TEXAS PRINCIPLES OF REAL ESTATE 1 FINAL
LATEST 2023-2024 ACTUAL EXAM 220 QUESTIONS
AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS ) |AGRADE
What federal act allowed single persons to exclude up to $250,000 in real estate gains from taxation? - ANSWER- The Taxpayer Relief Act
What type of building product is known by the name EIFS? - ANSWER- Exterior synthetic stucco
How is Alternative Minimum Tax under Tax Relief Act determined? - ANSWER- tied to inflation
What is a co-op? - ANSWER- units that are owned by a corporation that sells shares of stock to the owners.
What is the typical height of high-rise buildings? - ANSWER- 6 floors or higher
The Texas Uniform Condominium Act allows owners shares of common elements - ANSWER- but the common elements cannot be partitioned.
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What are the specific features of PUDs? - ANSWER- low-price and a minimum of maintenance cost
In what document would you find covenants and restrictions regarding use and transfer of condo units? - ANSWER- Declaration Provisions
If the broker is paying an inordinate amount of selling expenses, what may be an agent's commission split? - ANSWER- 40%
What do "blind ads' do? - ANSWER- Conceal the identity of the person placing the ad.
What's the penalty for individual violators of the Sherman Act? - ANSWER- up to $1,000,000
What is the first step in marketing a listed property? - ANSWER- make a marketing plan
What two escrow mistakes must a broker avoid? - ANSWER- Commingling and conversion
What three things make a waiver be valid and enforceable? - ANSWER- The waiver is in writing and is signed by the consumer, the consumer is not in a significantly disparate bargaining position and s/he is represented by legal counsel
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What is the term given to the act of mixing personal funds with escrow monies? - ANSWER- commingling
Which federal statute prohibits price fixing and boycotting? - ANSWER- sherman antitrust act
A broker does not withhold taxes for - ANSWER- independent contractors
What is the deadline for submission of the contract? - ANSWER- 24 hours from the agent's receipt of the deposit
The acronym DTPA stands for - ANSWER- The Texas Deceptive Trade Practices-Consumer Protection Act
What act prohibits unfair methods of competition in interstate commerce, but carries no criminal penalties? - ANSWER- The Federal Trade Commission Act
Which of the following states that the agent has a special responsibility to be honest when performing his or her duties? - ANSWER- integrity
What is the advantage of a professional standards hearing when a problem occurs? - ANSWER- a decrease of time and money expenses for all of the parties involved
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Which entity recommends changes to articles in the NAR Code of Ethics? - ANSWER- Professional Standards Committee
Are ethics and legality similar categories? - ANSWER- nothing
The Consumer Information Form 1-1 deals with the - ANSWER- Real Estate Recovery Trust Account.
What is the legal force of the 5 Canons of Professional Ethics and Conduct? - ANSWER- they have the force and effect of law in Texas
What is the secondary goal of the Code of Ethics? - ANSWER- to provide protection for the public by using a formal complaint process
Who sits on the NAR Grievance Committee? - ANSWER- realtors
Under what Texas Real Estate Commission Canon would you find the practice of exercising skill and judgment in performing duties? - ANSWER- competency
According to the Texas Real Estate Commission Canons, one aspect of competency has to do with - ANSWER- stay informed
What organization conducts professional standards hearing for local or state associations? - ANSWER- a panel of realtor members
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