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Texas Real Estate Principles II – Questions & Precise Answers (Guaranteed Pass!)
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Texas Real Estate Principles II – Questions & Precise Answers (Guaranteed Pass!)
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Texas Real Estate Principles II – Questions & PreciseAnswers (Guaranteed Pass!)
The Real Estate License Act or TRELA is Chapter 1101 and 1102 of which
regulation? Right Ans - Texas Occupations Code
According to the Texas Real Estate Commission Rule 531.18, what document
must be prominently displayed in each broker's or inspector's place of
business? Right Ans - Consumer Information Form 1-1
What term identifies an economic preference for a certain location? Right
Ans - Situs
How may real property be turned into personal property? Right Ans -
Severance
Which of the following terms refers to an item in which ownership transfers
through a bill of sale rather than a conveyance instrument such as deed or
will? Right Ans - Land
Plants that are cultivated and harvested are considered personal property and
referred to as Right Ans - Emblements
Investment permanence of land Right Ans - Fixity
Which right is not associated with property ownership? Right Ans - Feudal
Rights
Definition of a fixture Right Ans - Personal property permanently attached
to real property
A system of land ownership in which all of the land in the kingdom was owned
by the kind or the queen Right Ans - Feudalism
Primary difference between a townhouse and a condominium ? Right Ans -
Ownership or conveyance of a townhouse includes the land ownership
,Which type of report identifies any insurance claims made on a parcel of real
estate in the past five years? Right Ans - CLUE report
Which classes are not among the protected classes established by the Fair
Housing Act? Right Ans - Age and sexual orientation
Which rule should REALTORS use as a guide for making ethical decisions?
Right Ans - The Golden Rule
Can a license holder renew his or her expired license if it has been expired for
less than 90 days? Right Ans - Yes, but he or she must pay an additional fee
equivalent to one and one half times the renewal fee
What is the main function of the Texas Real Estate Commission? Right Ans -
Adopt and enforce rules for governing real estate practitioners
Refers to the surveyor's or developer's map detailing the borders of the
individual lots that he or she will develop and sell? Right Ans - Plat
Benchmark? Right Ans - Permanent reference marker for both locational
and elevation points
Entity that sets the minimal education requirements for the appraisal industry
Right Ans - The Appraisal Foundation and the TALBC
In addition to house work, how many hours of field experience is required for
a Licensed Residential Appraiser? Right Ans - 2000 plus 150 hours of
appraisal subject matter education
Cost? Right Ans - The money spent to purchase an object or avail a service
According to the theory of inclining and declining periods, the stages of an
item's market life can be summed by what phrase? Right Ans - Growth,
stability and decline
"The most probable price that a property should bring in a competitive and
open market when all conditions required for a fair sale have been met, that
is, the buyer and seller are acting prudently, knowledgeably and summing
, neither is under duress" is the definition of which term? Right Ans - Market
Value
Which characteristics of a property include its age, location and surroundings?
Right Ans - Physical
What is a market? Right Ans - A place for buying and selling commodities
A statute that requires the disclosure of the true cost of borrowing money or
making the loan including all fees charged along with the calculation and
disclosure of the annual percentage rate (APR)? Right Ans - The Truth in
Lending Act (TILA)
Promissory note? Right Ans - A written agreement of the borrow's promise
to repay a debt
Mortgage? Right Ans - Security for a debt on the purchase of real estate
Who is the mortgagee and who is the mortgagor? Right Ans - The
mortgagee is the lender and the mortgagor is the borrower
Fully amortized loans Right Ans - They have equal monthly payments
throughout the life of the loan
Escrow account Right Ans - A form of trust account in which a borrower
deposits monthly payments for taxes and insurance or a trust account used
for closing or settlement in escrow or by a third party
Acceleration clause Right Ans - A clause that makes due the entire loan
amount upon borrower default
Three most common loans Right Ans - VA, FHA, and Conventional loan
An underwriter will include most sources of income in an income analysis if a
history can be established that covers a period of at least the last? Right
Ans - 2 years
Which one of the following financial obligations is would NOT be considered
in determining an applicant's debt to income or total debt service ratio?
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