Principles 1 Aceable Practice Tests.pdf file:///C:/Users/HP/Desktop/NIW/Principles%201%20Aceable%20Pr
Aceable Practice Tests Principles 1
1. What is the money in the Recovery Trust Account used for?
A) To pay an aggrieved party who has won a judgment against a licensee fordamages
from a real estate transaction
B) To pay commission that agents were wrongfully deprived of
C) For taxes for the state of Texas
D) For TREC to recover the funds to keep their computer systems up to date
ANS A)To pay an aggrieved party who has won a judgment against a licensee for damagesfrom a
real estate transaction
2. Wesley just bought a house with a creek that flows along the south bound-ary. He
wants to use the water to irrigate his garden. Through which set of rights is he entitled to
use this water?
A) Water Rights
B) Littoral Rights
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C) Riparian Rights
D) Agricultural Use Rights
ANS C) Riparian Rights
3. According to the canons of professional ethics, what two things MUST belinked to a
brokerage's website?
A) A sample contract and TREC Notice of Representation No. 24
B) The Canons of Professional Ethics and the listing agreement
C) The IABS Notice and the Consumer Protection Notice TREC No. CN 1-2
D) The Consumer Protection Notice and the NAR Code of Ethics
ANS C) The IABSNotice and the Consumer Protection Notice TREC No. CN 1-2
4. A couple owns property as community property. If one spouse dies testate(that is, with
a will) and had children outside of this marriage, how will the community property be
distributed?
A) It all goes to the surviving spouse
B) The deceased spouse's 1/2 share will go to his or her children
C) The deceased spouse's 1/2 share will be split between the surviving spouseand the
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children of the deceased spouse
D) According to the will
ANS D) According to the will
5. Which of these owners or groups of owners are MOST likely to take title astenants in
common with no rights of survivorship?
A) David and Julie, a married couple
B) Sarah and Sally, an unmarried couple
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C) Jim, an unmarried single guy
D) Tomato Real Estate Holdings, a corporation
ANS B) Sarah and Sally, an unmarriedcouple
6. Which of the following is an example of a statutory lien?
A) An equitable lien
B) A mortgage
C) A vendor's lien
D) An IRS tax lien
ANS D) An IRS tax lien
7. What is the difference between personal property and real property?
A) Personal property is an unattached, moveable asset not considered realestate. Real
property is land, improvements, and its
corresponding rights.
B) Personal property can be turned into real property, but real property can'tbe turned
into personal property.
C) Personal property includes all real property.
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