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Number of question 85
Time allowed 150 minutes
National section
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Here are some free 85 questions and answers for you to test your skills ( National)
- The constitutional protection that a person shall not ‘be deprived of life, liberty, or property, without due process of law, nor shall private property be taken for public use, without just compensation’ is part of the….
- The constitutional protection that a person shall not ‘be deprived of life, liberty, or property, without due process of law, nor shall private property be taken for public use, without just compensation’ is part of the….
a) 1st
b) 8th
c) 5th
d) 6th
2) Federal laws affect all states and are only superseded if
a) The state secedes from the country
b) vetoed by the state’s governor
c) rejected by a vote of the majority of the state’s legislature.
d) the state regulation on the same topic is more restrictive
3) Investment permanence is another term for
a) Scarcity
b) Fixity
c) Modification
d) Situs
4) Which of the following would be defined as real estate as opposed to real property?
a) Wells, driveways, and signs on a parcel of land.
b) Mobile homes temporarily parked on a parcel of lan
c) Timber that has been cut and is lying on a parcel of land.
d) Business equipment an owner or tenant has placed on a parcel of land.
5) Which of the following would be considered a property improvement?
a) An alteration to land to make it more useful.
b) An increase in the value of a property.
c) A chicken coop permanently attached to land
d) A parcel of land that has passed percolation test
6) Which of the following best describes the physical boundaries of land?
a) The surface of the earth and infinite space above the surface.
b) The center of the earth and infinite space above the earth.
c) The surface of the earth and all water and minerals on or below the surface to the center of the earth.
d) The surface of the earth and the air rights above the surface to the point defined by local zoning.
- The area of a triangle is calculated by
a) Base X Height
b) ½ Base X Height
c) 1/3 Base X Height
d) ¼ Base X Height
- If 4X = 48 then X = ?
a) 12
b) 8
c)14
d)10
9) 5/8 converted to a decimal
a) 0.563
b)0.625
c)0.526
d)0.652
10) The “bundle of rights” refers to a set of rights
a) enjoyed by the owner of a property
b) that is synonymous with the bill of rights
c) guaranteed to citizens by the statute of Rights.
d) Specified in a deed or land contract
- Which of the following best describes the legal concept of personal property?
a) Any item which is acquired in a fee simple sale transaction.
b) Any item of property that is not definable as real property
c)Any Movable property owned by an individual, partnership or corporation
d) Any item that is not a natural item affixed to the earth.
12) The right to encumber a property means that the owner can
a) Sell the property to an encumbered party.
b) Pledge the property as collateral for debt.
c) Lease the property.
d) Assign the bundle of rights to another.
- Acting as which of the following is a violation of the Real Estate License Act?
a) Acting as the broker without possessing a valid license issued by the Texas Real Estate Commission.
b) All of thes are correct.
c) Participating in a real estate transaction without being affiliated with the listing broker
d) Acting as a intermediary for more than one party in a transaction
14) If a broker or sales agent discloses that their client will accept less than asking price.
a) They must have instrucion from the client to do so in writing
b) They will lose their license . Since this is never allowed.
c)They are working within the rules of the administrative code.
d) They are betraying the client, but this isn’t strictly against the rules
15) In Texas real estate and intermediary is best described by which of the following?
a) is a legal advisor in the real estate transaction
b) is co-ordinator between all parties to a transactionis
c) a broker who is employed to negotiate a transaction between parties to a transaction in an impartial manner.
d) is a person or entity who holds title to the house during the real estate transaction.
16) A property owner leases 60 acres of agricultural land for a renewable period of 5 years. In the context of real estate rights, this lease represents.
a) transfer of a portion of the bundle of rights
b) encroachment on the bundle of rights.
c) conveyance of the tenant’s rights
d) encumbrance of the tenant’s rights
17) A homeowner is very upset over a drone that a neighbor flies over his house. He takes his case to court to end this possible violation of rights. Does he have a case, and on what basis?
a) No. The neighbor is not physically on his property.
b) No. The drone is in the air, so he cannot exercise any surface rights
c) Yes. The owner has the right to stop encroachments.
d) Yes. The drones infringe on his air rights.
18) Littoral rights apply to which of the following?
a) Boatable ponds entirely containedwithin the boundaries of an owner’s property
b) Streams and rivers
. c) Navigable lakes, seas and oceans.
d) Navigable streams and rivers.
