Download Texas Real Estate National Exam Test Prep Multiple Choice well solved. Qs What principle and more Exams Nursing in PDF only on Docsity!
Texas Real Estate National Exam Test Prep
Multiple Choice well solved.
Qs What principle of value defines the most important factor for appraisal? a. Conformity b. Competition c. Highest and Best Use d. Substitution - n Ans✔ C Qs Accurate record keeping is the responsibility of all brokers. If a broker's computers are stolen, what steps could have been taken to protect records? a. Offsite or cloud storage b. data encryption c. an alarm system d. an armed security guard - n Ans✔ A Qs A license holder has just attended a training seminar about technology in real estate and is excited about using social media with her clients. Which of the following statements about social media in real estate is NOT true? a. an agent advertising client property on social media
needs written permission from the client b. an agent advertising on social media must comply with all the same laws and rules as print and broadcast advertising c. an agent with permission to advertise a property on social media does not have to worry about protecting confidential information about the client d. the use of social media in real estate advertising is growing - n Ans✔ C Qs A sales agent is showing a property. He trips in the house causes major damage to property of the owner. What type of insurance will cover this accident? a. broker E&O insurance b. liability insurance c. title insurance d. a FEMA policy - n Ans✔ B Qs Prior to its amendments, the Civil Rights Act of 1968 prohibited discrimination based on: a. AIDS b. national origin c. sexual preference
a. the landlord does not have to provide a special space for this tenant b. the landlord only has to provide an assigned space if the tenant requests it before leasing the apartment c. the landlord must provide an assigned reserved space for the tenant d. the landlord must provide an assigned reserved space for the tenant near to the tenant's unit. - n Ans✔ D Qs An investor has 15 rent houses. He has hired an agent to lease the houses. Which of the following actions by the agent would NOT be in violation of fair housing laws? a. refusing to show the houses to anyone over 75 years old b. refusing to show the houses to any unmarried pregnant women c. refusing to show the houses to any single parents with children d. refusing to show the houses to any Hispanic couples - n Ans✔ A Qs Which of the following would NOT be an operating expense included in the property manager's operating budget?
a. property taxes b. mortgage payments c. insurance d. reserves for repairs - n Ans✔ B Qs Which of the following would be most likely to hire a property manager? a. an association b. a corporation c. FIRREA d. NAR - n Ans✔ A Qs A broker is running short of funds to meet this month's operating expenses. He places a client's earnest money deposit in his business account and uses it to pay his rent. After his next closing, he replaces the client's deposit in his trust account. The broker: a. is guilty of conversion b. is guilty of commingling c. is not guilty of any crime because he replaced the funds before they were needed d. is guilty of fraud and embezzlement - n Ans✔ A
Qs Wetlands typically contain which of the following? a. saturated soil b. navigable waters c. ground water contamination d. industrial water waste - n Ans✔ B Qs What is the maximum amount of time allowed for a victim to file a Fair Housing complaint? a. 4 years b. 3 years c. 24 months d. there is no time limit for filing a complaint. - n Ans✔ C Qs A property manager notices that the building stucco needs repair. He notifies the landlord and recommends a contractor. The landlord uses the contractor who does not do a good job. The new stucco leaks and mold grows. The tenant becomes ill from the mold. Who is responsible? a. the landlord b. the property manager c. the contractor d. the tenant - n
Ans✔ A Qs An apartment building owner has renovated and modified several units to be handicapped accessible. Can he advertise this accommodation? a. No - it violates fair housing b. No - it violates ADA c. Yes d. Only if all the units are accessible - n Ans✔ C Qs When did the second amendment of the Federal Fair Housing Act go into effect? a. January 1, 1988 b. January 1, 1989 c. March 12, 1988 d. March 12, 1989 - n Ans✔ D Qs What is the purpose of a property management trust account? a. to hold collected rents b. to hold reserve funds for maintenance and repairs
a. Lenders must provide borrowers with the LE form at the time of or within three business days of application b. Lender's must provide borrowers with a good faith estimate of closing costs c. Lender's must provide borrowers with a CD form at the time of loan application or within three days of application d. The updated CD must be made available to the borrower at least one business day before closing. - n Ans✔ A Qs Which of the following closings would be covered by RESPA? a. a mobile home b. a retail shopping center c. an apartment complex d. a condominium - n Ans✔ D Qs When does the buyer under contract for deed get title to the property? a. when the contracts are signed and delivered b. when the final loan payment is made c. when the buyer takes occupancy of the property d. when the seller dies - n
