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ACEABLE AGENT TEXAS REAL ESTATE
PRINCIPLES I QUESTION AND ANSWER
100% CORRECT
Question : Which one of the following is NOT a type of co-
ownership?
Correct answer: Trust Tenancy
Question : Which of the following is an example of a
monument...?A) A treeB) A postC) A streamD) All of the above
Correct answer: all of the above
Question : Which of the following is NOT an ownership right?
Correct answer: Easement
Question : agreement guarantees the agent's brokerage receives
a commission if the property is sold, regardless of who brings the buyer
Correct answer: Exclusive right to sell
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Question : An agent is listing a property built in 1964. The agent
is required by federal law to provide the buyer with a disclosure on which environmental hazard
Correct answer: Lead based paint
Question : For a listing agreement to be enforceable in court, it
MUST be:
Correct answer: In Writing
Question : When a business has general partners that oversee the
day-to-day activities of the business and other partners that are only investors and ONLY have liability up to the amount of their investments
Correct answer: limited partnership
Question : Texas homestead laws protect homeowners from:
Correct answer: creditors
Question : What is the history of the title to a property called?
Correct answer: abstract of title
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Question : Buyer Alex is looking at a lakefront property. He has
questions about whether he would be allowed to access and use the lake. What kind of rights is Alex wondering about?
Correct answer: Littoral rights
Question : Rights that govern the use of flowing water, such as
rivers and streams that pass through or border a property are
known as:
Correct answer: Riparian Rights
Question : Winston and Ally purchased a home together, but
both remained on the title after their divorce, even though Ally got the house to herself. While trying to sell the house, it is discovered that Winston is still considered an owner.This is an example of what type of encumbrance?
Correct answer: cloud on title
Question : When there is a breach of contract, the non-breaching
party can rescind the contract, forfeit the contract, or:
Correct answer: sue for compensatory damages, specific
performance or both
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Question : space above a parcel of land called
Correct answer: Air Lot
Question : Where can developers find information about the
terrain and elevation for a given parcel
Correct answer: contour maps
Question : Choose the survey method that could result in this
legal description: "SW 1/4 of the NE 1/4 of the NW 1/4 of
Section 2, Township 8 South, Range 3
Correct answer: rectangular survey method
Question : A monument used to establish the elevation of the
point, usually relative to Mean Sea Level. It is permanent.
Correct answer: bench mark
Question : A method of specifying the location of a parcel of
land using prime meridians, base lines, standard parallels, guide meridians, townships and sections is known as the...