PRE1 - through TRELA - Aceable Practice

Can an agent act as an appraiser with their real estate salesperson license?

• Anyone can act as an appraiser, regardless of licensure

• Only brokers, not salespeople, can act as appraisers

• Yes, a real estate license is the same as an appraiser license

• No, to act as an appraiser, you need an appraiser license

What is the standard capital gains exclusion for someone selling a primary residence?

• $1,000,000 for joint filers, $500,000 for single filers

• $500,000 for joint filers, $250,000 for single filers

• $250,000 for joint filers, $125,000 for single filers

• $750,000 for joint filers, $325,000 for single filers

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?

• Condo

• co-op

• PUD

• single-family home

Sona owns a property on the edge of a big lake. When she's trying to figure out what her rights are regarding the lake, what kind of rights should she be looking into?

• reliction rights

• riparian rights

• littoral rights

• accretion rights

Which of the following is NOT a federally protected class under the Fair Housing Act?

• sex

• race or color

• national origin

• veteran status

Which two rights refer to waterfront properties?

• coastal and riparian

• littoral and coastal

• littoral and lakefront

• riparian and littoral

Areas around a condominium such as a swimming pool and laundry room are known as:

• exterior elements

• undivided interests

• common elements

• chattel

Who determines the topics and number of hours of continuing education a licensee must take in the two years between renewals of their license?

• the licensee

• the sponsoring broker

• the Texas Real Estate Commission

• the local real estate board

Which one of the following actions should an intermediary broker AVOID?

• telling the buyer the seller may accept a lower price without the seller's knowledge

• answering questions about the property in the absense of the seller

• appointing a separate salesperson to represent each side of the transaction

• obtaining written consent that states the source of any expected compensation from each party to the transaction

Surface, subsurface, and air rights are all parts of:

• Fixtures

• Improvements

• Personal Property

• Land