WorksheetsReal Estate
Total questions: 170
Worksheet time: 43hrs 30mins
Name
Class
Date
1.
Define a brokerage
a)
providing a professional opinion of the value of a real property
b)
overseeing the needs of the parties to a real estate transaction and seeing to its completion
c)
licensed individuals who provide the informed decisions of the value of real property
d)
the business of providing money to individuals for the conditional transfer of real estate
2.
Define an appraisal
a)
the business of providing money to individuals for the conditional transfer of real estate
b)
overseeing the needs of the parties to a real estate transaction and seeing to its completion
c)
providing a professional opinion of the value of a real property
d)
licensed individuals who provide the informed decisions of the value of real property
3.
Define an appraiser
a)
licensed individuals who provide the informed decisions of the value of real property
b)
the business of providing money to individuals for the conditional transfer of real estate
c)
providing a professional opinion of the value of a real property
d)
overseeing the needs of the parties to a real estate transaction and seeing to its completion
4.
What is mortgage lending
a)
overseeing the needs of the parties to a real estate transaction and seeing to its completion
b)
providing a professional opinion of the value of a real property
c)
licensed individuals who provide the informed decisions of the value of real property
d)
the business of providing money to individuals for the conditional transfer of real estate
5.
What is Property Management
a)
Property management is the act of designing architectural structures.
b)
Property management involves managing personal finances.
c)
Property management is the process of selling real estate properties.
d)
Property management is the operation, control, maintenance, and oversight of real estate and physical property.
6.
Property Managers are responsible for:
a)
Managing properties, overseeing maintenance and repairs, collecting rent, setting rental rates, finding tenants, handling evictions, and ensuring compliance with local laws and regulations.
b)
Managing pets, organizing events, cooking meals
c)
Selling real estate, designing websites, teaching yoga
d)
Performing surgery, flying airplanes, writing novels
7.
What is an apartment locator
a)
An apartment locator is a new social media platform for apartment sharing
b)
An apartment locator is a service that helps individuals find apartments based on their specific criteria.
c)
An apartment locator is a type of bird that nests in urban areas
d)
An apartment locator is a device that helps individuals find lost keys
8.
What is home inspection
a)
A home inspection is a quick visual check of a property
b)
A home inspection is a detailed assessment of a property's value
c)
A home inspection is a process of redecorating a property
d)
A home inspection is a detailed assessment of a property's condition, usually conducted before a sale.
9.
Define Real Estate Development
a)
Real Estate Development has no impact on property value.
b)
Real Estate Development is only about buying and selling properties.
c)
Real Estate Development involves enhancing properties to increase their value and functionality.
d)
Real Estate Development focuses solely on interior design.
10.
What is an Pretoleum Landman
a)
A Petroleum Landman is a professional who studies marine life in the Arctic.
b)
A Petroleum Landman is a type of musical instrument used in traditional folk music.
c)
A Petroleum Landman is a professional who researches and negotiates land agreements for oil and gas companies.
d)
A Petroleum Landman is a term for a skilled mountain climber.
11.
What are the benefits of Homeownership
a)
Higher maintenance costs
b)
Benefits of homeownership include stability, equity building, tax advantages, and customization.
c)
Limited financial growth
d)
Decreased property value
12.
What are the characteristics of land
a)
Flexibility, Permanence, Consistency
b)
Immobility, Indestructibility, Non-homogeneity
c)
Scarcity, Durability, Uniformity
d)
Mobility, Destructibility, Homogeneity
13.
Define Indestructibility
a)
Indestructibility refers to the ability to destroy real estate assets easily.
b)
Indestructibility means that real estate properties are temporary and lose value rapidly.
c)
Indestructibility in real estate means that land and buildings are considered permanent assets that do not depreciate in value over time.
d)
Indestructibility in real estate implies that buildings and land are not considered assets.
14.
Define Immobility
a)
Immobility in real estate is the ability to relocate properties without any restrictions.
b)
Immobility in real estate refers to the fact that properties cannot be easily moved from one location to another.
c)
Immobility in real estate means that properties can be easily transported to different areas.
d)
Immobility in real estate refers to the ease of moving properties from one location to another.
15.
Define Non-Homogeneity in Real Estate
a)
Stability of properties in real estate
b)
Uniformity of properties in real estate
c)
Variability of properties in real estate
d)
Consistency of properties in real estate
16.
Define scarcity when it comes to Real Estate
a)
Limited supply of land and properties in a specific location
b)
Abundance of land and properties in a specific location
c)
Equal distribution of land and properties in a specific location
d)
Unlimited supply of land and properties in a specific location
17.
Define modifications when it comes to Real Estate
a)
Demolition of existing structures
b)
Landscaping improvements
c)
Interior design changes
d)
Renovations, additions, or upgrades made to a property.
18.
Define Fixity when it comes to Real Estate
a)
Fixity in real estate refers to the state of being intangible, such as intellectual property.
b)
Fixity in real estate refers to the state of being movable, such as furniture and appliances.
c)
Fixity in real estate refers to the state of being fixed or permanent, such as land and buildings.
d)
Fixity in real estate refers to the state of being temporary, such as tents and trailers.
19.
What is Situs when it comes to Real Estate
a)
Legal document for property ownership
b)
Type of mortgage
c)
Property tax rate
d)
Physical location of a property
20.
Define Supply and Demand when it comes to Real Estate
a)
Supply refers to the number of properties available for sale or rent, while demand represents the number of buyers or renters looking for properties.
b)
Supply is the number of buyers looking for properties, while demand is the number of properties available for sale or rent.
c)
Supply refers to the quality of properties available, while demand represents the price buyers are willing to pay.
d)
Supply and demand in real estate have no specific definitions.
21.
The Demand in Real Estate is affected by:
a)
Weather conditions, time of day, and personal preferences
b)
Stock market trends, fashion trends, and social media influence
c)
Currency exchange rates, global warming, and sports events
d)
Interest rates, economic conditions, population growth, location, and government policies
22.
Define Common Law
a)
Common law is solely based on written statutes
b)
A body of law developed in England and based upon "common sense" and local custom
c)
Common law is a set of rules established by a governing body
d)
Common law is a type of law that is only applicable in criminal cases
23.
