pg. 1 Texas Principles of Real Estate Final Exam/ Practice Questions with Correct Verified Answers- Latest Update 2024.
A real estate agent is an example of what type of agent...?Universal Agent General Agent Special Agent Specific Agent - ANSWER - Special Agent
A means of comparing similar type properties, which have recently sold, to the subject property is known as the...?Cost Approach Assessment Approach Income Approach Market Comparison Approach - ANSWER - Market Comparison Approach
A contract in which a property owner employs a real estate broker to market the property described in the contract is known as the...Agency Disclosure Contract Purchase and Sales Contract Closing Contract Listing Contract - ANSWER - Listing Contract
Properties with five or more dwelling units are considered...?Special Purpose Property Commercial Property 1 / 4
pg. 2 Industrial Property Residential Property - ANSWER - Commercial Property
The amount of goods offered for sale within a given market at a given price during a given time period is known as...Demand GDP Supply None of the above - ANSWER - Supply
The general uses of real property include which of the following...?Residential Industrial Commercial All of the above - ANSWER - All of the Above
If a real estate salesperson closes on a transaction, who pays the salesperson their commission...?The Buyer The salesperson's sponsoring broker Whatever is stated in the listing agreement The Seller - ANSWER - The Salesperson's Sponsoring Broker
A property manager is an example of what type of agent...?Universal Agent Specific Agent General Agent Special Agent - ANSWER - General Agent
The employer of an agent is known as the...? 2 / 4
pg. 3 Principal All of the above Customer Escrow - ANSWER - Principal
The market comparison approach is commonly used for this property type...?Mixed-use Industrial Residential Commercial - ANSWER - Residential
Land and everything permanently attached to land is defined as...?Bundle of Rights Real Property Fixture Real Estate - ANSWER - Real Estate
A refrigerator is typically considered...?Fixture Real Property Personal Property Emblements - ANSWER - Personal Property
All property that is not land and is not permanently attached to land is known as...?Personal Property Real Property Real Estate Fixture - ANSWER - Personal Property
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pg. 4 Mineral rights are typically considered dominant to which of the following rights...?Sub-surface rights None of the above Air rights Surface rights - ANSWER - Surface Rights
Which of the following is considered a legal test for determining if an item is a fixture or not...?Intention of the parties Mode and permanence of how the item was attached Adaptation of the item All of the above - ANSWER - All of the Above
The right of exclusion, which allows a landowner to prevent others from entering or occupying their property, is included in the...?Riparian Rights Littoral Rights Air Rights Bundle of Rights - ANSWER - Bundle of Rights
The landowner's ability to take minerals from the earth or to sell or lease this right to others is known as...?Bundle of Rights Land Rights Mineral rights Air Rights - ANSWER - Mineral Rights
The transfer of personal property is typically done using a...?Deed Purchase Contract
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