Principles of Real Estate 1 Exam Questions With Complete Solutions
2 views 0 purchase
Course
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller kartelodoc. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