19) The TREC Promulgated One to Four Family Residential Contract (Resale) can be identified by the
a) ID number in the lower right corner
b) Date in the upper right corner and the ID number in the lower right corner
c) .All of these are correct
d) Date in the upper right corner
20) Before signing a purchase contract the licensee must give a buyer written advice
a) on how to calculate their maximum monthly payment.
b) on what repair requests to prioritize specifically regarding the home being purchased.
c) To have the abstract covering the property examined by an attorney of the buyer’s selection or to obtain an owner’s title insurance policy prior to closing.
d) on how to handle any legal issues that have arisen the transaction.
21) The Broker-Lawyer Committee does which of the following?
a) is in charge of investigating complaints against licensees
b) Drafts and revises contract forms for use by real estate licensees
c) Promulgates forms for use in Texas real estate
d) Determines punishments for licensees violating TRELA regulations.
22) A retired couple has just bought a retirement home with apier on a large lake. In this case the retirees’ water rights extend to.
a) the high water mark of the body of water at the shoreline
b) the low water mark of the body of water at the shorelinethe
c) center of the lake
d) the end of the pier
23) A waterfront homeowner has just died. What will become of the water rights the owner enjoyed while living in the home?
a)They revert to the state when the property is sold
b) They are extinguished.
c) They are a personal right belonging to an individual owner, not attaching to the real property.
d) They transfer with the property when the property is sold
24) Riparian rights concern which of the following bodies of water?
a) Lakes.
b) Seas and oceans.
c)Streams and rivers
d) Navigable lakes
25) A contract for deed is a classic example of an
a) Voidable contract
b) unenforceable contract
c) Executory contract
d) Executed contract
26) An attachment added to the end of an contract and incorporated in the contract terms is called which of these?
a) Exemption
b) Addendum
c)Amendment
d) None of these
27) Executed and Executory contracts are diffrentiated by
a) by their enforceability
b) by their structures
c) by the validity
d) their stages of fulfillment
28) Which of the following best describes a “fixture”
a) Any item of personal property positioned within the boundaries of a parcel of real estate
. b) An item of personal property that has been converted to real property
c) An item of real property temporarily placed on land for the purpose of conducting a business.
d) An item of personal property that has been left in one location for a period of six months
.
29) An item may be considered personal property as opposed to real property provided that
a) the owner intended to remove it after a period of time
b) it can be removed without altering the appreance of the structure
c) physical integrity of the structure
d) the owner installed it at some time after acquiring the real property.
30) Two People own a house, each having an undivided equal interest. Which of the following best describes what each party owns?
a) Fifty percent of the physical house and the land it rests on
b) One hundred percent of the home and the land
c) Fifty percent of the estate consisting of the indivisible whole of the real property.
d) Each owns one hundred percent of the estate represented by the real property and fifty percent of the physical house and the land it rests on
31) Which of these is not one of the four phases of the real estate cycle?
a) Recovery
b) Recession
c) Expansion
d) Demand
32) Which of these is not a generally reliable market source for home finance?
a) Banks and Savings & Loans
b) Mortgage Brokers
c) Inheritance
d) Private Investors
33) HELOC stands for
a) Home Equity loan for Cash
b) Help Employee Land Ownership Commission
c) Home Equity Line of Credit
d) Helping Earners Learn Ownership Costs
.
34) A real property interest that includes the right to possess is considered
a) An estate in land
b) A leasehold estate
c) A fee simple estate
d) the bundle of rights.
35) The right to control land usage by zoning and eminent domain is an example of
a) a public interest
b) a police interest
c) an encumbrance
d) an estate in law
36) If the duration of an owner’s rights in an estate is not determinable, the owner has
a) a tenancy at sufferance
b) a leased fee simple estate.
c) a freehold estate
d) a leasehold estate
37) THE _________________is a factor in determining if something is a fixture.
a) Permanency of the method of attachment
b) original cost and remaining balance
c) Age and condition
d) Previous ownership
38) Items such as booths, bars display cases, and lights attached to a particular business are referred to as.
a) Trade fixtures
b) Personal property.
c) Industrial props
d) emblements
39) The ruling authority for manufactured homes in Texas is
a) Texas Department of Mobile Homes (TDMH)
b) Texas Department of Housing and Community Affairs (TDHCA)
c) Texas Real Estate Commission (TREC)
d) The Real Estate License Act (TRELA)
40) The distinguishing feature of a leasehold estate is
a) Ownership of an interest by a tenent
b) Temporary ownership of the full bundle of rights in a property.
c) unlimited ownership of one right in the bundle of rights in aproperty.
d) that the estate is limited by a lease term
41) A landowner conveys a parcel of property with the provision that the land cannot be developed for retail purposes. The new owner immediately begins to develop a retail shopping outlet, the grantor finds out and takes the property back. What kind of estate did this landowner convey?
a) Fee simple absolute.
