RealEstateU: Texas Real Estate Principles Part 1 Final Exam Questions and Answers Latest 2024/2025 with complete solutions

If one of the parties in a real estate transaction are not considered competent, the contract between the parties is considered... - Voidable Contract As a seller's agent in a transaction, the agent is required to do which of the following? - Inform the seller of any material information, present all offers to the seller, and answer to the seller. A seller's agent is entitled to a commission after - The agent finds a buyer who is ready, willing, and able to purchase the property. A broker must always place his/her client's interests above their own. This is an example of what fiduciary duty? - loyalty A broker will work for a client and with a - customer A broker's compensation is... - negotiable A contract whereby a property owner employs a real estate broker to market the property described in the contract is referred to as the... - Listing Contract 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 - condominium A joint tenancy is terminated when which of the following cease to exist? - Interest, possession, titleA lien imposed against property without consent of an owner is referred to as an... - Involuntary Lien A listing contract exists between the real estate broker and the... - Client A listing contract is an example of an... - Bilateral Contract A local real estate developer bought an abandoned school building with the intention of converting it to residential units. This is an example of... - Converted use property A means of comparing similar type properties would have recently sold to the subject property is known as: - Market Comparison Approach A property manager is an example of what type of agent? - General Agent A real estate agent is an example of what type of agent? - Special Agent A real estate broker is authorized to perform which of the following? - Deal or sell options on real estate; identify properties for purchase or lease; auction off real estate. A right acquired by one party to use land of another party for a special purpose is known as... - Easements 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? - disclosure A subdivision plot method describing property includes which of the following... - Lots and blocks A territorial subdivision six miles long, six miles wide and containing 36 sections, located between two range lines and two township lines is known as... - TownshipAfter the applicant submit their real estate sale persons application, their license will be mailed to which of the following... - The applicants sponsoring broker All property that is not land and is not permanently attached to land is known as - Personal Property An agency relationship created by oral or written agreement between principal and the agent is known as... - Express Agency An agent must be honest and truthful. This is an example of... - integrity An agent with full authority over one property of the principal is known as a - General Agent