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RealEstateU - Texas Principles of Real Estate - Part 1 questions with actual answers.
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RealEstateU - Texas Principles of Real Estate - Part 1 questions with actual answers.
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RealEstateU - Texas Principles of RealEstate - Part 1 questions with actual
answers.
Salesperson's Sponsoring Broker ANS -a real estate salesperson closes on a transaction, who pays the
salespersons commission?
General Agent ANS -An agent with full authority over one property of the principle. EX: Property
Manager.
Supply ANS -Te amount of goods offered for sale within a given market at a given price during a given
period.
Specific Agent ANS -Agent with limited authority to act on behalf of the principal, such as a listing. EX
real estate agent.
Market Comparison Approach ANS -A means of comparing similar type properties, which have recently
sold, to the subject property. Commonly used in comparing residential properties.
General Uses of Real Property ANS -1. Residential, Commercial, & Industrial.
Principal ANS -The employer of an agent; one of the main parties in a real estate transaction, such as a
buyer, borrower, seller, or lessor.
Commercial Property ANS -Properties with 5 or more dwelling units. Property that produces rental
income or that is used in business
Personal Property ANS -All property that isn't land & not permanently attached to land. (MOVABLE)
Which of the following is considered a legal test for determining if an item is a fixture or not...? ANS -
Intention of the parties, adaption of the item, & Mode and permanence of how the item was attached
, The transfer of personal property is typically done using a...? ANS -Bill of Sale
Mineral rights are typically considered dominant to which of the following rights...? ANS -Surface rights
Mobile homes not permanently attached to the land are generally considered...? ANS -Personal
Property
Which of the following is an advantage to owning a home...? ANS -Tax benefits
Pride of ownership
Potential for asset appreciation
Which of the following is NOT a form of real property...? ANS -Cooperative
Owners of a cooperative apartment hold which of the following...? ANS -Proprietary lease
An individual who has not owned real property for at least the previous two years is known as a...? ANS
-First-time homebuyer
An insurance policy protecting against a variety of hazards is referred to as a...? ANS -Homeowners
Policy
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 a...? ANS -Condo
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...? ANS -$250,000
A local real estate developer bought an abandoned school building with the intention of converting it to
residential units. This is an example of a... ANS -Converted-use property
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