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(1) Real Estate Exam Principles of Real Estate 1 questions with actual answers.
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(1) Real Estate Exam Principles of RealEstate 1 questions with actual answers.
The purpose of the TRELA is to... ANS - protect the public against unscrupulous brokers and
salespersons.
What is required to obtain a license in Texas? ANS - be a resident of Texas at least 18 yrs of age at the
time of application, be of good moral character, must show competency by passing the exam
If the licensee pays a commission to any unlicensed person, places a sign offering a property without the
written permission of the owner, sells real estate by lottery this can happen.... ANS - A license can be
revoked or suspended by the TREC
How long does a consumer have to file a complaint with TREC against a licensee? ANS - Four years
Who promulgates real estate contract forms in Texas? ANS - The Broker Lawyer Committee
Which economic characteristic of land describes location preference from an economic point of view?
ANS - situs
What is often considered the most important test of a fixture? ANS - Intentions of the parties
Which of the following is an example of an encroachment? ANS - The neighbor's fence is on your land.
PETE: police power, eminent domain (gvt.takes private land for public use), Taxation, Escheat (gvt. Takes
title of land where owner has no heirs or will) ANS - The government's rights in land
A property description that is considered an informal reference is ANS - a street address.
The highest priority lien against real property is ANS - property tax
, The type of ownership in which the person has the most rights is called ANS - fee simple
Texas is a community property state. What is true about community property? ANS - Property inherited
by one spouse can remain separate property of that spouse.
When property has only one owner it is called ANS - severalty
Property held by two or more owners with rights of survivorship is ANS - joint tenancy
A lease with a specific starting and ending date is called ANS - an estate for years or tenancy for years.
When the landlord pays all of the expenses of the property and then tenant pays only the rent, this is
called ANS - a gross lease
An easement can be terminated by ANS - merger
Deeds require the signature of ANS - the grantor
The deed that gives the buyer the greatest protection is called ANS - the general warranty deed
Title to real property transfers when ANS - the deed is delivered
When a grantor transfers a title but retains some rights it is called ANS - reservation
A complete history of the title of a piece of property is called an ANS - abstract
A handwritten will is called a ANS - holographic will
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