Texas Real Estate Exam 199 Questions And Answers
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Terms in this set
199
A contract is described as voidable if at least one party has the option to:
rescind the contract
perform under the terms of the contract
extend the deadline for performance
assign the contract to someone else
rescind the contract
perform under the terms of the contract
extend the deadline for performance
assign the contract to someone else
rescind the contract
If a listing agent does not have their client fill out the TREC Seller's Disclosure Notice:
They are in violation of TREC rules for not using promulgated forms.
They need to have the seller fill out a separate but equivalent property disclosure form.
They have no other acceptable way for their client to fulfill their property disclosure duty.
They are within their rights as Texas is a "caveat emptor" state.
They are in violation of TREC rules for not using promulgated forms.
They need to have the seller fill out a separate but equivalent property disclosure form.
They have no other acceptable way for their client to fulfill their property disclosure duty.
They are within their rights as Texas is a "caveat emptor" state.
They need to have the seller fill out a separate but equivalent property disclosure form..
With respect to the handling of a client or customer's money by a broker or sales agent, what is meant by "conversion"?
the use of a client or customer's money for the broker or agent's own purposes
the deposit of a client or customer's money into a trust fund
the moving of a client or customer's money from a trust fund to an escrow account
the mixing of a client or customer's money with that of a broker or sales agent
the use of a client or customer's money for the broker or agent's own purposes
the deposit of a client or customer's money into a trust fund
the moving of a client or customer's money from a trust fund to an escrow account
the mixing of a client or customer's money with that of a broker or sales agent
the use of a client or customer's money for the broker or agent's own purposes
Which of these would most likely represent the unauthorized practice of law by a licensee?
telling a client what their options are during negotiations
suggesting a client talk to an attorney
directing a client to read a contract in its entirety
advising a client not to order an abstract of title because title appears to be clear
telling a client what their options are during negotiations
suggesting a client talk to an attorney
directing a client to read a contract in its entirety
advising a client not to order an abstract of title because title appears to be clear
advising a client not to order an abstract of title because title appears to be clear
The sales comparison approach is the most commonly used appraisal method for which type of property?
new construction
public special-use buildings
investor-owned apartments
owner-occupied residential homes
new construction
public special-use buildings
investor-owned apartments
owner-occupied residential homes
owner-occupied residential homes
Which of these scenarios violates fair housing law?
refusing to rent an apartment to a person who has been convicted of selling illegal drugs
religious organization restricting their housing units to only people of the same faith
denying a family with children an apartment in a senior citizen community
screening buyers based on race at the request of the client selling their primary residence
refusing to rent an apartment to a person who has been convicted of selling illegal drugs
religious organization restricting their housing units to only people of the same faith
denying a family with children an apartment in a senior citizen community
screening buyers based on race at the request of the client selling their primary residence
screening buyers based on race at the request of the client selling their primary residence
The income approach is a method of:
determining how much it would cost to replace the building, minus the depreciation, plus value of the land
estimating value by adding up the value of everything that goes into the cost of the property
estimating value by comparing the subject property to the sales prices of similar properties in the same market area
estimating the property value based on the amount of money it produces for the owner
determining how much it would cost to replace the building, minus the depreciation, plus value of the land
estimating value by adding up the value of everything that goes into the cost of the property
estimating value by comparing the subject property to the sales prices of similar properties in the same market area
estimating the property value based on the amount of money it produces for the owner
estimating the property value based on the amount of money it produces for the owner
What is a court order requiring all parties to carry out the promises stipulated in a contract?
punitive damages
specific performance
forfeiture
rescission
punitive damages
specific performance
forfeiture
rescission
specific performance
What does it mean if a contract is executory?
The terms of a contract have not yet been fully performed by both parties.
Both parties have fulfilled their duties in the contract.
The deadlines within the contract are strict and enforceable.
One party of the contract is required to perform, but the other is not.
The terms of a contract have not yet been fully performed by both parties.
Both parties have fulfilled their duties in the contract.
The deadlines within the contract are strict and enforceable.
One party of the contract is required to perform, but the other is not.
The terms of a contract have not yet been fully performed by both parties.
What is required for all federally related loan programs?
PMI
lead-based paint inspection
appraisal
co-signer
PMI
lead-based paint inspection
appraisal
co-signer
appraisal