TEXAS PRINCIPLES OF REAL ESTATE 1 FINAL
LATEST 2023-2024 ACTUAL EXAM 220 QUESTIONS
AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |AGRADE
What federal act allowed single persons to exclude up to $250,000 in
real estate gains from taxation? – ANSWER- The Taxpayer Relief Act
What type of building product is known by the name EIFS? –
ANSWER- Exterior synthetic stucco
How is Alternative Minimum Tax under Tax Relief Act determined? –
ANSWER- tied to inflation
What is a co-op? – ANSWER- units that are owned by a corporation that
sells shares of stock to the owners.
What is the typical height of high-rise buildings? – ANSWER- 6 floors
or higher
The Texas Uniform Condominium Act allows owners shares of common
elements – ANSWER- but the common elements cannot be partitioned.<\/p>\n\n\n\n
What are the specific features of PUDs? – ANSWER- low-price and a
minimum of maintenance cost
In what document would you find covenants and restrictions regarding
use and transfer of condo units? – ANSWER- Declaration Provisions
If the broker is paying an inordinate amount of selling expenses, what
may be an agent’s commission split? – ANSWER- 40%
What do “blind ads’ do? – ANSWER- Conceal the identity of the person
placing the ad.
What’s the penalty for individual violators of the Sherman Act? –
ANSWER- up to $1,000,000
What is the first step in marketing a listed property? – ANSWER- make
a marketing plan
What two escrow mistakes must a broker avoid? – ANSWERCommingling and conversion
What three things make a waiver be valid and enforceable? – ANSWERThe waiver is in writing and is signed by the consumer, the consumer is
not in a significantly disparate bargaining position and s\/he is
represented by legal counsel<\/p>\n\n\n\n
What is the term given to the act of mixing personal funds with escrow
monies? – ANSWER- commingling
Which federal statute prohibits price fixing and boycotting? –
ANSWER- sherman antitrust act
A broker does not withhold taxes for – ANSWER- independent
contractors
What is the deadline for submission of the contract? – ANSWER- 24
hours from the agent’s receipt of the deposit
The acronym DTPA stands for – ANSWER- The Texas Deceptive Trade
Practices-Consumer Protection Act
What act prohibits unfair methods of competition in interstate
commerce, but carries no criminal penalties? – ANSWER- The Federal
Trade Commission Act
Which of the following states that the agent has a special responsibility
to be honest when performing his or her duties? – ANSWER- integrity
What is the advantage of a professional standards hearing when a
problem occurs? – ANSWER- a decrease of time and money expenses
for all of the parties involved<\/p>\n\n\n\n
Which entity recommends changes to articles in the NAR Code of
Ethics? – ANSWER- Professional Standards Committee
Are ethics and legality similar categories? – ANSWER- nothing
The Consumer Information Form 1-1 deals with the – ANSWER- Real
Estate Recovery Trust Account.
What is the legal force of the 5 Canons of Professional Ethics and
Conduct? – ANSWER- they have the force and effect of law in Texas
What is the secondary goal of the Code of Ethics? – ANSWER- to
provide protection for the public by using a formal complaint process
Who sits on the NAR Grievance Committee? – ANSWER- realtors
Under what Texas Real Estate Commission Canon would you find the
practice of exercising skill and judgment in performing duties? –
ANSWER- competency
According to the Texas Real Estate Commission Canons, one aspect of
competency has to do with – ANSWER- stay informed
What organization conducts professional standards hearing for local or
state associations? – ANSWER- a panel of realtor members
<\/p>\n","protected":false},"excerpt":{"rendered":"
TEXAS PRINCIPLES OF REAL ESTATE 1 FINALLATEST 2023-2024 ACTUAL EXAM 220 QUESTIONSAND CORRECT DETAILED ANSWERS (100%VERIFIED ANSWERS) |AGRADEWhat federal act allowed single persons to exclude up to $250,000 inreal estate gains from taxation? – ANSWER- The Taxpayer Relief ActWhat type of building product is known by the name EIFS? –ANSWER- Exterior synthetic stuccoHow is Alternative […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-112038","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/112038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=112038"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/112038\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=112038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=112038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=112038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}