Texas principles of Real Estate 1 Final Exam Flashcards

Texas principles of Real Estate 1 Final Exam Flashcards How many parties are required to perform in a bilateral contract?two Which of the following is a requirement in disclosing agency?Agents must give the written IABS notice at the first substantive discussion about a specific property What form does the Canons of Professional Ethics and Conduct say must be on display in a readily noticeable location in each of the real estate brokers places of business?Consumer Protection Notice 1-2 Which of the following terms refers to a surveyor's or developer's map that identifies lots and blocks?plat The introduction to the National Association of

REALTORS® Code of Ethics is called the:

Preamble In a limited partnership, who oversees the daily activities?general partners When should the listing agent give the seller a blank copy of the Seller's Disclosure of Property Condition to fill out?the day that the sales agent lists the property Which is one of the unities that distinguishes a joint tenancy from other kinds of co-ownership?unity of title Which two rights refer to waterfront properties? Riparian and littoral What is the definition of an unconscionable action?to take advantage of the lack of knowledge, ability, experience, or capacity of a person to a grossly unfair degree

Real Property does NOT include:vehicles on the property

Which of these best describes a CLUE report? A report that identifies any insurance claims made on a parcel of real estate in the past five years.By law, which of the following people is required to have a real estate license?Serena helping her cousin sell her home for a percentage of the sale What do Texas homestead rights do?protect the home from creditors that do not have specific or tax liens The National Association of REALTORS® Code of Ethics

says REALTORS® should be:

Fair, honest, competent What is the recovery fund used for?to pay damages to a person from the public who wins a court case against a license holder Agent Owen entered into an agency relationship with Neave, who wants to sell her home. In this scenario, Neave

is the:

principal Which type of agreement guarantees the agent's brokerage receives a commission if the property is sold, regardless of who brings the buyer?exclusive right to sell

The Texas Occupations Code houses:the Texas Real Estate License Act (TRELA)

When a party performs a majority of a contract's requirements but does not perform according to the

contract's stipulations, it is considered:

Substantial performance

Which of these is one of the primary functions of the Texas Real Estate Commission?adopt and enforce rules for governing real estate practitioners What is TRUE about capital gains in taxes? They are taxes on the profit a person makes when they sell their principal residence Landlords are required to allow tenants to make modifications to their property in order to accommodate their disability. Who is responsible for paying for these modifications?The tenant Which of the below is true regarding condominiums and cooperatives?A condo owner owns a unit, and a co-op owner owns stock in a corporation

TREC's Canons of Professional Ethics and Conduct are:Rules of Conduct

A buyer representation agreement establishes an agency

relationship between a buyer and a:

broker What is the difference between land and real estate?Land is a tract of earth plus the resources above and below; real estate is land plus human-made improvements What would be considered an embalmment?and plants that are cultivated and harvested Which one of the following is NOT a type of co-ownership?trust tenancy Where can developers find information about the terrain and elevation for a given parcel?contour maps What is the term used when one contract is substituted for another?novation An elderly couple is going to rent their vacant basement for extra income. The couple does not want a family with children. The couple asks their granddaughter, who is a real estate agent, to help them with finding tenants.Is this legal? Why or why not?No, the couple is not allowed to discriminate against families with children if they are helped by their granddaughter because she is a license holder.

Industrial Real Estate does NOT include: a triplex

Which of the following is NOT an ownership right? Easements-Ownership rights include surface rights, subsurface rights, water rights, and air rights Michael is a listing agent in an agency agreement where the seller has agreed to give him any money he receives in the sale of the house that is over $200,000. Which of the following BEST describes which agency agreement this is an example of?net listing Shane is the listing agent for a single-family home. He knows that he will earn compensation if he procures the buyer for the home, but he will not earn compensation if another broker OR the owner procures the buyer. What type of listing agreement does Shane have?exclusive agency listing Homeowners insurance policies are usually paid in advance Chapter 1101 of the Texas Occupations Code is known asThe Real Estate License Act A minor is named the beneficiary of real property upon the passing of the property's owners, but with the stipulation that another party will hold the property until certain conditions are met (i.e., the minor is no longer a minor).

What is the correct term for this legal arrangement?trust In what type of listing do multiple real estate brokers (and the owners themselves) have the right to sell the property?open listing