Principles of Real Estate 1 Exam Questions With Complete Solutions
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Module
Texas Principles of Real Estate 1
Institution
Texas Principles Of Real Estate 1
Principles of Real Estate 1 Exam Questions With Complete Solutions
5% of 1500 is: - Answer-75
/.A borrowers PITI payment is also called - Answer-housing expense ratio
/.A broker has an exclusive right-to-sell listing on a building. The owner is out of town for two weeks when the broker get...
/.A borrowers PITI payment is also called - Answer-housing expense ratio
/.A broker has an exclusive right-to-sell listing on a building. The owner is out of town for
two weeks when the broker gets an offer from a buyer who needs an answer within 24
hours. Under these circumstances the - Answer-broker must obtain the signature of the
seller to effect a contract
/.A broker who intends to receive a commission from someone other than the broker's
client must first obtain the consent of - Answer-the client
/.A certificate of registration is required in the state of Texas if an individual wants to
buy, sell or lease or transfer what for a fee? - Answer-Easement
/.A contract agreed to under duress is - Answer-voidable
/.A deed conveys ownership to the grantee so longs as the existing building is not torn
down. What type of estate did this deed create for the grantee: - Answer-A determinable
fee estate
/.A deed is issued to transfer title to which kind of property - Answer-Real
/.A deed must be signed by - Answer-The grantor
/.A developer wishes to build a commercial building in the space over the railroad
tracks. To do this, the developer must purchase what right from the owner? - Answer-Air
/.A factor affecting supply of real estate is - Answer-government financial policies
/.A family's wanting to buy a home near good schools is an example of which
characteristic of real estate - Answer-Area preference
/.A federal judgement lien is effective for how many years? - Answer-20
/.A first time homebuyer may make a penalty free withdrawal from an IRA of up to -
Answer-$10000.00
/.A grant of land from an owner to a school "on the condition that" the property be used
for educational purposes is: - Answer-Fee simple subject to a condition subsequent.
, /.A homeowner has a gross monthly income of $3000. If the lender uses a total debt or
back-end ratio of 33%, what would be the maximum total debt allowed, including the
house payment - Answer-$990
/.A homestead may suffered forced sale for payment of mortgages where the loan
proceeds were used to do which of the following: - Answer-Purchase the residence,
refinance the residence, improve the residence
/.A house appraised for tax purposes at $90,000 is taxed at an annual rate of $2.50 per
each $100 of appraised value. The yearly tax is - Answer-$2250 (90000 X 2. =
2250)
/.A lien may be voluntary or: - Answer-involuntary
/.A limited partnership includes: - Answer-both general and limited partners
/.A listing agreement - Answer-Must contain a definite termination date
/.A listing contract is a - Answer-Contract of employment
/.A manufactured home is generally considered - Answer-personal property
/.A married couple is selling their home which is owned as community property. For the
deed conveying the property to be legal who must sign it? - Answer-Both parties must
sign
/.A mortgage lien is what kind of lien? - Answer-Specific, Voluntary
/.A person acting as a real estate broker, real estate salesperson, or a right-of-way
agent without a license or registration is guilty of a Class A misdemeanor that is
punishable by a fine of - Answer-Not more than $4000.00
/.A property owners right to revert her yard to its natural state is an example of right of: -
Answer-Control
/.A sales agent or broker associate may perform duties as a real estate licensee under
what circumstance? - Answer-While associated with and supervised by a broker.
/.A sales agent who specializes in condo sales needs to be an expert in - Answer-A
variety of real estate disciplines because condos can be residential properties, office
properties, and even warehouse properties
/.A sales agent working with a buyer who is interested in condominiums should make
sure the buyer has: - Answer-The condominium declaration that sets out the rights and
obligations of each unit owner.
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