Texas Principles 1 Exam Practice
Questions - Champions School of Real
Estate
1)a: Townhomes and single-family homes differ in that a common wall. (a) townhomes share
(b) single-family homes are sold as distinct living units within (c) owners of townhomes do not own the land because of (d) townhomes are retro-commissioned and share
2)a: Rights that are associated with the ownership of real property are often referred to as the owner's:
(a)Bundle of rights
(b)Constitutional rights (c) Statutory rights
(d) Civil rights
3)a: The agreement between a broker and a client is most often a(n) agency
relationship.
(a) Special (b) General (c) Universal (d) Sub
4)a: A professional association whose local affiliates own and operate MLS systems throughout the United States is the:
(a) NAR (b) CCIM (c) BOMA (d) ICSC
5)a: The concept behind the government survey system is the of a grid on top of the land.
(a)overlay
(b)metes and bounds (c) coordinates
(d) leaps and bounds
6)a: You can use the acronym to remember the five essential elements of a valid and enforceable contract.
(a) COLIC (contractual capacity, offer and acceptance, legality of object, In writing & signed, and Consideration) (b) COLLIE
(c)EOVEC
(d)OLDCAR (obedience, loyalty, disclosure, confidentiality, accountability, and Reasonable care/diligence)
7)a: Releases can terminate .
(a) easements
(b) prescriptions (c) implied grants (d) necessities
8)a: Julie, a salesperson at Acme Realty, obtained a listing on Seller Sam's property on Oak Street. The following week, Julie was found to be mentally incompetent and was admitted to the state mental hospital in Rusk. Given Julie's unfortunate status, what is the effect on the listing with Seller Sam? (a)The listing agreement is unaffected because it is an agency agreement between Seller Sam and the broker.
(b)The listing agreement is terminated because Julie is mentally impaired.
(c)The listing agreement is unaffected because mental impairment is never an issue in agency agreements.
(d)The listing agreement is terminated because Seller Sam would not want to have an agent that no longer lives in the local market area.
9)b: Attempting to induce panic selling in a neighborhood for financial gain is known as:
(a) Steering(b) Blockbusting (c) Flipping(d) Channeling
10)b: The practice of directing buyers or renters to or away from a particular area based upon a protected class is known as:
(a) Blockbusting (b) Steering
(c)Profiteering
(d)Panic pedaling
11)b: The broker and his or her associates are most often in a(n) agency
relationship.
(a) Special (b) General (c) Universal (d) Sub
12)b: The characteristics of value of land include all of the following except for...
a) Demand
b) Taxes
c)Utility
d)Scarcity
e)Transferability
13)b: When filing a complaint against a license holder, a consumer has from the date of the incident to file a complaint with TREC.
(a) 5 years (b) 4 years (c) 2 years (d) 1 year
14)b: Surface, subsurface and air rights are said to be:
(a) Indivisible (b) Severable (c) Divisible (d) Unitary
15)b: A legal description that contains the words "Beginning at a point" is a:
(a)Lot and block description
(b)Metes and bounds description (c) Informal reference
(d) PLSS description
16)b: A property contains 103,450 square feet of land. How many acres are in this tract? (a) 43.7 (b) 2.37 (c) 23.7 (d) 3.7
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