Principles of Real Estate 1- Champions School of Real Estate

Principles of Real Estate 1- Champions School of Real Estate Flashcards Dwayne and Beth, each single persons, own a parcel of land as joint tenants. Beth has a will leaving her entire estate to her brother, Jason. Upon Beths death, her interest

in the land passes to:A.) Jason, because he was named in

the willB.) Jason, because he is her brotherC.) Dwayne, because he is a joint tenantD.) None of these C.) Dwayne. because he is a joint tenant Advertisements that specify a gender preference are

acceptable:A.) NeverB.) AlwaysC.) When renting a single

family residenceD.) When renting a shared living space D.) When renting a shared living space Lenders require _____ naming the lender as a ______ to protect their interest in the property.A.) Insurance coverage, loss payeeB.) Coinsurance, trustorC.) A Lien, CreditorD.) Wind Insurance, Guarantor A.) Insurance coverage, loss payee Which of the following is created when a lease expires and tenant remains on the premises?A.) Holdout tenancyB.) illegal tenancyC.) Tenancy at sufferanceD.) periodic tenancy C.) Tenancy at sufferance The NFIP offers _____ to homeowners, renters and business owners whose property is situated in a community that ordinances that meet or exceed FEMA requirementsA.) Fire and Smoke insuranceB.) Theft or vandalism insuranceC.) Flood insuranceD.) Electrical damage insurance C.) Flood insurance The easiest form of organization that gives one individual the greatest control over a business is the _____.A.) PartnershipsB.) Sole proprietorshipC.) S corporationD.) C Corporation

• sole proprietorship

Which of the following are considered personal property and may be harvested by the owner of the crop?A.) Trade FixturesB.) FixturesC.) SeverancesD.) Emblements D.) Emblements In housing discrimination based upon _____ has been violation of federal law since 1866.A.) Economic statusB.) Race or colorC.) GenderD.) Any of the Above

• Race or Color

The ____ is the largest trade organization in the United StatesA.) BOMAB.) NARC.) TRECD.) AIA

B.) NAR

TREC may assess an administrative penalty of up to

$5,000 per day for violation of the License Act by:A.) only

license holders who violate the rules of TRECB.) only brokers who violate the rules of TRECC.) Any person in Texas, licensed or unlicensed, who violated the rules of

TRECD.) Any license holder, if a consumer complaint has been filed in writing C.) Any person in Texas, licensed or unlicensed, who violates the rules of TREC Which of the following is often referred to the "meeting of minds" ?A.) Competent partiesB.) ConsiderationC.) Specific performanceD.) Mutual consent D.) Mutual consent

Attending designation courses such as the Accredited Buyers Representative course is a good way to demonstrateA.) IntegrityB.) FidelityC.) CompetencyD.) Perseverance A.) Integrity A ______ might be required in a division of property between multiple owners.A.) Bilateral contractB.) monumentC.) unilateral contractD.) survey D.) survey The_____ is used to provide agency information to consumersA.) Sellers Listing AgreementB.) IABS formC.) Employment ContractD.) Buyer representation agreement B.) IABS form Which of the following is required for a lot and block description of a property?A.) a point of beginningB.) compass directionsC.) a recorded platD.) townships and sections C.) a recorded plat A consideration is defined as ____A.) An offerB.) a counterofferC.) a bribeD.) something given in exchange for a promise D.) something given in exchange for a promise

RMLOs in Texas are licensed through:A.) Texas Real

Estate CommissionB.) National Mortgage Bankers AssociationC.) Texas Department of Savings and Mortgage LendingD.) Texas savings and loan board C.) Texas Department of Savings and Mortgage Lending A ______ determines legal property boundaries for property ownershipA.) Land surveyB.) Topographic surveyC.) Seismic surveyD.) Green survey A.) Land Survey Which of the following is not an acceptable legal description used in a deed?A.) Lot and BlockB.) Metes and BoundsC.) Street addressD.) Rectangular survey system C.) Street address The right of redemption for homestead property sold at a tax auction in Texas is ____YearsA.) OneB.) TwoC.) ThreeD.) Four B.) Two The _____ was passed to ensure that banks would serve the needs of a community in which they were chartered to do business.A.) ADAB.) ECOAC.) CRAD.) None of the above

C.) CRA

The Statues of Frauds is applicable to:A.) contracts for the

sale of real estateB.) Listing agreementC.) Buyer representation agreementsD.) All of the above D.) All of the above _______ decribes the obligation of a license holder to be knowledgeable as a real estate brokerage practitioner.A.) FidelityB.) CompetencyC.) Discriminatory practicesD.) Consumer information B.) Competency Jill and Adkins are married and live in Texas. They saved for a number of years and purchased a home. In this case,

the form of ownership is most likely to be:A.) Separate

propertyB.) joint propertyC.) Community propertyD.)

Tenants in common C.) community property

In order to successfully sue for commission:A.) The broker

must have an active real estate licenseB.) the broker must be the procuring cause of saleC.) The broker must have an