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RS. texas 0122 Real Estate Principles II test
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RS. texas 0122 Real Estate Principles II test
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MRS. TEXAS 0122 REAL ESTATEPRINCIPLES II TEST QUESTIONS WITH
VERIFIED ANSWERS
q
Which transfer defines hostile occupation of a real estate? - Adverse Possession
What is the value criterion of a commodity that refers to its lack of presence in the market?
Demand
Utility
Scarcity
Transferability - Scarcity
Where should a property manager keep security deposits?
Trust account
His or her business account
Office safe
Checking account - Trust account
Which land use control regulations materials and safety?
Building codes
Zoning
Deed restrictions
Fair housing laws - Building codes
Among the following documents, which one is LEAST LIIKELY to be required by a lender prior to
settlement or closing?
Fire and hazard insurance policies
, A property survey
A property's deed
A pest inspection certificate - A property's deed
What is competency for real estate professional?
Having knowledge of local real estate market
Obligation to be knowledgeable as a real estate practitioner
Having a valid real estate license
Having a degree in real estate studies - Obligation to be knowledgeable as a real estate practitioner
Which act prohibits kickbacks and other ethically dubious fees associated with settlement services?
HUDA
RESPA
FIRPTA
TRELA - RESPA
Which of the following is not part of the income classification according to the Tax Reform Act?
Active Income (or loss)
Passive Income (or loss)
Portfolio Income
Employment Income - Employment Income
When do lenders have to provide borrowers with the Closing Disclosure form?
Two days before the loan closes
Three days before the loan closes
Seven after the loan closes
Whenever - Three days before the loan closes
Which phrase best describes the documentation of the transaction expenses, the debit and credit
expenses for both the buyer and seller?
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