b) Life estate will reversion
c) Life estate with condition subsequent
d) Fee simple defeasible
42) Ned grants his sister Alice an estate for as long as she lives. Her descendants, however, cannot inherit the estate. What kind of estate is it?
a) An estate pur autre vie
b) An estate for years.
c) An ordinary life estate
d) A legal life estate
43) USPAP stands for which of the following?
a) Uniform Standards of Professional Appraisal Practice
b) United states Professionals Appraisal Practice
c) United Standards of Property Appraising Professionals
d) United Standards of Practicing Appraisal Professionals
44) A “best and highest use” must meet the following four criteria except for which of these?
a) Maximally productive
b) Legally Permissible
c) Financially Challenging
d) Physically Possible
45) A licensed Residential Appraiser is one who is authorized to appraise
a) Neither of these is correct.
b) non-complex one to four residential units having a transaction value less than $1 million
c) complex one to four residential units having a transaction value less than $250,000
d) Both of these are correct.
46) Homestead estates are examples of
a) A conventional life estate
b) a legal life estate
c) An estate created by an owner’s agreement
d) a fee simple absolute.
47) Louis owned a boat and a house before marrying Barbara. While she was single, Barbara owned a new car. The two got married and bought a second home. As a wedding present, Barbara’s father bought Louis a motorcycle. Under the law of community property, what property can Louis sell without his wife’s consent or signature?
a) The boat and house.
b) The boat, house, and motorcycle.
c) The second home and the motorcycle.
d) The boat and motorcycle
48) Katelyn rents an apartment for one year. What right has she acquired under the leasehold?
a) The right to exclude everyone from the premises.
b) The right to encumber the fee interest
c) The right to sell the Premises
d) The right to possess and use the premises.
49) The fiduciary duty of “no profit” means that
a) The agent cannot profit from the principal agent arrangement in any way
b) The agent is required to share any profit with the principal
c) the principal cannot profit from the relationship
d) the agent is barred from making decisions which will specifically benefit the agent especially at the expense of the principal
50) Which one of the following is not one of the commonly recognized fiduciary duties?
a) Obedience
b) Disclosure
c) Loyalty
d) Punctuality
51) The Principal may not owe compensation to the agent if
a) The principal is not happy with the results of the agent’s work
b) the agent was negligent and caused damages to the principal
c) the principal did not fully understand the agency arrangement
d) the agent didn’t meet the principal’s expectations.
52) An estate from period-to-period will continue as long as
a) The tenant makes, and landlord accepts, regular rent payments.
b) The term specified in the lease
c) The period is less than a year
d) The landlord has not sold the property
53) An Estate at will
a) Cannot be terminated
b) is terminated only if so stated in the lessee’s last will and testament
c) Terminates on the death of lessor or lessee
d) Terminates on the date specified in the lease agreement
54) A tenant continues to occupy an apartment after lease expiration without the consent of the landlord This type of estate is called
a) An estate at sufferance
b) A holdover estate
c) A canceled leasehold
d) a hostile leasehold
55) The difference between a condominium and an apartment is
a) the number of levels
b) the construction of the building
c) the number of tenents
d) the manner of ownership
56) The term real property refers to
a) Earth’s surface
b) Subsurface
c) Airspace
d) All of these
57) Which of these is not on of the basic five tests to determine if an object or item is a fixture?
a) Existence of an agreement
b) Manner of attachment
c) Adaptation of the object
d) Size of the object
58) A tenant without a lease has been sending the landlord monthly rent checks, and the landlord continues to accept the payment. What kind of leasehold estate exists?
a) Estate for years.
b) Estate from period to period
c) Estate at will
d) Estate at sufferance.
59) A fee or life estate is held by an individual. This form of estate is referred to as a
a) tenancy in severalty
b) tenancy by the entireties
c) absolute fee simple
d) legal fee simple.
60) Six people have identical rights in a property and enjoy an indivisible interest. However any of the owners may sell or transfer his/her interest without consent of the others. This form of ownership is a
a) joint tenency
b) homestead ownership
c) tenancy in common
d) estate in severally
61) Which of these is not an anti competitive practice?
a) tie in agreement
b) price fixing
c) commission splitting
62) There are______ common law fiduciary duties owed to a client/the principal
a) 5
b) 6
c) 3
d) 7
63) Defenses to DTPA claims include
a) the statute of limitations
b) all of these
c) contributory negligence
d) lack of consumer status
64) The ” four unities’ required to create a joint tenancy include which of the following conditions?
a) Parties must acquire respective interests at the same time
b) Parties must be residents of the same state at the time of acquiring the interest
c) Parties must be family members
d) Parties must have financial responsibility
65) Unlike tenants in common joint tenants
a) Own distinct portions of the physical property
b) cannot will their interest to a party outside the tenancy
c) may own unequal shares of the property
d) cannot encumber their interest to outside parties
66) Which of the following life estate is created by operation of law rather than by the owner?