Ans✔ B Qs What is another name for Contract for Deed? a. installment contract b. real estate sales contract c. deed of trust d. non-conforming loan - n Ans✔ A Qs What department of the government oversees the FHA insurance program? a. HUD b. CFPB c. EPA d. VA - n Ans✔ A Qs A buyer is aware that interest rates should go down over the next few months. What type of loan should he get to enable him to buy now and take advantage of declining rates in the future? a. term loan b. Reverse Annuity Mortgage
a. a disabled veteran b. the parents or siblings of a veteran c. an active duty veteran d. a retired veteran - n Ans✔ B Qs What is required of a loan servicer before foreclosing on a VA loan? a. the VA must be notified before the foreclosure b. the lender must have proof that the borrower received the foreclosure notice c. the lender must advertise the foreclosure in the local newspaper d. there are no extra lender requirements for foreclosure of a VA loan - n Ans✔ A Qs Who must be notified to take money out of the trust account in a real estate transaction? a. the buyer b. the seller c. both buyer and seller d. all parties associated with the transaction - n Ans✔
C
Qs How is earnest money recorded on the closing disclosure? a. Debit to the seller b. Debit to the buyer c. Credit to the seller d. Credit to the buyer - n Ans✔ D Qs What type of mortgage loan would allow the property owners to borrow additional funds at future dates? a. An HELOC b. An ARM c. A package mortgage d. A participation loan - n Ans✔ A Qs A seller has received $225,000.00 for the sale of his home. This represents a 20% profit. What did he pay for the house when he purchased it? a. $180, b. $187,
Qs What approach would an appraiser most likely use to value a residential rent house in a neighborhood where a majority of the homes are leased? a. market data approach b. GRM c. cost approach d. income approach - n Ans✔ D Qs A licensed broker is advertising that he will perform a free appraisal if you contact him for a listing appointment. He is not in violation of the law: a. if he is a licensed appraiser b. since he is not charging anything for the appraisal c. as long as the seller doesn't intend to use the appraisal to secure financing d. as long as the property is used for residential purposes only - n Ans✔ A Qs Which of the following is NOT an example of functional obsolescence? a. an unpopular floorplan b. a property that lacks updating for modern technology
c. curb appeal d. deferred maintenance - n Ans✔ D Qs According to the Statute of Frauds, which of the following leases must be in writing? a. a lease for one year or less b. a lease for more than 6 months c. a lease for more than 1 year d. all leases must be in writing to comply with the Statute of Frauds - n Ans✔ C Qs Your client is an investor who would like to have the right to purchase a commercial tract for $5 million for the next six months. What type of contract should he enter into with the seller? a. an earnest money contract b. an option contract c. a bilateral contract d. a right of first refusal - n Ans✔ B Qs A signed sales contract that has not yet gone to closing is:
Qs A property manager is hired and signs a management agreement with the owner. At this time, the property manager is: a. a special agent b. a universal agent c. a general agent d. a limited agent - n Ans✔ C Qs A buyer and seller have negotiated a contract on the seller's property with a closing set for June 14th, time is of the essence. On June 12th the listing agent calls the buyer's agent and tells him the seller will be unable to close on the 14th. The seller can close on the 16th. At this time, what is true? a. the contract is terminated b. the contract is void c. the contract is voidable by the buyer d. the contract is voidable by either party - n Ans✔ C Qs A licensee is representing a seller in a commercial transaction. The property is under contract and all contingencies have been met. The listing agent learns the State Department of Transportation has authorized the construction of an exit ramp to the interstate right behind the commercial property. The exit ramp will greatly increase the value of the seller's property. What should the agent do? a. tell the seller and help the seller to void the contract with
the buyer. b. tell the seller and encourage the seller to complete the negotiated sale c. keep the information to himself d. tell the seller and convince the seller to speak with an attorney about voiding the contract - n Ans✔ B Qs A listing agent is showing his listing to a buyer customer and notices a problem with the exterior of the property that he missed when he listed the property. What should he do? a. point it out to the buyer as it is a material fact b. ignore it unless the buyer questions him about it c. ignore it, but recommend inspections d. say nothing until he has had a chance to discuss it with his seller client - n Ans✔ A Qs A buyer's agent has accidentally forwarded confidential information about his buyer's financial background to the listing agent. What is true? a. the buyer's agent is guilty of negligence and the listing agent must disclose the information to the seller b. the buyer's agent is guilty of negligence and the listing agent must keep the information confidential
