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Texas Real Estate Principles 1 questions & right answers.
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Texas Real Estate Principles 1 questions & right answers.
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Texas Real Estate Principles 1 questions& right answers.
Federal laws affect all states and are only superseded if: ANS - the state regulation on the same topic is
more restrictive
A sales agent is a licensee who: ANS - is employed by or associated with a broker, who conducts
brokerage activities on behalf of the broker in return for a fee or a commission.
Investment permanence is another term for: ANS - Fixity.
The condominium concept created a new way of thinking about property ownership, through the
ownership of: ANS - Airspace
shares ANS - Normally, people become members of a cooperative by purchasing:
What happens to any profit that is produced by a cooperative? ANS - It is distributed among the
members of the cooperative.
If a broker or sales agent discloses that their client will accept less than asking price: ANS - they must
have instruction from the client to do so in writing.
The term "fiduciary" originates from a Latin term which means: ANS - Trust
When filling in a form approved by the Texas Real Estate Commission, the license holder may make
changes to the printed contract language: ANS - as is necessary to conform the instrument to the intent
of the parties.
The DTPA is designed and directed to "be
to promote its underlying
, purposes, which are to protect consumers against false, misleading, and deceptive business practices".
ANS - Liberally construed and applied
What is the most significant law to the real estate profession in Texas? ANS - TRELA - The Real Estate
License Act
The Broker-Lawyer Committee does...? ANS - Drafts and revises contract forms for use by real estate
licensees.
The Clayton Antitrust Act of 1914 prohibited particular actions by a business if those actions threatened
to inhibit competition, including all of these: copyright infringement, price discrimination, price fixing
and unfair trade practices. Which one is incorrect? ANS - copyright infringement
Common law refers to a judicial system where: ANS - court decisions are based on the earlier decisions
of other courts, rather than legislation.
Defenses to DTPA claims include: ANS - 1) the statute of limitations, 2) contributory negligence, and 3)
lack of consumer status, among many others.
An aggrieved consumer who believes that they have been a victim of illegal discrimination has several
avenues of complaint, but must file: ANS - within one year of the alleged act
There are seven exemptions to the Fair Housing Act in regard to property transactions and the Act's
requirement of nondiscriminatory treatment... ANS - 1) Religious organizations (Sec. 301.042)
2) Private club (Sec. 301.042)
3) Occupancy standards
4) Drug conviction
5) Familial status/housing intended for and solely occupied by persons aged 62 or older/housing
intended and operated for occupancy by at least one person aged 55 or older in at least 80% of the
housing units
6) Single-family housing (Sec. 301.041)
7) Mrs. Murphy's exemption
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