TEXAS PRINCIPLES OF REAL ESTATE 1 FINAL

TEXAS PRINCIPLES OF REAL ESTATE 1 FINAL

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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.

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? - ANSWER- Commingling and conversion

What three things make a waiver be valid and enforceable? - ANSWER- The 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

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

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

The Texas Real Estate Commission does NOT have authority to amend real estate laws.

What is the term given to property that is owned and used for habitation?Residential Property

What is included into real estate business?Every residence and business facility in the nation, as well as all the undeveloped land in the country

Real estate professionals perform which of the following functions?