Texas Principles of Real Estate 1 Final Exam Questions and Verified Answers | Grade A | 2024 / 2025 Update
Question:
An insurance policy protecting against a variety of hazards is referred to as a...?
- Homestead Policy
- Individual Policy
- Homeowners Policy
- Package Policy
Answer:
Homeowners Policy
Question:
Which of the following is an advantage to owning a home...?
- Tax benefits
- Pride of ownership
- Potential for asset appreciation
- All of the above
Answer: 1 / 4
All of the Above
Question:
An individual is exempt from paying taxes on capital gains for up to how much in profit if he/she lived in the house for at least 2 of the last 5 years...?
- $100,000
- $250,000
- $500,000
- $1,000,000
Answer:
$250,000
Question:
An individual who has not owned real property for at least the previous two years is known as a...?
- First-time homebuyer
- Conventional homebuyer
- Exempt homebuyer
- Vacant homebuyer
Answer:
First-Time Homebuyer
- / 4
Question:
When a real estate broker represents a buyer in a transaction, the broker and buyer are bound by which of the following contracts...?
- Buyer Representation Agreement
- Listing Agreement
- All of the above
- Purchase Agreement
Answer:
Buyer Representation Agreement
Question:
A contract in which a property owner employs a real estate broker to market the property described in the contract is referred to as the....?
- Exclusive Contract
- Purchase Contract
- Listing Contract
- Agency Contract
Answer:
Listing Contract
Question:
The 'L' in the acronym C.O.A.L.D. stands for which fiduciary duty...?
- Loyalty
- Litigation
- Listing
- License 3 / 4
Answer:
Loyalty
Question:
The employer of an agent is referred to as the...?
- Principal
- Partner
- Customer
- Fiduciary
Answer:
Principal
Question:
An agency relationship created by oral or written agreement between the principal and the agent is known as...?
- General Agency
- Brokerage
- Implied Agency
- Express Agency
Answer:
Express Agency
- / 4