Aceable Agent - Texas Real Estate 1 Practice Test Flashcards

Aceable Agent - Texas Real Estate 1 Practice Test Flashcards Act as attorney in fact for the clientWhat can a special agent NOT do?Consumer Protection Notice TREC No. CN 1-2 According to The Canons of Professional Ethics, which form must be displayed In a prominent location in each place of business the broker or inspector maintains?Sponsoring BrokerSales agents accept commission from To pay an aggrieved party who has won a judgement against a licensee for damages from a real estate transaction.What is the money in the Recovery Trust Account used for?Riparian rightsWesley just bought a house with a creek that flows along the south boundary. He wants to use the water to irrigate his garden. Through which set of rights is he entitled to use this water?Preference for land in a certain areaWhich of the below most directly affects the economic scarcity of real estate?trueTexas offers several exemptions for reduction of property taxes belong to the landlord upon expiration of the leaseIf a tenant were to buy and install new cabinets for their

kitchen, they would:

tax liensHomestead rights don't offer protections from LendingECOA addresses which type of discrimination a timeshare propertyExample of co-ownership?easement by necessityCarla's parcel of land becomes "landlocked" by a surrounding property after a sale. Which scenario is MOST likely?Chapter 1101 and 1102 of the Texas Occupations Codemain laws governing real estate license holders to be informed on race and religious identities prominent in certain neighborhoods Which is not an obligation of a real estate agent as a real estate brokerage practitioner?According to WillIf a couple owns property as community property and one spouse dies testate and the spouse who died had children outside of this marriage, how will the community property be distributed?200 acres for families, 100 acres for individuals limit on a rural homestead is currently general creditors, but not from mortgage or tax foreclosureTexas homestead laws would protect a primary residence from being seized and used as collateral by Situseconomic preference for a certain location Chattelterm real property NOT include

• YearsHow often can homeowners take advantage of capital

gains exemption under the Taxpayer Relief Act of 1997?Abstract of Titlecondensed history of title to a tract of land that summarizes

the transfers of ownership and encumbrances is know as:

There are no exemptions to the applicability of federal fair housing laws when a real estate license is involved.When are there no exemptions to the applicability of the federal fair housing law?Uniquenessno two tracts of land are the same What consequences could a broker suffer if a court concludes they knowingly and intentionally conveyed incomplete or false information to a customer?If they are found to be knowingly and intentionally at fault, they may be punished with Treble damages for both economic damages and mental anguish.The duties of the agent to the principle include fidelity and loyalty, reasonable care and competency, obedience, accounting, and disclosure.An agent owes the duty of obedience to which of the following people?Special AgencyBroker signs listing agreement with seller CondoAn owner lives in a single family dwelling but only owns the building. The homeowner's association owns and maintains the grounds, the pool and the exercise room. All of the owners in the area share the common areas. What does the owner live in?filing a formal complaint with TRECBroker Anna has helped her client negotiate the purchase of a single family home. The week before close, the sellers back out of the sale without any explanation. Anna's clients have all the options below EXCEPT Fair Housingthe Department of Housing and Urban Development, commonly referred to as HUD, enforces the Duties to LendersNot a category of the NAR Code of Ethics.grounds for disciplinary action, including revocation or suspension of a license, EXCEPT Asking buyers to provide their own transportation to inspect a property owner retains the right to sell the property while the broker may market the property as well between a broker and an owner in which the owner retains the right to sell the property while the broker may market the property as well.A drafted copy of a listing agreementWhich of the following is NOT a required disclosure that real estate license holder must provide to consumers?designated his sales agent as his Power of Attorney.Charles is currently living in London, but is hoping to close on a property he's interested in in San Francisco. He is tied up with work, and won't be able to make it to the closing, so he asks his sales agent to sign everything for him. What type of situation is being illustrated in this scenario?Severanceturn real property into personal property If they are found to be knowingly and intentionally at fault, they may be punished with Treble damages for both economic damages and mental anguish.What consequences could a broker suffer if a court concludes they knowingly and intentionally conveyed incomplete or false information to a customer?Real property refers to the land and improvements on it plus the set of rights associated with real estate ownership.land, and improvements on it plus the set of rights associated with real estate ownership Advertising one's personal residence for sale. According to TRELA, which of the following, when done with the expectation of valuable consideration, would NOT qualify as practicing brokerage?TrusteeWho holds title and manages the property in a trust?

Bilateral contractReal Estate Sales Contract inform Nancy that this advice should come from an insurance professional Buyer Nancy has asked her agent, Brad, which of the homeowner's insurance policies she has examined are

best for her. Brad's best course of action would be to:

To protect license holders from the unscrupulous acts of clients.Which of the following is NOT one of the primary objectives of the Texas Real Estate License Act?Duty of Liabilityduties is NOT one that an agent owes to a client Trade FixtureDining Room Table in NOT written consent from both partiesequired for a broker to act as an intermediary in a real estate transaction comminglingIf a license holder put client funds into a personal account it

would:

exclusive right to sell agreementbroker gets the commission regardless of who sells the property Vertical land descriptionland description is used for elevated areas such as in a condo Voidablecan be terminated or rescinded by either party Community Reinvestment Actensure credit availability in all communities regardless of how wealthy acting as an intermediaryA broker has two sales agents, one representing the buyer and one representing the seller for the same transaction.

The broker is:

JusticeNOT included as a popular canon Blockbustingphrase for encouraging the panic selling of homes at below their market value Day to Day ActivitiesA limited partner is usually NOT involved in Market Informationagents use as a basis for advising a prospect Counterofferparty makes changes to an offer and represents the new offer Lot and BlockPlat, Oak Grove, Block 600, Lot 5, Dallas County, TX "right of survivorship"predetermines that when one co-owner dies, their ownership interest reverts to the surviving co-owners