a) Conventional life estate
b) Ordinary life estate
c) Legal life estate
d) Community property life estate
67) The term “situs” refers to
a) Geographic location
b) the neighborhood location in terms of social class
c) none of these
d) location from an economic point of view
68) Annual cultivated crops are referred to as
a) easement
b) emblements
c) fixtures
d) attachments
69) The two types of real property characteristics to be reviewed are
a) Physical and geographical
b) Economic and physical
c) Economic and social
d) Social and geographical
70) Which of the following is true of a homestead?
a) A homestead interest cannot be conveyed by one spouse
b) A homestead interest cannot be passed to the children of the head of household
c) A homestead interest is a form of conventional life estate
d) A homestead is a primary or secondary residence occupied by a family
71) A tenant in common can
a) Sell or transfer his interest without the consent of the other tenants in common
b) use his or her interest in the estate to encumber the entire estate
c) sell, encumber or transfer his or her interest only to the other tenants in common
d) sell, encumber or transfer his or her interest only with the consent of all the other tenants in common
72) Which of the following would be considered community property?
a) Property acquired before marriage
b) A motorcycle bought after the marriage with separate property funds
c) Income derived from community property
d) A mother’s heirloom wedding ring gifted to the wife after her wedding
73) TREC allows the use of forms that are not promulgated
a) Under no circumstances
b) if they are prepared by the owner or by an attorney and required by the property owner
c) in very unique circumstances
d) if an experienced broker writes the form
74) When a licensee receives a verbal offer on a property
a) they do not need to present it to the owner as it is not official
b) they should try to negotiate a better deal for the client before presenting it
c) They should present it to the owner as quickly possible
d) they should reject it on behalf of the owner
75) The Broker-Lawyer Committee
a) Develops forms for TREC to adopt and promulgate at their discretion
b) Promulgates TREC’s Texas contract forms
c) does both of these
d) does neither of these
76) When real property is held in a land trust, who controls the property?
a) The trustor
b) The trustee
c) The beneficiary
d) The mortgagee
77) In a community property state John marries Patricia. Prior to the marriage John owned an SUV During the marriage, John bought a Buick, John and Patricia bought a second property with money earned from Patricia”s job and each individual received a motorcycle from Patricia’s uncle as a gift What property is community property in this marriage?
a) The SUV, the Buick, and the second property
b) The SUV, the Buick, the second property, and the motor cycles
c) The Buick and the second property
d) The Buick, the second property, and the motorcycles
78) Which of the following is true of a cooperative
a) A cooperative may hold an owner liable for the unpaid operating expenses of other tenants
b) The owners have a fee simple interest in the airspace of their respective apartments
c) Owners may sublease their apartments even if they sell their stock in the cooperative.
d) The Proprietary lease is guaranteed to have a fixed rate of rent over the life of the lease term
79) With regard to bank issued loans the ” discount rate” is
a) the interest rate commercial banks and other depository institutions are charged on loans from the Fed
b) the interest rate they give to their preferred customers
c) the interest rate on money loaned to the govternmet
d) the favorable interest rate that is advertised
80) Which of these is not a government entity critical to a discussion of the monetary system?
a) U.S Treasury and Mint
b) Federal Reserve System
c) All of these are critical
d) Federal Deposit insurance Corporation
81) The FIDIC authority to
a) do all of these
b) Examine and supervise financial institutions
c) Insure deposits
d) Making large and complex financial institutions resolvable
82) Which of the following is true of a tenancy in common?
a) The co-owners must be related
b) The owner enjoy an indivisible interest
c) The tenants must acquire their interests at the same time
d) The tenants must pay equal amounts for their interest in the estate
83) Jane and Bill Acquire a condominium as tenants in common. In this circumstance, Jane can
a) sell her interest to a third party without the consent of Robert
b) use her interest in the estate to mortgage the entire estate
c) sell her interest only to Bill
d) Sell encumber or transfer her interest only with the consent of Bill
84) When a tenant in common dies, what happens to the tenant’s interest in the estate?
a) It is divided equally among the surviving tenants in common
b) The surviving tenants must buy the interest from the deceased tenant’s heirs or sell their interests to the heirs
c) It becomes a joint tenancy
d) It passes by probate to the deceased tenant’s heirs
85) The _____________________market is the market where borrowers and mortgage lenders meet to negotiate terms and conduct mortgage transactions.
a) Public mortgage
b) secondary mortagage
c) Primary mortgage
d) popular mortgage
.
Home Home sweet sweet home 