Define Statuary Law
a)
Statuary Law is an unwritten law based on custom and judicial decisions.
b)
Statuary Law is a law that only applies to specific individuals or groups.
c)
Statuary Law is a formal written law enacted by a legislature or governing body.
d)
Statuary Law is a law that can be easily changed by individuals.
24.
What is the Texas Real Estate License Act
a)
An Act passed in 1939 to protect the public against unscrupulous brokers and sales agents in a real estate transaction
b)
The Texas Real Estate License Act is a voluntary guideline for real estate agents
c)
The Texas Real Estate License Act is only applicable to commercial real estate
d)
The Texas Real Estate License Act is a federal law
25.
Which of the following is true about the Texas Real Estate Commission
a)
The Texas Real Estate Commission is responsible for regulating healthcare facilities in Texas, and was created in 1958
b)
The Texas Real Estate Commission only oversees rental properties in Texas.
c)
The Texas Real Estate Commission regulates real estate brokers and sales agents in Texas. and was created in 1949
d)
The Texas Real Estate Commission has no authority over real estate transactions in Texas.
26.
Define Land when it comes to Real Estate
a)
Land refers to the water bodies within a property
b)
Land only includes the surface area of the earth
c)
Land in real estate refers to the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, such as trees, buildings, and minerals.
d)
Land excludes any structures built on it
27.
What are bundle of rights when it comes to Real Estate
a)
Group of wrongs
b)
Package of privileges
c)
Set of legal rights that come with owning a property
d)
Bundle of lefts
28.
Define Real Estate
a)
Real estate cannot be owned
b)
Real estate includes only natural resources
c)
Real estate encompasses land, buildings, and natural resources that have value and can be owned or leased.
d)
Real estate refers only to buildings
29.
Define Real Property when it comes to Real Estate
a)
Buildings only
b)
Water rights
c)
Personal Property
d)
Land and anything permanently attached to it
30.
What are Emblements when it comes to Real Estate
a)
Crops that do not require annual cultivation and are considered real property
b)
Crops that require annual cultivation and are considered personal property
c)
Crops that are considered fixtures and are included in the sale of real estate
d)
Crops that are considered part of the land and cannot be removed by the tenant
31.
What are the Subsurface Rights in Real Estate
a)
Subsurface rights involve the ownership of the property's exterior features
b)
Subsurface rights pertain to the rights of neighboring properties
c)
Subsurface rights in real estate are the ownership and rights to resources found beneath the surface of a property.
d)
Subsurface rights refer to the rights to the sky above a property
32.
What are fixtures in real estate
a)
Landscaping services provided by the real estate agent
b)
The legal documents associated with the property
c)
The financial history of the property
d)
Personal property attached to the property and included in the sale
33.
What are the air rights in real estate
a)
Air rights are the rights to the water sources surrounding a property
b)
Air rights in real estate are the legal rights to the space above a property.
c)
Air rights are the rights to control the temperature inside a property
d)
Air rights refer to the rights to the ground below a property
34.
What are the surface rights in real estate
a)
Surface rights are the rights to the minerals or resources beneath the surface
b)
Surface rights in real estate are the legal rights a property owner has to use and develop the surface of the land, excluding any rights to the minerals or resources beneath the surface.
c)
Surface rights include the right to build underground structures
d)
Surface rights refer to the rights to the airspace above the land
35.
What is severance when it comes to real estate
a)
The process of selling a property
b)
A legal document outlining property boundaries
c)
Dividing a property into separate parcels
d)
A type of mortgage
36.
What are the wind rights in Real Estate
a)
Wind rights in real estate refer to the legal rights of a property owner to use the wind that passes over their land.
b)
Wind rights in real estate refer to the legal rights of a property owner to use the minerals that pass under their land.
c)
Wind rights in real estate refer to the legal rights of a property owner to use the sunlight that passes over their land.
d)
Wind rights in real estate refer to the legal rights of a property owner to use the water that passes over their land.
37.
What are all the examples of personal property in Real Estate
a)
Furniture, appliances, electronics, vehicles
b)
Pets, plants, garden tools
c)
Land, buildings, fixtures
d)
Jewelry, collectibles, artwork
38.
What is an Allodial System
a)
A system of land ownership where individuals have shared ownership of land
b)
A system of land ownership where individuals have ownership of land with restrictions
c)
A system of land where land can be privately owned
d)
A system of land ownership where individuals have temporary ownership of land
39.
Define Police Power (Real Estate)
a)
Police power in real estate refers to the government's authority to regulate land use for the health, safety, and general welfare of the public.
b)
Police power in real estate is related to the power of law enforcement agencies to control property ownership
c)
Police power in real estate is the ability of real estate agents to enforce property laws
d)
Police power in real estate refers to the authority of property owners to regulate land use
40.
Define Eminent Domain (Real Estate)
a)
The power of the government to take property without any legal process
b)
The power of the government to take public property for private use
c)
The power of the government to take private property for public use with compensation to the owner.
d)
The power of the government to take private property without compensation
41.
Define Taxation (Real Estate)
a)
Taxation in real estate refers to the process of imposing taxes on properties such as land, buildings, and other structures.
b)
Taxation in real estate refers to the process of renting out properties
c)
Taxation in real estate refers to the process of selling properties
d)
Taxation in real estate refers to the process of constructing properties
42.
Define Escheat (Real Estate)
a)
Escheat is a term used to describe property inheritance in real estate
b)
Escheat in real estate is when ownership of a property reverts to the state due to the lack of a will or heirs.
c)
Escheat is a legal document used in real estate transactions
d)
Escheat is a type of mortgage in real estate
43.
Define Buffer Zone (Real Estate)
a)
A buffer zone is a legal document outlining property boundaries
b)
A buffer zone in real estate is a designated area of land that separates two different land uses to minimize potential conflicts.
c)
A buffer zone is a type of investment fund in real estate
d)
A buffer zone refers to the area where real estate agents operate
44.
Define a Freehold Estate
a)
An estate that can be inherited by multiple heirs
b)
An estate that is only valid for a limited time period
c)
An estate in land that is of indefinite duration and free from any conditions or restrictions on its use.
d)
An estate that is subject to government regulations
45.
