Principles of Real Estate 1
A sales agent or broker associate may perform duties as a real estate licensee under what circumstance?(Ans- While associated with and supervised by a broker.
What is the name of the part of the beach that is privately owned?(Ans- Dry beach.
Real estate law covers general property law, real estate license law, the
law of contracts, landlord/tenant law, consumer protection, and:
(Ans- The law of agency
Which entity is charged with administering the laws of TRELA?(Ans- The Texas Real Estate Commission
What is the most common homeowners policy?(Ans- The HO-B Policy
Which of the following is a right included with real property?(Ans- Exclusion
Which keyword can be used to describe real property?(Ans- Built-in. Built-in would describe real property that is permanently affixed to the property.
- / 3
Once signed, the listing agreement is a legally binding contract between:
(Ans- The listing broker and the seller.
What is considered a passing grade for the state licensing exam for a real estate professional who is seeking a brokers license?(Ans- A 75% or greater.
Land, plus all things permanently attached to it naturally or artificially is:
(Ans- Real estate
The exemption to the Fair Housing Act that would normally apply that is
moot when a real estate agent represents :
(Ans- Owner occupied buildings with no more than four units.
Sally Mae is a real estate licensee who would like to become a realtor, what must she do?(Ans- Become a member of the NAR
What agency enforces fair housing laws?(Ans- FHEO. The Fair Housing and Equal Opportunity administers and enforces fair housing laws.
Which type of anti-trust violation involves two or more businesses conspiring against another?(Ans- Group boycotting
- / 3
This type of housing is not considered real property:
(Ans- Cooperative
When a fair housing complaint is received, how long does TWCCRD have to begin investigating and attempt to resolve the issue?(Ans- 100 days. Once the complaint is received the TWCCRD has 100 days.
What does it mean when the buyer signs and dates the sellers disclosure notice?(Ans- The buyer is acknowledging receipt of the disclosure.
When a business is organized as a partnership, (Ans- General partners are jointly and severally responsible for all business debts.
The payment of commission to a non-licensed individual for brokerage
services is:
(Ans- Illegally only if the person is not exempt from licensing law.Individuals who are exempt from licensing law (Such as attorneys) may receive commissions for providing brokerage services.
What type of a lien is a specific lien?(Ans- Real property tax lien
In terms of encumbrances, what is a license?(Ans- Permission without possession, interest or ownership.
- / 3