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AYPO Real Estate Principles of Real Estate I Exam
What is the remedy called when one party has made a good faith effort to perform his/her obligations under a contract and the other party has NOT performed his/her obligations? ---------CORRECT ANSWER-----------------Specific performance. What states that a party, or parties, associated with a contract will cover certain losses or expenses incurred by another party under the contract? ---------CORRECT ANSWER-----------------An indemnification clause What causes great harm or substantially lessens the value of the contract for the non-breaching party? ---------CORRECT ANSWER-----------------Material breach. What returns the nonbreaching party to the position he or she would have been in if the contract had not been made? ---------CORRECT ANSWER----------------- Cancellation.
In what year did the Texas Supreme Court invalidate the state's right to retain all mineral rights to land? ---------CORRECT ANSWER----------------- 1901 The largest and most complete bundle of rights of ownership is: ---------CORRECT ANSWER-----------------Fee simple absolute Which kind of easement not only allows access to another person's property but also allows the removal of material resources contained in the property? --------- CORRECT ANSWER-----------------A profit An __________ is an easement that is established without the permission of a landowner or the existence of a situation that requires an easement. --------- CORRECT ANSWER-----------------easement by prescription Mortgages are a common type of __________ lien. ---------CORRECT ANSWER------ -----------consensual What are rights concerning properties that are directly next to an ocean, gulf, bay, delta, or lake? ---------CORRECT ANSWER-----------------Littoral.
The commission shall assign priorities and investigate complaints using a risk- based approach based on any of these except: ---------CORRECT ANSWER------------- ----Length of time a licensee has been in practice The Texas Real Estate Broker-Lawyer Committee consists of 13 members appointed as follows: ---------CORRECT ANSWER-----------------six members appointed by the commission; six members of the State Bar of Texas appointed by the president of the state bar; and one public member appointed by the governor An educational institution shall maintain a corporate surety bond or other security acceptable to the commission that is in the amount of: ---------CORRECT ANSWER-----------------$20, When the relationship of a sales agent with the sales agent's sponsoring broker terminates, the terminating party shall immediately notify: ---------CORRECT ANSWER-----------------in writing both the other party and the commission. The commission shall waive the examination requirement for an applicant for a broker or sales agent license if: ---------CORRECT ANSWER-----------------Both of these are required
The commission by rule may: ---------CORRECT ANSWER-----------------prescribe the title, content, and duration of continuing education courses that a license holder must attend to renew a license A person may not sell, buy, lease, or transfer an easement or right-of-way for another, for compensation or with the expectation of receiving compensation, for use in connection with telecommunication, utility, railroad, or pipeline service unless the person: ---------CORRECT ANSWER-----------------1. Holds a license issued under this chapter
- Holds a certificate of registration issued under this subchapter When must a broker report a change of address to the commission? --------- CORRECT ANSWER-----------------Not later than the 10th day after the date a broker moves from the address designated on the broker's license The commission shall maintain a real estate recovery trust account to reimburse aggrieved persons who suffer actual damages caused by an act described by Section 1101.602 committed by: ---------CORRECT ANSWER-----------------1. A certificate holder.
- a license holder.
- a person who does not hold a license or certificate and who is an employee or agent of a license or certificate holder.
Which of the following is a general term for properties involving an approved survey map and plans that describe each lot or unit and that is recorded with the county? ---------CORRECT ANSWER-----------------Platted In the rectangular survey system, what are straight, imaginary lines running north and south and parallel to a Principal Meridian? ---------CORRECT ANSWER------------ -----Range lines TREC has the authority under TRELA to suspend or even revoke a broker's license if: ---------CORRECT ANSWER-----------------They conduct the unlawful practice of law ESAC stands for: ---------CORRECT ANSWER-----------------Education Standards Advisory Committee What refers to a location from an economic rather than a geographic standpoint? ---------CORRECT ANSWER-----------------Situs.
Which amendment guarantees that a citizen will not be deprived of property without due process of law? ---------CORRECT ANSWER-----------------5th Amendment. The CFPB is the: ---------CORRECT ANSWER-----------------Consumer Financial Protection Bureau A professional organization or association is usually a not-for-profit organization that seeks to: ---------CORRECT ANSWER-----------------further a particular profession and the interests of individuals engaged in that profession. A contraction or generally slowing down of the economy is a: ---------CORRECT ANSWER-----------------Recession. What is the primary purpose for real estate licensing laws? ---------CORRECT ANSWER-----------------1. To protect the general public during real estate transactions from dishonest or incompetent brokers and sales agents.
- To set out minimum standards and qualifications for licensing brokers and sales agents.
- To protect licensed brokers and sales agents from unfair or improper competition.
How much money can a first time homebuyer draw from his or her own IRA without tax penalty for the purchase? ---------CORRECT ANSWER----------------- $10, According to the Texas Department of Insurance, most homeowners policies in Texas include which of the following coverages? ---------CORRECT ANSWER---------- ------- 1. Loss of use.
- Medical payments.
- Dwelling. A C.L.U.E. report advises a consumer on: ---------CORRECT ANSWER-----------------up to seven years of claims history on a property Prior to the introduction of the condominium concept, property ownership had been limited to ownership of... ---------CORRECT ANSWER-----------------Land. All the meanings of agent and agency refer to someone who does which of the following? (Best answer.) ---------CORRECT ANSWER-----------------Acts on behalf of someone else to perform a task or range of tasks.
