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The CE Shop Principles of Real Estate I Exam Review 2024
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The CE Shop Principles of Real Estate IExam Review
In most markets, in which month would a real estate downcycle typically start? - Answer
-November
You have a listing agreement with Sam, which makes him your ______. - Answer -
Client
Who has the ultimate responsibility for the sales agent's actions in Texas? - Answer -
The sales agent, and the sales agent's broker
Licensee Dionne pointed out to her buyer client the items in the house she was showing
that would be considered real property. One of the key determinants, she explained,
was whether the item were _______. - Answer -Permanently affixed to the property
The seller of property that may be subject to a private transfer fee must provide the
prospective buyer with this written notice. - Answer -Private transfer fee obligation
Which term would you most likely see associated with a lake? - Answer -Littoral
In order for a lease for real estate to be enforceable, it must be in writing and signed by
the person to be charged with the promise/agreement, or by someone who is legally
authorized to sign for that person. This requirement applies to a lease with a term of
______. - Answer -More than one year
Ginnie's Aunt Becca listed the old family mansion with Ginnie. Ginnie put it on the
market for Becca, but then she and her cousins talked with Becca and decided they
wanted to keep the property in the family. What's the best way to terminate the
agreement? - Answer -Ginnie and Becca must mutually agree to terminate the
agreement
In Texas, a real estate licensee doesn't have to have any additional licenses to sell
manufactured homes as long as _________________. - Answer -The licensee
negotiates for the consumer while acting as the consumer's broker or sales agent
The ESAC makes recommendations to which agency? - Answer -The Texas Real
Estate Commission
,What must a licensee do regarding property the licensee holds directly or indirectly if it
becomes the subject of a real estate transaction? - Answer -Disclose the interest to all
parties to the transaction.
Which of the following is NOT a characteristic of a corporation? - Answer -Corporations
are tangible and nontaxable
When working with a client on a real estate sale, a real estate licensee is usually acting
as which type of agent? - Answer -Special
Your client submits an application to rent a condo unit. He has excellent credit and been
in the same job for a long time. He uses a cane to help him with mobility. When his
application is rejected, he feels it's due to his disability. He is protected under ______. -
Answer -Fair Housing Amendments Act of 1988
Homestead exemptions ______ property taxes for all homeowners by protecting a
certain amount of a Texas home's value from tax. - Answer -Decrease
Which stage of the real estate cycle is considered the bottom? - Answer -Depression
According to the Uniform Electronic Transactions Act and the Uniform Real Property
Electronic Recording Act of 2005, when are electronic transactions legally enforceable?
- Answer -Both parties agree to conduct the transaction electronically
What is the purpose of licensing? - Answer -To protect the public by requiring certain
education, training, and standards of licensees
Juan has decided to invest his small inheritance in real estate. He is drawn to the fact
that he can add a building where there wasn't one previously and immediately increase
the value of his investment. Which economic characteristic of real property is this? -
Answer -Improvements
A legally competent party means that an individual has the capacity, legally and
______, to enter into a contract. - Answer -Mentally
Which of the following would be a violation of the Texas Deceptive Trade Practices—
Consumer Protection Act (DTPA)? - Answer -Misrepresenting the facts about the
reasons for a price decrease
The Recovery Trust Account should maintain a balance of at least what amount? -
Answer -$1.7 Million
Before being issued a real estate license in Texas, the candidate must submit which of
the following to TREC? - Answer -A legible set of candidates fingerprints
, Dana is a licensed broker in Texas. She has one primary location from which she
conducts most of her business. However, she does have two additional branch
locations. What must be included on all branch license certificates? - Answer -The
address at which the broker's office is located
Joshua won his lawsuit against Savannah. The judge awarded him $30,000. Savannah
was unable to pay, so the court placed a ______ on her home. - Answer -Judgment lien
An area of 640 acres is equal to ______. - Answer -One square mile
What does the parol evidence rule state? - Answer -In certain cases, oral evidence can
be used to support or complete an otherwise incomplete or ambiguous contract.
IRA funds distributed under the first-time home buyer program require that borrowers
use them within ___________ to acquire, build or improve a residence, and for closing
costs. - Answer -120 days
Which of these statements accurately describes finance- and housing-related
legislation? - Answer -The Fair Housing Act of 1968 prohibited discrimination in the
sale, rental, and financing of housing based on race, color, religion, or national origin.
Which federal act protects consumers from unwanted email solicitations? - Answer -
CAN-SPAM Act of 2003
Under a land trust, the owner directs a ______ to hold title to the real estate. - Answer -
Corporate fiduciary
What's the best definition of real property? - Answer -Real estate, plus all of the
interests, benefits, and rights included in ownership
You've just purchased a rural property, and the attorney at the closing tells you, "You
have a dominant estate." What does that mean to you? - Answer -You'll be using an
easement across your neighbor Jim's property.
Property owners who live on or next to water have certain rights. An example of one of
these rights includes ______. - Answer -Littoral
A Texas applicant must provide two forms of identification at the testing center. What
types of ID are acceptable? - Answer -One picture ID and one with your signature
Which of the following best describes what a listing agreement is? - Answer -A legally
binding, written contract between a property seller and a listing broker
At least 60 days prior to filing a lawsuit under DTPA, what is the consumer required to
do? - Answer -Provide a written notice to the person against whom the suit is to be filed
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