Define a Leasehold Estate
a)
A leasehold estate is a type of property ownership where a person has no rights to use the property
b)
A leasehold estate is a type of property ownership where a person has the right to use and occupy land or a building for a specific period of time, typically through a lease agreement with the owner.
c)
A leasehold estate is a type of property ownership where a person can sell the property at any time
d)
A leasehold estate is a type of property ownership where a person owns the land or building outright
46.
Define a Periodic Estate
a)
A Periodic Estate is a type of real estate ownership where the property is owned by a single individual.
b)
A Periodic Estate is a type of real estate ownership where the property can be used by anyone without restrictions.
c)
A Periodic Estate is a type of real estate ownership where the property is owned by a corporation.
d)
A Periodic Estate is a type of real estate ownership where the property is owned by multiple individuals, each having the right to use the property for a specified period each year.
47.
What is an Estate at will
a)
An Estate at will is a type of tenancy where the tenant occupies the property with the permission of the landlord for an unspecified period of time. The tenancy can be terminated by either party at any time.
b)
An Estate at will is a type of tenancy where the tenant owns the property
c)
An Estate at will is a type of tenancy with a fixed end date
d)
An Estate at will is a type of tenancy that requires a long-term lease agreement
48.
What does it mean when a Tenancy is at sufferance
a)
A legal term for property ownership
b)
Occupancy with the landlord's consent after the lease has expired
c)
A type of lease agreement
d)
Occupancy without the landlord's consent after the lease has expired
49.
Define a Lease
a)
A lease is a contract outlining the terms under which one party agrees to rent property owned by another party.
b)
A lease is a document outlining the terms of a mortgage agreement.
c)
A lease is a type of insurance policy for property damage.
d)
A lease is a legal document for transferring ownership of real estate.
50.
Define an Appurtenance (Real Estate)
a)
An appurtenance is a type of fruit tree found on the property
b)
An appurtenance refers to the color of the property's exterior
c)
An appurtenance in real estate is any right or privilege that belongs to and passes with a property.
d)
An appurtenance is a type of mortgage associated with the property
51.
Define An Easement (Real Estate)
a)
A legal right to use another person's boat for a specific purpose.
b)
A legal right to use another person's car for a specific purpose.
c)
A legal right to use another person's bicycle for a specific purpose.
d)
A legal right to use another person's land for a specific purpose.
52.
Define Encroachment
a)
The act of protecting someone else's territory or rights.
b)
The act of sharing someone else's territory or rights.
c)
The act of intruding on someone else's territory or rights.
d)
The act of respecting someone else's territory or rights.
53.
What is a Grant (Real Estate)
a)
A grant in real estate is a type of mortgage agreement
b)
A grant in real estate is a document that outlines property boundaries
c)
A grant in real estate is the legal transfer of property ownership from one party to another.
d)
A grant in real estate is a type of financial aid given to homebuyers
54.
What is a Reservation (Real Estate)
a)
A reservation in real estate is the act of setting aside a portion of a property for a specific purpose or individual.
b)
A reservation in real estate is the act of selling a property.
c)
A reservation in real estate is the act of renovating a property.
d)
A reservation in real estate is the act of canceling a property transaction.
55.
What is a Implied Grant(Real Estate)
a)
An Implied Grant is a type of mortgage in real estate
b)
An Implied Grant refers to a property owner selling their property without disclosing defects
c)
An Implied Grant is a legal document used to transfer ownership of real estate
d)
An Implied Grant in real estate refers to a situation where a property owner grants an easement to another party without a formal written agreement.
56.
What is a Prescription (Real Estate)
a)
A Prescription in real estate is a term used to describe the process of predicting future property values.
b)
A Prescription in real estate is a type of medication prescribed by a doctor for property-related stress relief.
c)
A Prescription in real estate is a legal document that grants ownership of a property to a new owner.
d)
A Prescription in real estate is a detailed plan or strategy provided by a real estate agent to a seller on how to prepare and market their property for sale.
57.
What is Condemnation (Real Estate)
a)
The process of evaluating a property's value for tax purposes
b)
The act of renovating a property to increase its market value
c)
The legal process of transferring property ownership
d)
The process by which a government entity takes private property for public use, compensating the property owner.
58.
What is a Merger (Real Estate)
a)
A merger in real estate refers to the process of dividing a property into multiple units
b)
A merger in real estate involves the exchange of properties between two parties
c)
A merger in real estate involves the combining of two separate real estate companies or entities into one entity.
d)
A merger in real estate is the act of renovating a property to increase its value
59.
What are the littoral rights (Real Estate)
a)
Littoral rights are the rights of a landowner to access neighboring properties without permission
b)
Littoral rights are the legal rights of a landowner to build structures on public land
c)
Littoral rights are the legal rights to use water from from a lake, ocean, or sea
d)
Littoral rights refer to the rights of a landowner to mine minerals on their property
60.
What are the Riparian Rights (Real Estate)
a)
Riparian rights are granted to landowners far from bodies of water
b)
Riparian rights are only applicable to commercial properties
c)
Riparian rights refer to the legal rights of using water from a river or stream
d)
Riparian rights are related to air rights in real estate
61.
Define Greenfield (Real Estate)
a)
A fully developed urban area
b)
An architectural style characterized by the use of green materials
c)
A type of renewable energy source
d)
Undeveloped land or a project on undeveloped land
62.
Define a Greyfield (Real Estate)
a)
A Greyfield is a type of agricultural land
b)
A Greyfield is a type of high-end luxury real estate
c)
A Greyfield is a piece of real estate that is capable of develpment
d)
A Greyfield is a type of colorful playground equipment
63.
Define a Brownfield (Real Estate)
a)
A Brownfield is a property with no potential for redevelopment
b)
A Brownfield is a property with no environmental concerns
c)
A Brownfield is a property with no history of previous use
d)
A Brownfield in real estate refers to a property that has potential for redevelopment or reuse, but may be complicated by the presence of hazardous substances, pollutants, or contaminants.
64.
What is a single Family Home (Real Estate)
a)
A single-family home is a multi-unit residential structure
b)
A single-family home is a commercial building
c)
A single-family home is a standalone residential structure designed to house one family.
d)
A single-family home is a public park
65.
