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TEXAS PRINCIPLES OF REAL ESTATE 1 FINAL
EXAM, PRACTICE EXAM AND STUDY GUIDE
NEWEST ALL IN ONE DOCUMENT COMPLETE
COURSE 160 QUESTIONS AND ANSWERS
If a real estate salesperson closes on a transaction, who pays the salesperson their commission?
ANSWER: The salesperson's sponsoring broker
A means of comparing similar type properties, which have recently sold, to the subject property is known as the?
ANSWER: Market Comparison Approach
The market comparison approach is commonly used for this property type?
ANSWER: Residential
The amount of goods offered for sale within a given market at a given price during a given time period is known as?
ANSWER: Supply
A real estate agent is an example of what type of agent?
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ANSWER: Special agent
A refrigerator is typically considered?
ANSWER: Personal Property
Mobile homes not permanently attached to the land are generally considered?
ANSWER: Personal Property
Which of the following is considered a legal test for determining if an item is a fixture or not?
- Mode and permanence of how the item was attached
- Adaptation of the item
- Intention of the parties
- All of the above
ANSWER: d
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
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Which of the following is an example of a fixture?
ANSWER: Kitchen cabinets
Which of the following is an advantage to owning a home?
- Potential for asset appreciation
- Tax benefits
- Pride of ownership
- All of the above
ANSWER: d
An individual who has not owned real property for at least the previous two years is known as a?
ANSWER: First-time homebuyer
Which of the following is NOT a form of real property?
ANSWER: Cooperative
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?
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ANSWER: Condominium
A mortgage payment typically includes?
- Interest
- Principal
- Insurance
ANSWER: a, b, c
Real estate brokers have a ...... relationship with the principal?
ANSWER: Fiduciary
The 'L' in the acronym C.O.A.L.D. stands for which fiduciary duty?
ANSWER: Loyalty
When a real estate broker represents a buyer in a transaction, the broker and buyer are bound by which of the following contracts?