answer- Best type of ownership - Always a state of inheritance
Fee simple defeasible - Answer- Ownership that can be voided if a condition or
requirement for use of land is not met
Life Estate - Answer- ownership for the duration of someone's life. Owner is called the
life tenant. At the end of the tenant's life the property goes back to the original grantor
( life tenant with reversion) or to a 3rd party (remainderman)
TREC time to file a complaint - Answer- 4 years from incident date
Agency - Answer- relationship that exists when one person (agent) acts on behalf of
another person (the principal or client). Fiduciary relationship based on trust
, Types of Agency - Answer- Universal - full authority to conduct business on behalf of
the clint - POA. Minors , Imprisonment, Militar
General - right to represent individual in a particular type of transaction. Property
Manager to Owner
Agent to Broker
Special - most limited - agent performs limited duties for the principal. Agent to Client.
Broker to Client
Legal Descriptioin - Answer- Used in sales contracts and agreement
IABS (Information about Brokerage Services) - Answer- Provides consumers with
necessary information regarding agency relationships with licenseholders. Must be
provided to all potential parties at first substantive discussion.
TRELA (Texas Real Estate License Act) - Answer- The purpose is to protect the public
against unscrupulous brokers and agents
Fixtures - Answer- Personal property that has become attached to the land in such a
way as to become real property., Annexation - attaching, Severance - removing
Fixtures are transferred to new owner unless specifically excluded.
Intermediary - Answer- broker who appoints agents to represent parties in an in house
transaction. Remains neutral Must have written consent of both parties
Steering - Answer- Taking buyers away from any neighborhood based on race, color,
religion, national origin, sex, familial status or handicap
Blockbusting - Answer- attempt to induce panic selling in a neighborhood for financial
gain
Termination of Listing - Answer- upon completion, by mutual rescission, condemnation
of property, revocation of broker's license, at anytime by broker or principal, expiration
of contract, death or incapacity of either party, bankruptcy of either party, abadoment by
the agent
Familial Status Exemption - Answer- Specifically designated for elderly under. HUD, is
occupied by person 62 and older, 80% is occupied by person 55 and older
Stigmatized property - Answer- property where there has been a murder, haunting, or in
the vicinity of a known sexual offender
In House Sale - Answer- a sale in which both the selling agent and the listing agent are
from the same firm.
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