Exam (elaborations)
RealEstateU: Texas Real Estate Principles Part 1 Final Exam Questions & Answers
RealEstateU: Texas Real Estate Principles Part 1 Final Exam Questions & Answers
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RealEstateU: Texas Real EstatePrinciples Part 1 Final Exam Questions &
Answers
supply - -The amount of goods offered for sale within a given market at a
given price during a given time period.
-General Agent - -A property manager is an example of what type of agent?
-Special Agent - -A real estate agent is an example of what type of agent?
-Residential, Commercial, and Industrial - -The general uses of real property
include the following:
-Market Comparison Approach - -A means of comparing similar type
properties would have recently sold to the subject property is known as:
-Surface Rights - -Mineral rights are typically considered dominant to which
of the following rights
-real estate - -Land and everything permanently attached to land is defined
as
-Personal Property - -All property that is not land and is not permanently
attached to land is known as
-Bundle of Rights - -The right of exclusion which allows a landowner to
prevent others from entering or occupying their property is included in the
-Kitchen cabinets - -Which of the following is an example of a fixture
-Intentions of the party, adaption of the item, mold and permanence of
house item was attached - -Which of the following is considered a legal test
for determining if an item is a fixture or not
-customer - -This refers to the party the agent brings to the principal as
seller or buyer of the property.
-General Agent - -An agent with full authority over one property of the
principal is known as a
-Special Agent - -An agent with limited authority to act on behalf of the
principal is referred to as a
, -The agent finds a buyer who is ready, willing, and able to purchase the
property. - -A seller's agent is entitled to a commission after
-customer - -A broker will work for a client and with a
-Care - -The "C" in the acronym COALD stands for which fiduciary duty?
-Assisting with counteroffers. - -The fiduciary duty of care when
representing a buyer includes
-loyalty - -A broker must always place his/her client's interests above their
own. This is an example of what fiduciary duty?
-disclosure - -A seller's broker is required to tell their client any relationship
they may have with the buyer. This is an example of what fiduciary duty?
-honesty - -Which of the following is owed to a customer by an agent?
-condominium - -a form of ownership of real property recognized in all
states that consists of individual ownership of some aspects and co-
ownership in other aspects of the property is known as
-cooperative - -Not a form of real property
-Propietary Lease - -Owners of a cooperative apartment holds this type of
lease.
-Converted use property - -A local real estate developer bought an
abandoned school building with the intention of converting it to residential
units. This is an example of...
-$250,000 - -An individual is exempt from paying taxes on capital gains for
up to how much in profit if he/she lived in the house for at least 2 of the last
5 years.
-principal - -The employer of an agent is referred to as the...
-Express Agency - -An agency relationship created by oral or written
agreement between principal and the agent is known as...
-Listing Contract - -A contract whereby a property owner employs a real
estate broker to market the property described in the contract is referred to
as the...
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