Champions School of Real Estate - Exam Prep /117 Questions With Complete Solutions 2024

This person hires an agent - Correct Answer-The Principal The agent works on behalf of this person - Correct Answer-the client (principal) This type of agency allows for the greatest range of authority - Correct Answer-Universal This is provided to the agent when there is written documentat...

A __________ is a permanent change in one or more of the terms of a borrower's loan. Loan Qualification Loan Modification Loan Approval Loan Origination - Answer Loan Modification What time period must borrowers have in job history with the same employer to qualify? 2 months 6 mo...

_____ is the consummation of a contractual real estate transaction in which all appropriate documents are signed, and the mortgage loan proceeds are disbursed by the lender. - Correct Answer-Closing The primary determinants of real estate values are supply and _____. - Correct Answer-Demand __...

Real Property - Answer- consists of land, improvements, attached to the land, benefits, rights, and ownership interests that go with the land. Appurtenance - Answer- is often used to describe rights, privileges, and improvements that belong to and pass with the land Improvements - Answer- man...

Quiz :Buyer Representation Agreement - √Answer :An employment contract obligating a broker to act as a fiduciary to a buyer Quiz :Implied Agency - √Answer :Agency as a result of customary, usual or typical conditions Quiz :Broker - √Answer :A properly licensed party who serves a ...

Texas Real Estate Commission - ANSWER-Created by the legislature in 1949 to carry out the provisions of TRELA Unauthorized Practice of Law - ANSWER-When license holders add provisions to contracts that go beyond the factual business details they are engaging in.. Deceptive Trade practices act ...

Physical Characteristics of Land - ANSWER Indestructibility or durability Immobility Non homogeneity Mortgage Lending - ANSWER business of providing money to individuals or corporations for the conditional transfer or pledge of real estate as security for payment of a debt RMLO - ANSWER Reside...

Property acquired by husband and wife after marriage with labor - Correct Answer-Which of the following is considered community property? Exclusive Right To Sell - Correct Answer-a listing that gives the broker the right to collect a commission no matter who sells the property during the listing ...

Multiple Choice -- (2½ points each) Determine the BEST answer to the following questions and blacken the appropriate space on the answer sheet. Be sure that the question number corresponds with the number on the answer sheet. 1. Real property, although often used interchangeably with the term ...

Leasehold Estates - Answer- possession and use of property without ownership Estate for years (tenancy for years) - Answer- any lease with a specific starting and ending date. Survives the death or sale of the property Periodic Tenancy/periodic estate - Answer- lease that automatically renews ...

Contracts with a person who lacks mental capacity can be - Answer either void or voidable Community property is a concept of - Answer Spanish law, and marriage is regarded as a partnership. Intermediary Without Appointments. - Answer an agent will have the opportunity to sell their own listing....

a freeway has made commuting to a distant suburban neighborhood easier, resulting in an increase in new home sales. This increase in sales is an example of the economic characteristic of A.) scarcity B.) Fixity C.) Situs D.) Modification - Correct Answer-D.) Modification The supply of Real ...

Functional obsolescence - Answer- Refers to the loss in desirability of the style, layout or function of an element of a property over time Sales comparison - Answer- best indicator of value for existing properties highest and best use - Answer- the legal use for property that gives the greate...

Origination - Answer The process of creating a new mortgage loan, including all steps taken by a lender to attract and qualify a borrower Credit reports will be ordered, in most cases from all three major national credit reporting agencies: - Answer Experian, Equifax, and TransUnion Not all cr...