What is a condominium?
a)
A condominium is a type of clothing worn by ancient Romans.
b)
A condominium is a type of car that runs on solar power.
c)
Multifamily complexes containing units with individual fee simple ownership of the unit and interest in common areas
d)
A condominium is a type of fruit found in tropical regions.
66.
What does it mean when a home is cooperative (Real Estate)
a)
Residents rent the property from the corporation
b)
Residents own the property outright
c)
Residents have no rights to the property
d)
Residents own shares in the corporation that owns the property, allowing them the right to occupy a specific unit within the cooperative.
67.
What is a Townhome? (Real Estate)
a)
A townhome is a type of housing where the units are located in rural areas.
b)
A townhome is a type of housing where a single-family unit shares a wall with another unit.
c)
A townhome is a type of housing where multiple families share a single unit.
d)
A townhome is a type of housing where each unit has its own detached structure.
68.
What is a Capital Gain in Real Estate?
a)
Loss incurred from the sale of a property
b)
Rental income from a property
c)
Property tax paid annually
d)
Profit made from the sale of a property or investment.
69.
What are the Tax Exempt limits on Capital Gain?
a)
$200,000 for individuals and $450,000 for married couples filing jointly
b)
$250,000 for individuals and $500,000 for married couples filing jointly
c)
$50,000 for individuals and $100,000 for married couples filing jointly
d)
$30,000 for individuals and $60,000 for married couples filing jointly
70.
What is mixed-use development? (Real Estate)
a)
Mixed-use development refers to single-use buildings only
b)
Mixed-use development involves only residential and industrial uses
c)
Mixed-use development excludes commercial spaces
d)
Mixed-use development is a type of urban development that combines residential, commercial, cultural, institutional, or industrial uses in a single project.
71.
What is Time Share? (Real Estate)
a)
Time share in real estate involves multiple individuals sharing ownership and usage rights for a specific period each year.
b)
Time share is a method of dividing time zones
c)
Time share refers to sharing watches
d)
Time share is a type of clock
72.
What is Equity? (Real Estate)
a)
Equity is the total value of a property
b)
Equity is the interest rate on a mortgage
c)
Equity is the insurance required for a property
d)
Equity in real estate is the difference between the current market value of a property and the amount still owed on the mortgage.
73.
What is Homeowners Insurance?
a)
Homeowners insurance is a type of life insurance that provides financial protection to beneficiaries.
b)
Homeowners insurance is a type of property insurance that covers losses and damages to an individual's house and assets in the home.
c)
Homeowners insurance is a type of health insurance that covers medical expenses.
d)
Homeowners insurance is a type of car insurance that covers damages to vehicles.
74.
What's one thing Homeowners Insurance does not cover?
a)
Flood damage
b)
Fire damage
c)
Earthquake damage
d)
Theft
75.
What's the Comprehensive Loss Underwriting Exchange (CLUE)
a)
A weather forecasting tool for farmers
b)
A social media platform for pet owners
c)
A cooking recipe database used by restaurants
d)
A claims history database used by insurance companies
76.
What's Windstorm Insurance?
a)
Windstorm insurance is a type of health insurance that covers medical expenses related to wind-related injuries.
b)
Windstorm insurance is a type of car insurance that covers damage caused by high winds to vehicles.
c)
Windstorm insurance is a type of life insurance that provides financial protection in case of death due to wind-related incidents.
d)
Windstorm insurance is a type of property insurance that covers damage caused by high winds.
77.
What's Flood insurance?
a)
Flood insurance is a type of life insurance that provides financial support in case of a flood-related death.
b)
Flood insurance is a type of car insurance that covers damage caused by accidents.
c)
Flood insurance is a type of health insurance that covers medical expenses related to flooding.
d)
Flood insurance is a type of property insurance that covers damage caused by flooding.
78.
What's Personal Property Coverage?
a)
Coverage for medical expenses
b)
Insurance for rental properties
c)
Protection against cyber attacks
d)
Insurance that protects personal belongings from damage, theft, or destruction.
79.
What's an Estate in Severalty?
a)
Ownership of personal property by multiple individuals
b)
Ownership of intellectual property by a group of shareholders
c)
Ownership of real property by one individual or corporation.
d)
Ownership of real property by a government entity
80.
What's Co-ownership mean in when a individual is purchasing a property?
a)
Ownership of real estate by two or more unmarried owners
b)
Sole ownership by a corporation
c)
Joint tenancy with right of survivorship
d)
Exclusive ownership by one individual
81.
What's a Tenancy Common mean in Real Estate?
a)
Ownership where one individual owns a property alone
b)
Ownership where multiple individuals own a property together, each having an undivided interest in the entire property.
c)
Ownership where multiple individuals own separate properties
d)
Ownership where tenants have no rights to the property
82.
What's a Joint Tenancy?
a)
Joint tenancy is a form of property ownership where only one tenant owns the property.
b)
Joint tenancy is a form of property ownership where tenants have no rights to the property.
c)
Joint tenancy is a form of property ownership where tenants own shares based on their investment.
d)
Joint tenancy is a form of property ownership where each tenant owns an equal share of the property with the right of survivorship.
83.
What's Community Property?
a)
Community property is assets and liabilities considered separately by a married couple.
b)
Community property is a legal term used in business partnerships.
c)
Community property is only assets considered jointly owned by a married couple.
d)
Community property is assets and liabilities considered jointly owned by a married couple.
84.
What are trust's? (Real Estate)
a)
Trusts in real estate involve a trustee holding property for the benefit of the trustor.
b)
Trusts in real estate involve a trustee holding property for the benefit of a lender.
c)
Trusts in real estate involve a trustee holding property for the benefit of a lessee.
d)
Trusts in real estate involve a trustee holding property for the benefit of a beneficiary.
85.
What are Sole Proprietorships?
a)
Sole Proprietorships are businesses that are not legally recognized entities.
b)
Sole Proprietorships are businesses that are publicly traded on the stock market.
c)
Sole Proprietorships are businesses owned and operated by a single individual.
d)
Sole Proprietorships are businesses owned by multiple individuals.
86.
