Principles of Real Estate 1

All of the following violate the Texas Real Estate License Act, EXCEPT:

Disclosing all known facts pertaining to a property to a client

The aspect of the real estate business that is concerned with bringing together the parties and completing the transactions is:

brokerage

An attorney from another state must have a Texas real estate license to receive a commission for a real estate transaction in Texas.

true

all of the following are true about a Texas homestead, except:

homestead protection can be waived in writing

ad valorem taxes:

Are according to value, Create the highest priority lien on real property, Are always paid first at a foreclosure sale

Which real estate contract is the exception to the Statute of Frauds?

a lease for one year or less

Factors that affect homeowners insurance premiums can include which of the following?

age and condition of the home, location, the policyholder's claims history

Which of the following is required for a lot and block description of a property?

a recorded plat

integrity is best described as:

The duty of a licensee to employ prudence and caution so as to avoid misrepresentation in any way

When a holdover tenant refuses to leave and is not paying rent his interest in the property is called:

tenancy at sufferance

steering is:

Directing buyers to or away from a particular neighborhood based on protected categories

crops are:

emblements

when a Texas real estate licensee is in inactive status:

he is responsible for renewal fees

permanent additions to land are called:

improvements

When a property owner has the right to use water from a river or stream that borders his land he is said to have:

riparian rights

the recovery trust acount:

(a) Protects consumers who suffer a loss due to the illegal acts of licensees, Has two maximum payment amounts: $50,000 per transaction and $100,000 per licensee, Must transfer any amount in excess of $3.5 million to the State's General Fund

Which of the following terms describes the process of real property becoming personal property?

severance

Which of the following is required for a Government Survey System description of land?

sections, townships,

eminent domain is:

the right of the government to take privately owned land for public use

Climate, views, access to natural recreation, good schools and job opportunities are some factors that contribute to the desirability of land in particular locations. These factors best describe:

situs

All of the following types of ownership can be defeated or terminated if the owner violates conditions or terms in the deed, EXCEPT:

terminal fee

The easement created by the continued use of land without the permission of the owner is:

an easement by prescription

which of the following is true about tenancy in common?

ownership passes to heirs at probate

Texas is a community property state. What is true about community property?

Property inherited by one spouse can remain the separate property of that spouse

When a contract is cancelled and a new contract replaces it, this is called:

novation

Agency agreements such as listings and buyer representation agreements:

Are employment contracts, Should be in writing, Establish the principal-client relationship

All of these are factors which can affect insurance premiums, EXCEPT:

policyholder's age

redlining is:

The refusal to lend money in a particular area because of location

How long does a consumer have to file a complaint with TREC against a licensee?

4 years from the date of an incident

A broker in Texas who represents both the seller and the buyer in a transaction with the written consent of both parties is a(n):

intermediary

what is often considered the most important test of a fixture?

intention of the parties

ownership with the most rights in land is called:

fee simple

an easement can be terminated by:

merger

something given in exchange for a promise is:

consideration

All of the following methods of describing land qualify as legal descriptions in a deed, EXCEPT:

street address

When an agent is authorized to carry out the affairs of a business for another, this is:

general agency

the listing that helps the broker avoid procuring cause lawsuits is:

The Exclusive Right to Sell Listing

which of the following is an example of an encroachment?

a neighbor's fence is on your land

TREC may assess an administrative penalty of up to $5000 per day for violation of the License Act by:

Any person in Texas, licensed or unlicensed, who violates the Act

The penalties for violation of the Fair Housing Act are:

Up to $75,000 for the first violation and up to $150,000 for subsequent violations

a homestead in Texas can be foreclosed on for nonpayment of:

an ad valorem tax lien

an example of a voidable contract would be:

a contract entered into with a minor

Annual crops produced for cultivation are known as:

emblements

The economic characteristics of land do NOT include:

texas

The agency information form that must be presented at the first substantive dialogue is the:

Information About Brokerage Services

All of the following will create an agency relationship EXCEPT:

an IABS form

only _____ can be guilty of redlining

banks

48. Which of the following persons must have a real estate license?

The designated officer of a licensed real estate corporation

What is the main purpose of the Texas Real Estate License Act?

to protect the public

listing agreements can be terminated by:

mutual agreement

an intermediary is:

A broker representing both the seller and the buyer in a single transaction A broker representing both the seller and the buyer in a single transaction

in an intermediary transaction:

The written consent of both parties is required

The organization that has the authority to issue and revoke real estate licenses is :

TREC

The relationship between a broker and a client created by a listing agreement is an example of:

special agency

TREC promulgated contract forms and addenda are written by:

The TREC Broker-Lawyer Committee

Causing panic selling in a neighborhood is called:

blockbusting

If a broker wishes to terminate a salesperson's sponsorship, he or she:

must do so in writing, mus return the license to TREC immediately

A party to a transaction who is represented by a broker is:

a client

Offering a property for sale without the knowledge and consent of an owner:

May result in license revocation or suspension

fixtures are:

Personal property that has become part of the real estate