RealEstateU: Texas Real Estate Principles
Part 1 Final Exam Questions With Revised
Answers
The amount of goods offered for sale within a given market at a given price during a given time
period. - answer✔✔supply
A property manager is an example of what type of agent? - answer✔✔General Agent
A real estate agent is an example of what type of agent? - answer✔✔Special Agent
The general uses of real property include the following: - answer✔✔Residential, Commercial,
and Industrial
A means of comparing similar type properties would have recently sold to the subject property is
known as: - answer✔✔Market Comparison Approach
Mineral rights are typically considered dominant to which of the following rights -
answer✔✔Surface Rights
Land and everything permanently attached to land is defined as - answer✔✔real estate
All property that is not land and is not permanently attached to land is known as -
answer✔✔Personal Property
The right of exclusion which allows a landowner to prevent others from entering or occupying
their property is included in the - answer✔✔Bundle of Rights
Which of the following is an example of a fixture - answer✔✔Kitchen cabinets
Which of the following is considered a legal test for determining if an item is a fixture or not -
answer✔✔Intentions of the party, adaption of the item, mold and permanence of house item was
attached
This refers to the party the agent brings to the principal as seller or buyer of the property. -
answer✔✔customer
An agent with full authority over one property of the principal is known as a - answer✔✔General
Agent
An agent with limited authority to act on behalf of the principal is referred to as a -
answer✔✔Special Agent
A seller's agent is entitled to a commission after - answer✔✔The agent finds a buyer who is
ready, willing, and able to purchase the property.
A broker will work for a client and with a - answer✔✔customer
The "C" in the acronym COALD stands for which fiduciary duty? - answer✔✔Care
The fiduciary duty of care when representing a buyer includes - answer✔✔Assisting with
counteroffers.
A broker must always place his/her client's interests above their own. This is an example of what
fiduciary duty? - answer✔✔loyalty
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? - answer✔✔disclosure
Which of the following is owed to a customer by an agent? - answer✔✔honesty
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 -
answer✔✔condominium
Not a form of real property - answer✔✔cooperative
Owners of a cooperative apartment holds this type of lease. - answer✔✔Propietary Lease
A local real estate developer bought an abandoned school building with the intention of
converting it to residential units. This is an example of... - answer✔✔Converted use property
An individual is exempt from paying taxes on capital gains for up to how much in profit if he/she
lived in the house for at least 2 of the last 5 years. - answer✔✔$250,000
The employer of an agent is referred to as the... - answer✔✔principal
An agency relationship created by oral or written agreement between principal and the agent is
known as... - answer✔✔Express Agency
A contract whereby a property owner employs a real estate broker to market the property
described in the contract is referred to as the... - answer✔✔Listing Contract
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