What's a partnership?
a)
A partnership is a business structure where two or more individuals manage and operate a business together.
b)
A partnership is a business structure where individuals compete against each other.
c)
A partnership is a type of business where only one person is responsible for all decisions.
d)
A partnership is a legal agreement between friends to start a business.
87.
What's corporate ownership?
a)
Corporate ownership is the ownership of a car by individuals or groups.
b)
Corporate ownership is the ownership of a company by individuals or groups, typically represented by shares of stock.
c)
Corporate ownership is the ownership of a building by individuals or groups.
d)
Corporate ownership is the ownership of a pet by individuals or groups.
88.
Whats T.R.E.L.A?
a)
Texas Real Estate Legal Authority
b)
Texas Real Estate Licensing Agency
c)
Texas Real Estate Law Association
d)
Texas Real Estate License Act
89.
What's an Agency?
a)
A type of animal
b)
A business or organization that provides a particular service on behalf of another person or entity.
c)
A type of car
d)
A type of fruit
90.
What's a principal in an agency?
a)
A principal in an agency is a person who has the authority to act on behalf of the agency.
b)
A principal in an agency is a type of weather
c)
A principal in an agency is a musical instrument
d)
A principal in an agency is a type of fruit
91.
What's Fiduciary in an Agency?
a)
A legal document that outlines agency terms and conditions
b)
Legal or ethical relationship of trust between the agent and the principal
c)
A type of insurance policy for agents
d)
A financial institution that manages investments on behalf of the client
92.
What's Disclosure of Representation?
a)
Disclosure of Representation is the act of exaggerating the relationship between a professional and their client.
b)
Disclosure of Representation is the act of hiding information from the client.
c)
Disclosure of Representation is the act of revealing or making known the relationship between a professional and their client.
d)
Disclosure of Representation is the act of sharing confidential client information with third parties.
93.
What's a Universal Agency?
a)
An advertising agency that offers a variety of services to clients.
b)
A software company that specializes in creating video games.
c)
A type of government agency that oversees all other agencies.
d)
A grocery store that sells a wide range of products.
94.
What's a General Agency? (Real Estate)
a)
A General Agency in real estate refers to an agency that focuses on commercial properties only
b)
A General Agency in real estate refers to an agency that only represents buyers
c)
A General Agency in real estate refers to an agency that represents the principal in all matters within a specified territory.
d)
A General Agency in real estate refers to an agency that operates without any legal obligations
95.
What's a Special Agency? (Real Estate)
a)
A Special Agency is only applicable to commercial real estate transactions.
b)
A Special Agency in real estate is when an agent is authorized to perform specific acts on behalf of the principal.
c)
A Special Agency is when an agent can perform any act on behalf of the principal.
d)
A Special Agency allows the agent to act beyond the scope of their authority.
96.
What's a Customer? (Real Estate)
a)
A customer in real estate is a legal document outlining property boundaries.
b)
A customer in real estate is a type of building used for commercial purposes.
c)
A person whom an agent does not represent
d)
A customer in real estate is a person who sells property to a real estate agent.
97.
What's an Express of Authority
a)
An Express of Authority is a type of sandwich
b)
An Express of Authority is a form of transportation
c)
An Express of Authority is a type of currency
d)
An Express of Authority is a document that grants someone the power to act on behalf of another person or entity.
98.
What's an Implied Agency? (Real Estate)
a)
Implied agency is only established through a written agreement in real estate.
b)
Implied agency is only applicable in commercial real estate transactions.
c)
Implied agency in real estate is created through the actions, words, or conduct of the parties involved.
d)
Implied agency is automatically created when a property is listed for sale.
99.
What's an Ostensible Agency? (Real Estate)
a)
When actions lead another person to assume that one is an agent
b)
An ostensible agency is when a principal creates an agency relationship with a competitor.
c)
An ostensible agency is when a principal creates an agency relationship with a minor.
d)
An ostensible agency is when a principal creates a written agreement with a third party.
100.
What does an Agency of Ratification mean? (Real Estate)
a)
Ignoring a contract or agreement that was previously executed
b)
Modifying a contract or agreement without proper consent
c)
Rejecting a contract or agreement that was previously authorized
d)
When an agent acts without prior authorization, and upon learning of this action, the principal accepts it
101.
What's a Single-Agency Broker? (Real Estate)
a)
A Single-Agency Broker is not involved in any real estate transactions.
b)
A broker that will only represent one client in a transaction at a time
c)
A Single-Agency Broker only deals with commercial real estate transactions.
d)
A Single-Agency Broker represents both the buyer and the seller in a real estate transaction.
102.
What's a Transactional Broker? (Real Estate)
a)
A Transactional Broker is a real estate agent who is not involved in any real estate transactions.
b)
A Transactional Broker is a real estate agent who only represents the seller in a transaction.
c)
A Transactional Broker is a real estate agent who only represents the buyer in a transaction.
d)
A Transactional Broker is a real estate agent who assists both the buyer and seller in a transaction without representing either party's interests.
103.
What's a Dual Agency Broker? (Real Estate)
a)
A Dual Agency Broker represents both the buyer and the seller in a real estate transaction.
b)
A Dual Agency Broker is not involved in real estate transactions.
c)
A Dual Agency Broker only represents the seller in a real estate transaction.
d)
A Dual Agency Broker only represents the buyer in a real estate transaction.
104.
What's the listing side? (Real Estate)
a)
The side represented by the agent buying the property.
b)
The side represented by the agent renting out the property.
c)
The side represented by the agent showing the property to potential buyers.
d)
The seller side of the transaction
105.
What's a cooperative sale? (Real Estate)
a)
A cooperative sale is when the buyer and seller agree to split the closing costs.
b)
A cooperative sale is when the property is sold through an auction.
c)
A cooperative sale is when the seller agrees to pay the buyer's agent directly.
d)
A transaction that has one broker working with the seller and another broker working with the buyer
106.
What's a Subagency? (Real Estate)
a)
A subagency is a type of property deed.
b)
A subagency refers to a real estate marketing strategy.
c)
A subagency is a legal term for property taxes.
d)
When one firm sells a property listed by another firm to a buyer it does not represent, the selling firm represents the seller
107.
What's an In-House Sale?
a)
An in-house sale is a sale that involves multiple companies
b)
An in-house sale is a sale that takes place in a public space
c)
An in-house sale is a sale that occurs online
d)
When a single firm sells one of its listings
108.
