Real Estate Course 1 Practice Exam - Aceable Agent Flashcards

Real Estate Course 1 Practice Exam - Aceable Agent Flashcards The drawing of a development indicating the locations and

dimensions of lots in a lot and block system is called a:

Plat Flowing water is governed by what rights? Riparian rights Canon of fidelityWhat are the primary duties of the Broker-Lawyer Committee?What kind of ownership is ownership by a single person or entity?Ownership of severality 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:

inform Nancy that this advice should come from an insurance professional What is a trade fixture?items that a tenant uses in their business that will be removed at the end of the lease Which of these events is least likely to be covered by standard hazard (homeowners) insurance?Jason's basement flooded in a hurricane.

A member of NAR is called a(n):REALTOR®

Which of these is a method of disclosing agency? giving a party the IABS notice The act of converting real property into personal property is

called:

severance Mutual assent, legally competent parties, consideration, lawful objective, and adherence to the statute of frauds What is the name of the law that requires a commission to examine state agencies every 12 years to see if they're still needed?it shows hills, valleys, plateaus, and other patterns that may affect water drainage, runoff, or other development issues What is the citizenship required for being granted a Texas real estate license?Which term identifies an economic preference for a certain location?Situs In which of the following examples would the ADA most likely NOT apply?a business with nine employees What are subsurface rights?ownership rights to all that is found beneath the surface of the tract of land owned, extending downward to the center of the earth Yes, the applicant can receive an inactive license from the Commission

A cooperating broker is a broker who:

Uniqueness, indestructibility, and immobility (fixed)What is meant by the term "right of survivorship"?If the co-owner of a property wants their portion of the property to go to their heirs instead of the other co-owners of the property, what kind of ownership should they have?tenancy in common In terms of the scope of authority granted, what are the three classifications of agency?Special, General, and Universal A store owner builds and attaches a display case to the wall when leasing a convenience store that he will take with him at the end of the lease. The display case is an example

of a:

trade fixture Which of the following is a fiduciary duty that an agent owes to a client?ACCOUNTING. They are the duty of obedience, loyalty, disclosure, confidentiality, accounting, and reasonable

care.

What is easement?a right to use or cross someone else's land for a specific purpose Power of attorneyWhat is a chain of title?If a court-ordered judgment goes against a license holder who cannot pay it, what recourse does the aggrieved party have?the court will award the funds and the aggrieved party will then apply to the Real Estate Commission for restitution.What type of estate causes the title to automatically revert to the original owner if the deed requirements regarding property use are violated?fee simple determinable canceling or annulling a contractWhat does novation mean?What is an exclusive agency listing agreement? An agreement between a broker and an owner in which the owner retains the right to sell the property while giving the exclusive right to one broker to sell the property.A condensed history of title to a tract of land that summarizes the transfers of ownership and encumbrances

is known as:

an abstract of title What is the name of the piece of legislation that created the capital gains tax exclusion for homeowners?Taxpayer Relief Act of 1997 If pursuing action through HUD, a fair housing complaint must be filed within how long of the alleged violation?

• year

means that if the item becomes an integral part of the home, it cannot be removed. For example, a pool covering is a fixture because that cover goes with that pool on the property.What legal instrument is used in conjunction with universal agency?Stealing a client away from another license holder is:grounds for losing your license Which of the following situations would be impacted by an owner's subsurface rights?Gerry drilling for oil under his property (and making his neighbor's oil drill produce less) is an example of how with subsurface rights, under the rule of capture, a landowner who drills a well for gas or oil on their land is entitled to all that well produces - even if the gas or oil migrates from beneath a neighbor's property.Which canon states to treat all parties honestly and fairly?The canon of fidelity $500,000 for joint filers, $250,000 for single filersThe National Association of REALTORS ethical guidelines

are known as the:

In which type of residential property does a resident hold no actual ownership in the property, but instead holds a proprietary lease as a stockholder?co-op Sunset ActIf an applicant fulfills all requirements for licensure but hasn't found a sponsoring broker yet, are they able to get licensed?DensityWhat are the physical characteristics of land?Who holds title and manages the property in a trust?Trustee What is personal property?an unattached, moveable asset. As such, before the tile is installed, the tile would be considered personal property.