Exam (elaborations)
Real Estate Course 1 Practice Exam - Aceable Agent (1)
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- CON 2370 Simplified Acquisition Procedures
Real Estate Course 1 Practice Exam - Aceable Agent (1)
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Real Estate Course 1 Practice Exam - AceableAgent
Which of the following is a fiduciary duty that an agent owes to a client? - ANS-ACCOUNTING.
They are the duty of obedience, loyalty, disclosure, confidentiality, accounting, and reasonable
care.
In what kind of contract is only one of the parties obligated to perform? - ANS-Unilateral
In terms of the scope of authority granted, what are the three classifications of agency? -
ANS-Special, General, and Universal
In a breach of contract scenario, which of these four options would allow the wronged party (the
seller) to keep the earnest money that had been put up by the buyer? - ANS-Forfeit
According to the Equal Credit Opportunity Act (ECOA), which of these factors can a lender NOT
take into consideration when approving or denying a loan? - ANS-whether or not a person uses
public assistance
According to the Canons of Professional Ethics, what must every broker do with Consumer
Protection Notice TREC No. CN 1-2? - ANS-display it in a readily noticeable location
Which of these people would be described as a cooperating broker? - ANS-Ann brought a buyer
to another broker's listing
Who holds title and manages the property in a trust? - ANS-Trustee
If the co-owner of a property wants their portion of the property to go to their heirs instead of the
other co-owners of the property, what kind of ownership should they have? - ANS-tenancy in
common
Homestead rights offer protection from - ANS-general creditors
Which one of the following actions should be an intermediary broker AVOID? - ANS-telling the
buyers the seller may accept a lower price without the seller's knowledge
Which term refers to the fact that no two tracts of land are the same? - ANS-Uniqueness
What kind of ownership is ownership by a single person or entity? - ANS-Ownership of
severality
, The act of converting real property into personal property is called: - ANS-severance
What is the name of the piece of legislation that created the capital gains tax exclusion for
homeowners? - ANS-Taxpayer Relief Act of 1997
A listing agreement is an agency agreement between whom? - ANS-A seller & broker
A store owner builds and attaches a display case to the wall when leasing a convenience store
that he will take with him at the end of the lease. The display case is an example of a: -
ANS-trade fixture
What is a trade fixture? - ANS-items that a tenant uses in their business that will be removed at
the end of the lease
Which canon states to treat all parties honestly and fairly? - ANS-The canon of fidelity
What type of estate causes the title to automatically revert to the original owner if the deed
requirements regarding property use are violated? - ANS-fee simple determinable
A condensed history of title to a tract of land that summarizes the transfers of ownership and
encumbrances is known as: - ANS-an abstract of title
What are the possible consequences if a licensee attempts to lure away the already
represented client of another broker in Texas? - ANS-suspension and/or revocation of their
license
In which of the following examples would the ADA most likely NOT apply? - ANS-a business
with nine employees
If pursuing action through HUD, a fair housing complaint must be filed within how long of the
alleged violation? - ANS-1 year
Real property refers to: - ANS-The land and improvements on it plus the set of rights associated
with real estate ownership
What is the primary tenet of the NAR Code of Ethics? - ANS-That real estate professionals must
treat all parties to a transaction fairly and honestly, not just their own clients
Which of the following provides the BEST definition for addenda? - ANS-documents containing
additional terms, information, or obligations that are attached to a contract
Which term identifies an economic preference for a certain location? - ANS-Situs
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