What's an Intermediary? (Real Estate)
a)
A type of property deed
b)
A person or entity that acts as a middleman between buyers and sellers in real estate transactions.
c)
A legal document for property transfer
d)
A form of mortgage agreement
109.
What's an Independent Contractor? (Real Estate)
a)
An independent contractor is not required to have a contract with a real estate broker
b)
An independent contractor in real estate is a self-employed individual who provides services to a real estate broker or agency without being considered an employee.
c)
An independent contractor is a full-time employee of a real estate agency
d)
An independent contractor is always paid a fixed salary in real estate
110.
What's a Commission? (Real Estate)
a)
A commission is a tax imposed on real estate transactions.
b)
A commission is a legal document required for property ownership.
c)
A commission is a type of loan provided by real estate agencies.
d)
A commission in real estate is a fee paid to a real estate agent for their services in facilitating a real estate transaction.
111.
When was the Texas Real Estate License Act passed?
a)
1939
b)
1955
c)
1965
d)
1945
112.
Why was the Texas Real Estate License Act passed? (TRELA)
a)
To discourage real estate transactions in Texas
b)
To promote real estate investment in Texas
c)
To limit the number of real estate agents in Texas
d)
To regulate the practice of real estate in Texas, protect consumers, and ensure professionalism within the industry.
113.
When was the Texas Real Estate Commission created? (TREC)
a)
1955
b)
1963
c)
1949
d)
1972
114.
Why was the Texas Real Estate Commission created? (TREC)
a)
To regulate the real estate industry in Texas
b)
To promote tourism in Texas
c)
To oversee the healthcare system in Texas
d)
To regulate the fishing industry in Texas
115.
What's a broker? (Real Estate)
a)
A real estate broker is a term used for a property developer.
b)
A real estate broker is a person who sells stocks in the real estate market.
c)
A real estate broker is a type of property inspector.
d)
A real estate broker is a licensed professional who acts as an intermediary between buyers and sellers of real estate properties.
116.
Who must have a Real Estate license?
a)
Individuals who own real estate properties
b)
Those who work in property management
c)
People who rent out their own property
d)
Individuals who engage in the buying, selling, or leasing of real estate for others
117.
What's a business entity?
a)
A domestic entity or foreign entity as defined by Section 1.002, Business Organizations Code, that is qualified to transact in this state
b)
A business entity is a form of transportation
c)
A business entity is a musical instrument
d)
A business entity is a type of fruit
118.
What's a Certificate Holder? (Real Estate)
a)
A Certificate Holder is a document that certifies the completion of a real estate transaction.
b)
A Certificate Holder is a type of insurance policy for real estate transactions.
c)
A Certificate Holder refers to a professional who manages real estate certificates.
d)
A person registered by TREC to sell, buy, lease, or transfer easements or right of way for another compensation
119.
Define a License Holder? (Real Estate)
a)
A holder of a fishing license
b)
A broker or sales agent licensed under the TRELA
c)
A person who holds a license to drive a car
d)
Someone who has a license to operate heavy machinery
120.
Define a Residential Rental Locator. (Real Estate)
a)
A Residential Rental Locator is a device used to measure air quality in rental properties.
b)
A Residential Rental Locator is a type of software used to manage rental payments.
c)
A Residential Rental Locator is a term used to describe a type of furniture commonly found in rental properties.
d)
A Residential Rental Locator is a professional who helps individuals find suitable rental properties based on their preferences, budget, and other requirements.
121.
Define a Sales Agent. (Real Estate)
a)
A Sales Agent is a teacher who educates students
b)
A person who is sponsored by a licensed broker for the purpose of performing a brokerage service
c)
A Sales Agent is a professional who repairs cars
d)
A Sales Agent is a chef who cooks meals for clients
122.
Define a Subagent. (Real Estate)
a)
A license holder who represents a principal through cooperation without and the consent of a broker representing the principal; and is not associated with the principals brokerage
b)
A subagent is a real estate agent who is not involved in any negotiations or transactions.
c)
A subagent is a real estate agent who represents the buyer in a transaction.
d)
A subagent is a licensed real estate agent who works independently without any supervision.
123.
What's the Texas Sunset Act.
a)
The Texas Sunset Act is a law that regulates the time of day when state agencies can operate.
b)
The Texas Sunset Act is a law that mandates all state agencies to close at sunset.
c)
The Texas Sunset Act is a law that requires state agencies to provide sunset views to employees.
d)
The Texas Sunset Act is a law that requires periodic review of state agencies to determine if they should be abolished, continued, or reorganized.
124.
What is the Texas Real Estate Research Center?
a)
A clothing store in Texas
b)
A restaurant in Texas
c)
A research unit at Texas A&M University
d)
A real estate agency in Texas
125.
What's a Broker-Lawyer Committee?
a)
A Broker-Lawyer Committee is a team of lawyers who specialize in brokering deals.
b)
A Broker-Lawyer Committee is a group of real estate agents who provide legal advice to clients.
c)
A Broker-Lawyer Committee is a committee that focuses on environmental issues related to real estate.
d)
A Broker-Lawyer Committee is a group of 13 professionals who work together to address legal and regulatory issues related to brokerage activities.
126.
Define Intermediary. (Real Estate)
a)
A person who owns a property but is not the primary occupant
b)
A type of mortgage loan
c)
A broker that represents both parties of the transaction
d)
A legal document outlining property boundaries
127.
What is the purpose of the Real Estate Recovery Trust Act.
a)
To provide tax breaks for real estate professionals
b)
To regulate the stock market
c)
To protect consumers by providing financial assistance to individuals who have been defrauded or harmed by real estate professionals.
d)
To fund public transportation projects
128.
What is the maximum transaction amounts in the Real Estate Trust Account
a)
Unlimited
b)
Fixed at $10,000
c)
Varies based on regulations and guidelines
d)
Depends on the day of the week
129.
How much time does a consumer have to file a complaint with TREC?
a)
1 year
b)
10 years
c)
2 years
d)
4 years
130.
