FREE REAL ESTATE AND STUDY GAMES ABOUT

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FREE REAL ESTATE AND STUDY GAMES ABOUT

PRINCIPLES OF RE 1 EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -192 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Express Agency

Answer:

agency created by a specific agreement

Question 2: Personal Property

Answer:

items that can easily be removed from the land

Question 3: Texas Department of Housing and Community

Affairs

Answer:

a department that administers assigned programs on Texas housing, invests resources strategically, and develops high quality affordable housing which allows Texas communities to thrive

Question 4: Timeshare

Answer:

residence with multiple owners who share the right to possession for a specific period of time with the other owners

Question 5: Addenda

Answer:

documents containing additional terms, information, or obligations that are attached to a contract

Question 6: Longitude Lines/Meridians

Answer:

units of measurement that run north to south to Earth's poles

Question 7: Contingencies

Answer:

stipulations or conditions that must be satisfied before the contract can be performed

Question 8: Exclusive Agency Listing

Answer:

a listing agreement in which the owner retains the right to sell the property themselves without paying a commission, or the commission will be paid to the named broker if the broker or any other party sells the property

Question 9: Federal Judgment Lien

Answer:

a lien filed by the government for failure to pay certain debts

Question 10: Groundwater Rights

Answer:

property owners' right to use water under the surface through the rule of capture

Question 11: Sales Agent Apprentice Education (SAE)

Answer:

an educational requirement for courses in the first two years of being licensed as a real estate agent

Question 12: Nolo Contendere

Answer:

a plea in a criminal court in which the defendant accepts the punishment without admitting guilt

Question 13: Tenancy in Common

Answer:

co-ownership in which each co-owner of the property holds their individual portion of the ownership interest in severalty

Question 14: Acre

Answer:

a measure of the surface of land (43,560 square feet)

Question 15: Statute of Frauds

Answer:

a law which requires certain types of contracts to be in writing and to be signed by all parties who are bound by the contract

Question 16: Listing Agreement

Answer:

a contract between a principal and a broker created for the broker to sell or lease a property

Question 17: Seller's Disclosure Notice

Answer:

a document filled out by the seller concerning any defects in the improvements on the property

Question 18: Sales Agent

Answer:

a person who is licensed to practice real estate and is sponsored by a real estate broker

Question 19: Bundle of Legal Rights

Answer:

ownership of land with all of the legal rights of possession, control, enjoyment, exclusion, and disposition

Question 20: Land Trust

Answer:

a trust in which land is purchased to be held for a long period of time for the benefit of a named party

Question 21: Equitable Lien

Answer:

a right that exists only in equity, with one party charging their property as security for a debt or loan

Question 22: Land

Answer:

the surface of the earth, extending down to the center of the earth and up into space

Question 23: Subsurface Rights

Answer:

ownership of the minerals, gas, or oil beneath the surface of a piece of real estate

Question 24: Freehold Estate

Answer:

an estate in land in which ownership will last for an indeterminate duration

Question 25: Encumbrance

Answer:

any claim or right against a property held by another that is not the fee title owner.

Question 26: Conveyance

Answer:

a transfer of ownership of a piece of real estate from one person to another

Question 27: Allodial System

Answer:

ownership of land in which the land is owned free and clear; it is the opposition of the feudal system

Question 28: Texas Real Estate Broker-Lawyer Committee

Answer:

a committee that creates and corrects contract forms to be used by Texas real estate license holders