An appointed licensee must do which of the following? ---------CORRECT ANSWER- ----------------Not disclose that an owner would accept a price lower than the asking price Which of the following fulfills Section 1101.806 of TRELA requirements for compensation? ---------CORRECT ANSWER-----------------The agreement to pay was in writing and signed by the party to be charged Multiple real estate brokerages establishing an across-the-board 6% commission for their agents would be guilty of... ---------CORRECT ANSWER-----------------price fixing. Which of the following are common law fiduciary duties? ---------CORRECT ANSWER-----------------Care, disclosure, loyalty, accounting, & obedience Which of the following is not used as a test to determine whether a statement is mere "puffing"? ---------CORRECT ANSWER-----------------The cost of the good or service The term "false, misleading, or deceptive acts or practices" includes, but is not limited to which of the following acts? ---------CORRECT ANSWER-----------------1. Using deceptive representations or designations of geographic origin in connection with goods or services
CORRECT ANSWER-----------------any comments from the public about the specific financial institution's performance in meeting their community's needs The commission may require a license holder whose license suspension or revocation is probated to: ---------CORRECT ANSWER-----------------limit practice to an area prescribed by the commission Which of these IS NOT one of the five canons of ethics? ---------CORRECT ANSWER- ----------------Cooperation No real estate license holder shall discriminate against an owner based upon which of the following: ---------CORRECT ANSWER-----------------Ancestry Which of these IS NOT a subchapter subject matter addressed by TRELA? --------- CORRECT ANSWER-----------------How to attract and maintain a real estate client The real estate math section of the exam includes questions on which topics: ------ ---CORRECT ANSWER-----------------1. Depreciation
- Amortization
- Interest
Legal descriptions generally can be found by searching by: ---------CORRECT ANSWER-----------------1. public lands records
- tax records A place on the survey where there is an unintentional space between properties is what? ---------CORRECT ANSWER-----------------Gap Who is the person or business entity receiving an offer? ---------CORRECT ANSWER-----------------The offeree Which of the following are elements that will be found in nearly every kind of listing agreement? ---------CORRECT ANSWER-----------------The broker's commission and broker fees. A contract must have a legal purpose in order to be: ---------CORRECT ANSWER----- ------------enforceable A counteroffer is: ---------CORRECT ANSWER-----------------a rejection of the original offer
AYPO Real Estate Principles of Real Estate II Exam
If the base side of a triangular plot measures 45' and the height line measures 12', what is the area of the plot in square feet?([b x h] x ½ = A) ---------CORRECT ANSWER-----------------270 square feet An applicant is allowed to use what electronic devices during the real estate exam? ---------CORRECT ANSWER-----------------Hand-held calculator Convert the following fraction to a decimal for ease of computation: 31/25 --------- CORRECT ANSWER-----------------1. What is the general formula to determine Capital Gain? ---------CORRECT ANSWER-----------------Profit from Sale - Base Value = Capital Gain A property owner borrows $490,000 at a 12% interest rate. How much interest accumulates in the first year?(Interest Rate = Interest / Principle) ---------CORRECT ANSWER-----------------$58,
A property owner has a 20-year mortgage that is worth $97,500 with a 7.5% annual interest rate. What does the property owner pay in mortgage payments every month? ---------CORRECT ANSWER-----------------$784. What is the basic formula for determining the proration of fees? ---------CORRECT ANSWER-----------------Tax or Fee Rate x Remaining Days or Months = Tax or Fee Owed A house has 3 distinct rectangular shapes: A=20'x30' B=10'x10' C=75'x50' What is the square footage total? ---------CORRECT ANSWER-----------------4450 ft How many hours must an applicant provide that are acceptable and verifiable appraisal experience acquired over a minimum of 12 months? ---------CORRECT ANSWER-----------------1,500 hours What is functional obsolescence? ---------CORRECT ANSWER-----------------The loss of property value due to qualities of the property that cannot be easily changed
In which type of payment plan does the borrower pay a lesser amount for the first years of the plan, often scheduled at five years, and then a higher monthly amount in the last portion of the loan? ---------CORRECT ANSWER----------------- Flexible payment plan. What is a federal program run by the U.S. Department of the Treasury which is intended help homeowners avoid foreclosure? ---------CORRECT ANSWER------------ -----The Making Home Affordable Program. Which of the following is a VLB qualifying requirement? ---------CORRECT ANSWER-----------------The home must remain as the veteran's primary residence for at least three years The Federal Reserve System does not directly control... ---------CORRECT ANSWER- ----------------1. national production.
- levels of employment.
- inflation. What occurs in secondary capital markets? ---------CORRECT ANSWER----------------- Securities are traded between investors
What is an alternative to financial institutions particularly for buyers who are not able to obtain conventional financing? ---------CORRECT ANSWER----------------- Private lending. Which of the following combines and replaces the final Truth-in-Lending disclosure and the HUD-1? ---------CORRECT ANSWER-----------------The closing disclosure Zoning regulations must be designed to: ---------CORRECT ANSWER-----------------1. Lessen congestion in the streets.
- Provide adequate light and air.
- Avoid undue concentration of population. What is a unique political subdivision of a municipality in Texas? ---------CORRECT ANSWER-----------------TIRZ Which are the two means used to alter a deed restriction? ---------CORRECT ANSWER-----------------Waiver and judicial Of the 167,625,000 acres of land in Texas, 1.92% is owned by the state and/or federal government, ranking Texas __ of the 50 states. ---------CORRECT ANSWER-- --------------- 47
