Principles of Real Estate 1- Texas: The CE Shop Flashcards

Principles of Real Estate 1- Texas: The CE Shop Flashcards

Property managers most often serve as which type of agents?General Rickie is a real estate licensee. She makes regular calls to customers and past clients to market her services. If someone she calls asks to be put on her internal "do not call" list, what is Rickie required to do?Immediately place the customer's number on her internal do not call list, and avoid making unsolicited calls from that point forward Which of the following legal descriptions is not used in Texas?Rectangular government survey What type of laws are enacted by government agencies at the city, state, federal, or county levels such as the Federal Housing Administration, state real estate commissions, and local planning boards, to provide a way to implement and enforce laws?Administrative laws and ordinances Which of these actions violates the NAR Code of Ethics?Preparing a written agreement that falsely states a purchase price What age does a person become eligible for real estate licensure in Texas?18 years Unlawful possession after the expiration of a lease is called

______.

Tenancy at sufferance What kind of tax could be levied on property owners for a public project that benefited the property owners only in that district?Special assessment tax Mr. Gray owns property in the city. He passed away, leaving no will, no heirs, and no creditors. The state can acquire the property through which process?Escheat Jan is a real estate licensee selling a vacation home for which she is part owner. What must she do?Disclose the interest in writing to all parties to the transaction Which of the following is true about net listings?They often involve a conflict of interest.In Texas, whose responsibility is it to supervise associated licensees and review transactional paperwork and advertising?The broker's Jack works for a great company creating online training for individuals who want to obtain their real estate license or need to keep their license current. What is Jack's profession?Real estate educator What, besides mortgage interest, can homeowners deduct from their income taxes for owning property?Property taxes Mark is the listing agent for a home owned by the Browns.At the open house, a colleague, Brandon, indicates that he has a buyer for the Browns' home. Mark has had numerous interactions with Brandon on other listings, and found that

they don't get along. He really doesn't want to work with him on this deal. In order to behave ethically, what can Mark do?Cooperate with Brandon because it's in the best interest of his clients.The Johnsons have owned a small restaurant for more than 20 years. It's open for lunch and dinner six days a

week, and 80% of its weekday revenue comes from the happy hour drink and appetizer specials. The town in which their restaurant is located recently constructed a new middle school and stripped the liquor license from the Johnsons' restaurant, because it no longer complies with the ordinance to be 500 feet from a school property. The Johnsons have accused the town of _____.Inverse condemnation

What must be submitted with a real estate license application in Texas so a criminal background check can be performed?Fingerprints Eric is a new licensee who wants to specialize in manufacturing and large office buildings. He is probably interested in which type of specialization?Mixed use Which of the following phrases doesn't potentially discriminate against any protected class?"Easy access to local shops" You've just purchased a rural property, and the attorney at the closing tells you, "You have a dominant estate." What does that mean to you?You'll be using an easement across your neighbor Jim's property.Which of the following trusts is created according to the terms of the will of a deceased person?Testamentary James is a real estate licensee in Texas. A complaint has been filed through the TWCCRD against James for a fair housing violation. Which of the following is true?James could be sanctioned by both the TWCCRD and the Real Estate Commission.Which option best defines a statutory lien? Created by law and gives right of possession Which area of real estate law covers how an agency relationship is created and explains the duties of an agent to the principal?Law of agency What amount of liability does a Texas licensee who acted in cooperation with another person(s) to commit a third-degree felony have?Joint and separate responsibility for all damages Sally is a broker in Dallas and has been for 12 years. She enjoys the responsibility, and enjoys the weight of accounting on her shoulders. Luckily, the law protects her from having to know everything. Which of the following is an example of this provision?Sally cannot be held liable for not asking if a current or previous resident of a home has any related illnesses to HIV or AIDS.Which one of the following terms refers to the dimensions, physical features, and contours of the land?Topography Kellan and Stacy are in the midst of a property dispute.Each party has a legal description and survey that show conflicting boundaries between their properties. What may be the best way to resolve this dispute?They must take the dispute to court.Ryanne is a tenant in a single-family home owned by Dominick. What type of interest does Ryanne have in the property?Leasehold Which of the following is an example of an easement?A path providing neighborhood access to a pond cuts through part of Hillary's property.In what way is a townhome similar to a condominium?They both typically have HOA dues.Samantha is a real estate licensee. She's showing her client a property. The client asks about some spots on the ceiling and wonders if they're an indication of a roof leak.What should Samantha do?Suggest that her client contact a roofing expert to make a determination.