TEXAS PRINCIPLES OF REAL ESTATE 1 EXAM
LATEST 2023-2024, PRACTICE QUESTIONS AND
CORRECT ANSWERS (100%VERIFIED ANSWERS)
|ALREADY GRADED A+
Which of the following is an exception for the requirement to provide a written Information About Brokerage Services (IABS) form? - ANSWER- if another party to the transaction is represented by another license holder
TREC may issue or renew a license for a period - ANSWER- no more than 2 years
When may the aggrieved person apply to the court that entered the judgment for an order for payment from the trust account of the amount unpaid on the judgment? - ANSWER- after the 20th day of written notice
Salesperson Jim is has just renewed his license for the first time. How many semester hours, or equivalent classroom hours, of core real estate courses must he have completed? - ANSWER- 18 hours
Which of the following statements best defines a "right-of-way" agent? - ANSWER- A right-of-way agent is one who sells, buys, leases or transfers an easement or other right-of-way for another person and is compensated.
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If a person does not pay the administrative penalty and the enforcement of the penalty is not stated, - ANSWER- the administrator may refer the matter to the attorney general for collection of the penalty.
What are the full conditions for a broker to appoint an associated license holder acting as an intermediary? - ANSWER- clause 2 and 3
What is the minimum annual coverage limit for each occurrence that a real estate business entity must maintain for errors and omissions insurance, if the designated agent owns less than 10 percent of the business? - ANSWER- $1,000,000
What is the maximum amount of payments from the trust account for claims arising out of a single transaction? - ANSWER- $50,000 including attorney's fees, interest, and court costs
In what document would you find a brief summary of the alleged license law violation? - ANSWER- Notice of Violation and Penalty
The position, that requires that property owners obtain permits for use of water, is called - ANSWER- the Doctrine of Prior Appropriation
Owners who enjoy the littoral right of use - ANSWER- do not own the water or the land beneath the water, if their properties abut a navigable, non-moving body of water.
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Landowner Norm noticed that after a recent flood 2 feet of new soil was deposited on his property. What is the process called that resulted in Norm's extra river frontage? - ANSWER- Accretions
In Texas, what space is designated as public beach easement? - ANSWER- Anything between the high tide line and the low tide line
Which act changed land ownership in the U.S. to an allodial system? - ANSWER- The Treaty of Paris
Management of escheated property falls on - ANSWER- the Texas General Land Office.
What distinguishes a freehold estate from a leasehold estate? - ANSWER- A leasehold endures only for a specific period of time.
Which of the following is NOT a form of legal life estate? - ANSWER- Pur autre vie
Upon the death of the owner, a life estate passes to - ANSWER- the original owner or other named person.
Which entity issues water right permits? - ANSWER- The Texas Commission on Environmental Quality (TCEQ)
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Homestead law provide for which of the following? - ANSWER- The homestead is exempt from seizure for the collection of general debts.
Rural Homesteads in Texas may not be more than ... acres for a family. -
ANSWER- 200
What distinguishes a pur autre vie life estate from an ordinary life estate? - ANSWER- The pur autre vie estate endures only for the lifetime of a person other than the grantee
Which U.S. Amendment to the Constitution requires just compensation for any eminent domain sale? - ANSWER- 5th
Which of the following statements best defines a short sale? - ANSWER- A lender allows a borrower in default on mortgage to sell the mortgaged property for less money than necessary to satisfy the loan.
Easements and encroachments are types of - ANSWER- encumbrances.
Which of the following is not a ground for granting a prescriptive easement order? - ANSWER- harmful use
There are two adjoining properties. An easement allows property A to use the access road that belongs to property B. In this situation, property A is said to be which of the following in relation to property B? - ANSWER- Dominant tenement
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