Define Fidelity. (Real Estate)
a)
Fidelity in real estate refers to the color scheme of a property.
b)
Fidelity in real estate refers to the faithfulness or accuracy of a property's representation or description.
c)
Fidelity in real estate refers to the speed of property transactions.
d)
Fidelity in real estate refers to the landscaping of a property.
131.
What is the civil rights act of 1866? (Real Estate)
a)
The Civil Rights Act of 1866 was passed in 1966.
b)
The Civil Rights Act of 1866 prohibits discrimination based on race or color.
c)
The Civil Rights Act of 1866 was focused on granting voting rights to women.
d)
The Civil Rights Act of 1866 was a law that only granted rights to white males.
132.
What is the Civil Rights Act of 1968? (Real Estate)
a)
The Civil Rights Act of 1968 is a law that promotes discrimination in real estate transactions.
b)
The Civil Rights Act of 1968 only applies to employment practices.
c)
The Civil Rights Act of 1968 was passed in 1950.
d)
The Civil Rights Act of 1968, also known as the Fair Housing Act, prohibits discrimination in the sale, rental, and financing of housing based on race, religion, national origin, and sex.
133.
What does it mean when someone is Steering? (Real Estate)
a)
Legal practice of guiding potential buyers towards or away from certain neighborhoods based on their preferences
b)
Steering refers to the act of physically turning a steering wheel in a vehicle
c)
Steering is a term used to describe the process of selecting a real estate agent
d)
Illegal practice of guiding potential buyers towards or away from certain neighborhoods based on their race, ethnicity, or other protected characteristics.
134.
What is Blockbusting? (Real Estate)
a)
Blockbusting is a practice where real estate agents convince homeowners to buy properties at a higher price by suggesting that people of a different race, religion, or national origin are moving into the neighborhood.
b)
Blockbusting is a practice where real estate agents convince homeowners to sell their properties at a lower price by suggesting that people of a different race, religion, or national origin are moving into the neighborhood, which could potentially lower property values.
c)
Blockbusting is a term used to describe the process of building blocks in real estate development.
d)
Blockbusting is a legal term used to refer to the act of constructing buildings on a block of land.
135.
Define Reasonable Accommodation. (Real Estate)
a)
Reasonable Accommodation refers to the process of setting a property price based on the seller's preferences.
b)
Reasonable Accommodation means allowing tenants to make changes to the property without the landlord's permission.
c)
Reasonable Accommodation involves providing free housing to individuals with disabilities.
d)
Reasonable Accommodation in real estate refers to modifications or adjustments made to a property or living environment that enable individuals with disabilities to have equal access to housing.
136.
What is VAMA? (Real Estate)
a)
Virtual Automated Marketing Assistant
b)
Value-Add Multifamily Assets
c)
Variable Asset Management Association
137.
When was the Texas Fair Housing Act passed?
a)
1989
b)
2001
c)
2010
d)
1975
138.
What is the purpose of the Texas Fair Housing Act?
a)
To promote fair competition among housing providers.
b)
To regulate the sale of commercial real estate.
c)
To establish guidelines for property maintenance.
d)
To protect individuals from housing discrimination.
139.
What's the Americans with Disabilities Act? (ADA)
a)
The ADA is a law that only applies to employment discrimination.
b)
The Americans with Disabilities Act (ADA) is a civil rights law that prohibits discrimination against individuals with disabilities in all areas of public life.
c)
The ADA is a law that only covers physical disabilities.
d)
The ADA is a law that was repealed in the 1990s.
140.
What's the Consumer Financial Protection Bureau?
a)
The Consumer Financial Protection Bureau is a state-level agency
b)
The Consumer Financial Protection Bureau is a non-profit organization
c)
The Consumer Financial Protection Bureau is a government agency responsible for consumer protection in the financial sector.
d)
The Consumer Financial Protection Bureau is a private organization
141.
What's the Equal Credit Opportunity Act? (ECOLA)
a)
The ECOLA is a credit card company known for its exclusive offers to high-income individuals.
b)
The Equal Credit Opportunity Act (ECOA) is a federal law that prohibits creditors from discriminating against credit applicants on the basis of certain characteristics.
c)
The ECOLA is a federal program that provides financial assistance to low-income families.
d)
The ECOLA is a law that regulates environmental protection standards for credit agencies.
142.
What's the Community Reinvestment Act?
a)
The Community Reinvestment Act is a federal law that encourages banks to meet the credit needs of the communities in which they operate.
b)
The Community Reinvestment Act is a policy that allows banks to discriminate against certain communities.
c)
The Community Reinvestment Act is a program that incentivizes banks to invest in foreign markets.
d)
The Community Reinvestment Act is a state law that only applies to credit unions.
143.
Define Redlining?
a)
Discriminatory practice of denying services or charging more based on racial or ethnic background.
b)
A type of paint color used in interior design.
c)
A term used in sports to describe a player's performance.
d)
A method of categorizing books in a library.
144.
What's the purpose of the Fair Credit Reporting Act?
a)
To decrease consumer privacy
b)
To promote accuracy, fairness, and privacy of consumer information
c)
To increase interest rates on loans
d)
To limit access to credit reports
145.
Define Metes and bounds.
a)
A system or method of describing land by specifying the shape and boundary lines of a parcel using distances and angles from a specific starting point.
b)
A system of measuring land based on the number of trees within the boundaries
c)
A method of describing land by specifying the shape and boundary lines of a parcel using only angles
d)
A method of land surveying that relies solely on satellite imagery
146.
Define Lot and Block.
a)
A Lot is a piece of land designated for a specific purpose, and a Block is a group of Lots typically bounded by streets.
b)
A Lot is a group of houses, and a Block is a unit of measurement.
c)
A Lot is a type of food, and a Block is a type of building material.
d)
A Lot is a term used in sports, and a Block is a term used in programming.
147.
What are deed restrictions?
a)
Deed restrictions are regulations on fishing licenses
b)
Deed restrictions are guidelines for planting a garden
c)
Deed restrictions are rules for painting a house
d)
Deed restrictions are limitations placed on a property by a previous owner or a community association, dictating how the property can be used or developed.
148.
When was the Government Survey System Created?
a)
1825
b)
1776
c)
1785
d)
1800
149.
