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REALESTATEU: TEXAS REAL ESTATE
PRINCIPLES PART 1 FINAL EXAM| 90
QUESTIONS| WITH COMPLETE SOLUTIONS
Question 1: The amount of goods offered for sale within a given
market at a given price during a given time period is known as?
CORRECT ANSWER : supply
Question 2: A property manager is an example of what type of
agent?
CORRECT ANSWER : General Agent
Question 3: A real estate agent is an example of what type of
agent?
CORRECT ANSWER : Special Agent
Question 4: The general uses of real property include the
following:
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CORRECT ANSWER : Residential, Commercial, and Industrial
Question 5: A means of comparing similar type properties
would have recently sold to the subject property is known as:
CORRECT ANSWER : Market Comparison Approach
Question 6: Mineral rights are typically considered dominant to
which of the following rights
CORRECT ANSWER : Surface Rights
Question 7: Land and everything permanently attached to land is
defined as
CORRECT ANSWER : real estate
Question 8: All property that is not land and is not permanently
attached to land is known as
CORRECT ANSWER : Personal Property
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Question 9: The right of exclusion which allows a landowner to
prevent others from entering or occupying their property is included in the
CORRECT ANSWER : Bundle of Rights
Question 10: Which of the following is an example of a fixture
CORRECT ANSWER: Kitchen cabinets
Question 11: Which of the following is considered a legal test
for determining if an item is a fixture or not
CORRECT ANSWER : Intentions of the party, adaption of the
item, mold and permanence of house item was attached
Question 12: This refers to the party the agent brings to the
principal as seller or buyer of the property.
CORRECT ANSWER : customer
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Question 13: An agent with full authority over one property of
the principal is known as a
CORRECT ANSWER : General Agent
Question 14: An agent with limited authority to act on behalf of
the principal is referred to as a
CORRECT ANSWER : Special Agent
Question 15: A seller's agent is entitled to a commission after
CORRECT ANSWER : The agent finds a buyer who is ready,
willing, and able to purchase the property.