Texas Real Estate Principles 1 Practice Exam Flashcards

Texas Real Estate Principles 1 (Practice Exam) Flashcards Before people can act in the capacity of or represent themselves as real estate brokers, they must first obtain a license from the Texas Real Estate Commission The act of channeling homeseekers to a particular area either to maintain or to change the character of a neighborhood is steering Which equals one square mile or 640 acres? section A real estate agent tells a seller during a listing presentation that the firm's real estate commission is in line with those of other real estate firms in the area. The broker may be guilty of price-fixing Which law prohibits all discrimination based on race in any real estate transaction without exception?Civil Rights Act of 1866 Which action is permitted under the federal Fair Housing Act?Refusing to sell a home to a minority individual because of a poor credit history If a condition of ownership is violated, title to the subject property automatically reverts to the original owner in a determinable fee estate An aggrieved person who believes illegal discrimination has occurred may file a complaint within what time frame following the alleged discriminatory act?

ONE YEAR

Randy has constructed a fence that extends 1 foot over his lot line onto the property of a neighbor. The fence is an example of an encroachment Which is owned by the tenant?a trade fixture A real estate broker's license is NOT required of persons who advertise and lease their own properties A license holder must use the earnest money contract forms promulgated by the Commission unless an attorney prepares the forms and the property owner requires their use Misleading or deceptive practices according to the Deceptive Trade Practices Act (DTPA) include all of the following EXCEPT stating that a property is being sold "as is." It is unlawful for a person to act in the capacity of or claim to be a real estate broker without first obtaining a license from the Texas Real Estate Commission An acre consists of how many square feet? 43,560 Which would NOT be considered a violation of antitrust laws?Brokers throughout the city set their commission rates unilaterally without consulting with competitors Courses for the renewal of an active real estate broker or sales agent license are called continuing education (CE) It is the duty of an agent to disclose to the principal every step taken in the transaction of the principal's business because the agent has a fiduciary obligation to the principal

Where are subdivision plats filed?In the county clerk's office of the county in which the land is located The priority of a mechanic's lien is established from the date work was begun or materials were delivered, in whole or in part The right of defaulted taxpayers to recover their property before its sale for unpaid taxes is the equitable right of redemption Appurtenant easement rights transfer with the dominant tenement What is a section of land?640 acres Which of the following BEST refers to the type of lien that affects all real and personal property of a debtor?General lien Which aspect of the Canons of Professional Ethics and Conduct requires the broker or sales agent to be informed on market conditions and national, state, and local developments affecting the real estate business?competency.The Deceptive Trade Practices Act (DTPA) does NOT apply to the actions of real estate agents when an agent makes an exaggerated or unsubstantiated statement of value given as advice, judgment, or opinion when selling real estate "I hear they're moving in. There goes the neighborhood!Better put your house on the market before values drop!" This is an example of blockbusting Which of the following is NOT included in the bundle of legal rights regarding real property?Right of first refusal A licensed real estate broker is not authorized to practice law unless the broker also is a licensed attorney. Which activity is permitted to be performed by a real estate license holder?Filling in the blanks of a contract form promulgated or approved for that use by the Texas Real Estate Commission (TREC) An owner sells part of his land that has no access to a public road but does have access over his remaining land.This creates an easement by necessity Encumbrances on real estatemay include liens, easements, and deed restrictions If the court learns that the seller placed a sign that said "Not Included" on the stove every time a buyer looked at the property, the court will consider which of the following in determining whether the stove is a fixture, absent a written agreement?Intention of the parties The Texas Real Estate Commission is composed of nine members, six of whom are brokers and three of whom are lay members, each appointed by the governor with senate approval Which of the following is (are) considered a lien on real estate?Unpaid mortgage loans An urban homestead is limited to a lot or lots NOT to exceed how many acres?10 What type of estate is complete ownership and exists for an unlimited time?fee simple

What is the maximum amount that the Commission will pay from the real estate recovery trust account for claims against any one license holder, until the account has been repaid in full by the license holder?

$100,000

When there are two or more liens on a property, the order in which the liens will be satisfied when the property is sold will be determined by the priority of the liens Which of the following terms refers not only to the surface of the earth but also below to the center of the earth, above to infinity, and natural things permanently attached but does NOT refer to artificial things permanently attached?land A sales agent has which agency relationship with the sponsoring broker?A general agency relationship A consumer has sent a complaint to the Texas Real Estate Commission (TREC) against a real estate agent, claiming a violation of the Canon of Integrity. The agent is accused of misrepresenting the condition of the property by omitting pertinent facts The method used to describe real estate by distance, direction, and boundaries is metes-and-bounds method Under the federal Fair Housing Act, real estate organizations, such as multiple listing services, may NOT do which because someone is in a protected group?refuse membership or put conditions on participation Which of the following may be a natural object, such as a tree or a boulder, or an artificial object, such as a steel rod or a stake driven into the ground?Monument A complaint of discrimination brought under the Texas Fair Housing Act can be filed with the U.S. Department of Housing and Urban Development or with the Texas Workforce Commission Civil Rights Division Which family is NOT protected under the familial status provisions of the Fair Housing Act?A 55-year-old father, 40-year-old mother, and 17-year-old son who want to purchase a home in an age-restricted adults-only community Which of the following is NOT a violation for which the Texas Real Estate Commission (TREC) may suspend or revoke a license or take other disciplinary action?Failing to advise a buyer or a seller regarding the validity of title to real estate The federal Fair Housing Act of 1968prohibits discrimination in residential housing based on race, color, national origin, and religion