What is a Government Survey System?
a)
A Government Survey System is a method used by private companies to track consumer behavior.
b)
A Government Survey System is a method used by government agencies to divide and describe land in the United States.
c)
A Government Survey System is a type of weather forecasting model.
d)
A Government Survey System is a tool used for social media analytics.
150.
What is land surveying? (Real Estate)
a)
Land surveying is the act of predicting the future value of a real estate property.
b)
Land surveying is the process of planting trees on a piece of land.
c)
Land surveying is the process of accurately determining and documenting the boundaries and features of a parcel of land.
d)
Land surveying involves counting the number of clouds in the sky above a property.
151.
How many square feet is in a acre?
a)
10000
b)
43560
c)
640
d)
5280
152.
What's a Partition? (Real Estate)
a)
A partition in real estate is a legal action to divide property among co-owners when they cannot agree on how to use or divide the property.
b)
A partition is a term used for dividing land based on soil quality
c)
A partition is a legal document for renting a property
d)
A partition is a type of window in a house
153.
What is a Listing Agreement? (Real Estate)
a)
A Listing Agreement is a contract between a property owner and a bank.
b)
A Listing Agreement is a contract between a real estate agent and a tenant.
c)
A Listing Agreement is a contract between a real estate agent and a property owner.
d)
A Listing Agreement is a contract between a real estate agent and a buyer.
154.
What's an open listing? (Real Estate)
a)
An open listing is a property listing that allows only one real estate agent to market the property for sale.
b)
An open listing in real estate is a property listing that allows multiple real estate agents to simultaneously market the property for sale.
c)
An open listing is a property listing that requires the buyer to pay a higher commission.
d)
An open listing is a property listing that is not publicly available for sale.
155.
What's an exclusive agency? (Real Estate)
a)
An exclusive agency means the seller can work with any real estate agent they choose
b)
An exclusive agency is when multiple real estate agents are involved in selling a property
c)
An exclusive agency in real estate is when a seller agrees to work with only one real estate agent to sell their property.
d)
An exclusive agency allows the seller to list their property on multiple platforms simultaneously
156.
What's the Exclusive Right to Sell? (Real Estate)
a)
Shared Right to Sell
b)
Exclusive Right to Sell is a type of listing agreement where the real estate agent has the exclusive right to represent the seller and earn a commission, regardless of who sells the property during the listing period.
c)
Limited Right to Lease
d)
Exclusive Right to Rent
157.
What is Net Listing? (Real Estate)
a)
A net listing is a type of real estate listing agreement where the agent's commission is determined by the number of showings.
b)
A net listing is a type of real estate listing agreement where the agent's commission is paid by the buyer.
c)
A net listing is a type of real estate listing agreement where the agent's commission is any amount above the minimum price set by the seller.
d)
A net listing is a type of real estate listing agreement where the agent's commission is a fixed percentage of the final sale price.
158.
Define a Comparative market analysis.
a)
A report on the history of a property's ownership
b)
An evaluation of similar, recently sold homes in the same area to determine the value of a property.
c)
An analysis of the stock market trends
d)
A study of the weather patterns in a specific area
159.
What's a Broker's Price Opinion?
a)
A legal document outlining property boundaries
b)
A type of mortgage agreement
c)
A financial statement for a real estate company
d)
An estimate of a property's value provided by a real estate broker.
160.
What's the is the Procure cause of sell?
a)
supply
b)
price
c)
demand
d)
competition
161.
What's a Contract?
a)
A contract is a legally binding agreement between two or more parties.
b)
A contract is a piece of paper
c)
A contract is a verbal agreement
d)
A contract is a handshake deal
162.
What's Express Contract?
a)
An express contract is a contract that is only valid if it is not in writing.
b)
An express contract is a contract that is legally binding without the consent of all parties.
c)
An express contract is a contract created by acceptance of an offer.
d)
An express contract is a contract that is implied through the actions of the parties involved.
163.
What's a bilateral contract?
a)
A bilateral contract is an agreement where only one party makes a promise.
b)
A bilateral contract is a contract that is binding on both parties to perform, and creating mutuality.
c)
A bilateral contract is an agreement between three parties.
d)
A bilateral contract is an agreement that can be changed unilaterally by one party.
164.
What's a Unilateral Contract?
a)
A unilateral contract is a contract where both parties make promises to each other.
b)
A unilateral contract is a contract where only one party can cancel the agreement at any time.
c)
A unilateral contract is a contract where the terms can be changed by either party without notice.
d)
A unilateral contract is a contract where only one party makes a promise or undertakes a performance without receiving a reciprocal promise or performance in return.
165.
What's a valid Contract?
a)
A valid contract includes an offer, acceptance, consideration, legal capacity, and legal purpose.
b)
A valid contract includes an offer, acceptance, and a handshake.
c)
A valid contract includes an offer, acceptance, and a verbal agreement.
d)
A valid contract includes an offer, acceptance, and a witness signature.
166.
What's a void contract?
a)
A void contract is a contract signed in red ink.
b)
A void contract is a contract that is only valid on weekends.
c)
A void contract is a contract that can be enforced by either party.
d)
A void contract is not legally enforceable.
167.
When making a contract what does it mean when the parties want a mutual recission?
a)
One party cancels the contract without the other party's consent
b)
Both parties agree to extend the contract duration
c)
Both parties agree to cancel the contract and return to their original positions before the contract was made.
d)
The contract is transferred to a third party without consent
168.
What is the statute of fraud law?
a)
The statute of fraud law requires verbal agreements to be legally binding.
b)
The statute of fraud law only applies to contracts involving real estate.
c)
The statute of fraud law allows contracts to be enforced even if they are not in writing.
d)
The statute of fraud law requires certain types of contracts to be in writing to be enforceable.
169.
What's an Executory Contract?
a)
An Executory Contract is a contract that is no longer valid.
b)
An Executory Contract is a contract where only one party has fulfilled their obligations.
c)
An Executory Contract is a contract that has been fully executed by both parties.
d)
An Executory Contract is a contract where both parties have not yet fulfilled their obligations.
170.
What does it mean when an individual wants a "novation" to their contract?
a)
Changing the contract terms without consent
b)
A new contract is substituted for an existing one
c)
Adding more parties to the contract
d)
Terminating the contract
100 %
