texas real estate practice exam Verified Study Questions And Answers With A+ Tests
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Grado
Texas real estate practice
Institución
Texas Real Estate Practice
What is the essential purpose of legal descriptions of real property?
a) To create a consistent, unchanging standard for uniquely locating a property.
b) To enable courts and attorneys to calculate property size accurately.
c) To comply with common law for real property.
d) To eliminate cumbers...
texas real estate practice exam
What is the essential purpose of legal descriptions of real property?
a) To create a consistent, unchanging standard for uniquely locating a property.
b) To enable courts and attorneys to calculate property size accurately.
c) To comply with common law for real property.
d) To eliminate cumbersome metes and bounds description. - a) To create a consistent,
unchanging standard for uniquely locating a property.
A county or municipal authority usually grants a certificate of occupancy for new construction only after:
a) all contractor's work has been inspected.
b) All work has been completed for at least 60 days.
c) The construction conforms to building codes.
d) The tax assessor has valued the improvement. - c) The construction conforms to building codes.
A buyer agrees to all terms of a seller's offer except the length of time for a contingency to procure
financing. The buyer extends the financing period in the offer by one week, signs the form, and mails it
back to the seller. At this point, the seller's offer:
a) is void.
b) Becomes an executory contract.
c) Becomes a counteroffer.
d) Has been accepted, since the modification was a contingency. - a) is void.
A client revoked an exclusive right to sell listing two months prior to expiration. The reason stated: the
client is too busy to meet with the agent. In this case:
a) The client is criminally liable for negligence.
,b) The client may be liable for compensation commission and marketing expenses.
c) The agent can sue the client for a specific performance even if no customer had been located.
d) The agent must except the revocation without the possibility of the possibility of damage recovery. -
b) The client may be liable for compensation commission and marketing expenses.
A condominium owner enjoys a:
a) share in an association that owns one's apartment.
b) Tenancy in common interest in air space and common areas of the property.
c) Fee simple ownership of the airspace in a unit and an undivided share of the entire property's
common areas.
d) The simple ownership of a pro rata share of the entire property. - c) Fee simple ownership of
the airspace in a unit and an undivided share of the entire property's common areas.
A family purchased a $90,000 lot to build a custom home. At the date of closing the lot was assessed at
$84,550 and the tax rate was $1.91 per $100 assessed valuation. When they completed the home, the
assessment increased by $235,000 to include the new construction. If the monthly tax escrow is based
on the assessed value, what will the monthly tax escrow be?
a) $517
b) $6096
c) $508
d) $367 - c) $508
A farmer temporarily installs produce coolers in a leased farm stand in order to prevent spoilage. The
coolers would be considered which of the following?
a) Trade fixtures that are real property.
b) Trade fixtures that are personal property.
c) Temporary real property.
, d) Emblements. - b) Trade fixtures that are personal property.
A house is being appraised using the sales comparison approach. The house has three bedrooms, two
bathrooms, and a patio. The appraiser selects a comparable house that has three bedrooms, 2 ½
bathrooms, and no patio. The comparable house just sold for $100,000. A half bath is valued at $5000
and a patio at $1000. Assuming all else is equal what is the adjusted value of the comparable?
a) $100,000.
b) $104,000.
c) $96,000.
d) $106,000. - c) $96,000.
A lease automatically terminates under which of the following circumstances?
a) The tenant fails to pay rent.
b) The leased property is foreclosed.
c) The tenant goes out of business.
d) The landlord canceled the lease. - b) The leased property is foreclosed.
A leasing company representing the landlord takes and processes apartment applications and charges
applicants a fee for their subsequent screening work. To conduct this process properly, which of the
following must occur?
a) The landlord must disclose that the deposit will be returned if the applicant is rejected.
b) The tenant must acknowledge that he/she has been informed of the selection criteria and the
grounds for denial.
c) Prospective tenants have paid a fee must be processed within a 48-hour period.
d) Application fees must be applied to the rent if the application is accepted. - b) The tenant must
acknowledge that he/she has been informed of the selection criteria and the grounds for denial.
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