0121 Real Estate Principles I, Real Estate 1.pdf file:///C:/Users/HP/Desktop/NIW/0121%20Real%20Estate%20Princ
0121 Real Estate Principles I, Real Estate 1
1. Q.The Real Estate License Act orTRELA is Chapter 1101 and 1102 of which regulation?
ANS A. Texas Occupations Code
2. Q.Which of the following statements about the Sunset Act isTRUE?
ANS A.The Sunset Act requires the reviews of all state agencies.
3. Q. According to the Texas Real Estate Commission Rule 531.18, what doc- ument must
be prominently displayed in each broker's or inspector's place of business?
ANS A. Consumer Information Form 1-1
4. Q. How does The Real Estate Commission determine a license applicant's competency?
ANS A. The state's real estate licensing exam
5. Q. Of the following statements, which one DOES NOT describe a condition of eligibility
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for compensation?
ANS A. The broker must receive payment only from the principal.
6. Q. What term identifies an economic preference for a certain location?
ANS A. Situs
7. Q. How may real property be turned into personal property?
ANS A. Severance
8. Q. Which of the following terms refers to an item in which ownership trans- fers
through a bill of sale rather than a conveyance instrument such as a deed or will?
ANS A. Personal property
9. Q. Plants that are cultivated and harvested are considered personal prop- erty and
referred to as .
ANS A. Real property
10. Q. Which term refers to the investment permanence of land?
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ANS A. Fixity
11. Q. What is the CORRECT definition of "real property"?
ANS A. additionally in- cludes the bundle of rights such as the right to disposition
12. Q. Which one of the following rights is NOT associated with property
ownership?
ANS A. Feudal rights
13. Q. What is the CORRECT definition of a fixture?
ANS A. Personal property per- manently attached to the real property.
14. Q. What is the primary difference between a townhouse and a condomini- um?
ANS A. Ownership of a townhouse includes land ownership
15. Q. What is unique about the ownership of a cooperative (co-op) property vs. any
other residential type of property?
ANS A. Owns shares like a stock
16. Q. Which type of property is a development or subdivision that may include common
elements such as parks and recreational areas, shopping or offices in addition to
residential dwellings?
ANS A. Planned Unit Development (PUD)
17. Q.Which type of report identifies any insurance claims made on a parcel of real estate
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in the past five years?
ANS A. CLUE (Comprehensive Loss Underwriting Exchange)
18. Q. Real estate taxes are called taxes.
ANS A. Ad valorem
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