Exam (elaborations)
Principles of Real Estate 1- Champions Quiz with complete solutions
Principles of Real Estate 1- Champions Quiz with complete solutions
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Principles of Real Estate 1- ChampionsQuiz with complete solutions
Contracts with a person who lacks mental capacity can be - -either void or
voidable
-Community property is a concept of - -Spanish law, and marriage is
regarded as a partnership.
-Intermediary Without Appointments. - -an agent will have the opportunity
to sell their own listing.
-Oil and gas companies employ - -a large number of individuals with a real
estate background.
-The NFIP - -offers flood insurance
-The NFIP offers flood insurance to - -homeowners, renters, and business
owners
-The vast majority of homes built in the United States are - -site built.
-When a condominium is sold, three interests are created: - -fee simple
ownership of the unit, fee simple ownership in an undivided interest in the
common areas, and an easement to the airspace occupied by the unit.
-The Bureau [CFPB] is responsible for enforcing - -federal consumer
financial law
-To convert 152,460 square feet of land: - -152,,560 = 3.5
-Exclusive agency agreements - -list their properties with a broker, primarily
to expose their properties through the multiple listing service
-Easements may be created by - -grant, reservation, implied grant,
prescription, necessity, condemnation.
-The Texas Real Estate Commission consists of - -of nine members and
three members who represent the public.
-cooperative sale with single buyer representation - -If the buyer purchases
a property listed by another firm
, -If the buyer purchases a property listed by another firm, - -The listing firm
represents the seller, and the selling firm represents the buyer
-Community property - -marriage is regarded as a partnership.
-Mutual Consent - -Offer and Acceptance
-An estate in severalty - -involves ownership of real estate by one individual
or entity.
-Real estate brokers recommend this listing - -grants an exclusive right to
sell the property during the listing term.
-exclusive right to sell - -A commission is paid even if the property is sold by
the owner
-TREC has promulgated sales contract forms for most residential properties
including - -One-to-Four Family Residential Contract (Resale), New Home
Contract (Incomplete Construction), New Home Contract (Completed
Construction), Unimproved Property Contract, Residential Condominium
Contract (Resale), Farm and Ranch Contract.
-Liens can be - -specific or general
-Violation of the law is - -a civil offense
-Passed in 1973 - -DTPA allows an aggrieved consumer to sue a seller of
goods for damages
-Units in a cooperative - -are most often owned by a corporation
-Indestructibility, a physical characteristic of land, is also known as: - -
Durability
-A professional association whose local affiliates own and operate MLS
systems throughout the United States is the: - -NAR
-Appraisal is the business of: - -Providing a professional opinion of the value
of real property
-The least important factor affecting demand for real estate is - -Personal
preference
-Air rights are commonly leased or conveyed in - -Cell tower leases,
Condominiums, Outdoor advertising
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