TEXAS PRINCIPLES OF REAL ESTATE 1 EXAM LATEST , PRACTICE QUESTIONS AND CORRECT ANSWERS (100%VERIFIED ANSWERS) |ALREADY GRADED A+

TEXAS PRINCIPLES OF REAL ESTATE 1 EXAM

LATEST 2023-2024, PRACTICE QUESTIONS AND

CORRECT ANSWERS (100%VERIFIED ANSWERS)

|ALREADY GRADED A+

Which of the following is an exception for the requirement to provide a

written Information About Brokerage Services (IABS) form? -

ANSWER- if another party to the transaction is represented by another

license holder

TREC may issue or renew a license for a period - ANSWER- no more

than 2 years

When may the aggrieved person apply to the court that entered the

judgment for an order for payment from the trust account of the amount

unpaid on the judgment? - ANSWER- after the 20th day of written

notice

Salesperson Jim is has just renewed his license for the first time. How

many semester hours, or equivalent classroom hours, of core real estate

courses must he have completed? - ANSWER- 18 hours

Which of the following statements best defines a "right-of-way" agent? -

ANSWER- A right-of-way agent is one who sells, buys, leases or

transfers an easement or other right-of-way for another person and is

compensated.

If a person does not pay the administrative penalty and the enforcement

of the penalty is not stated, - ANSWER- the administrator may refer the

matter to the attorney general for collection of the penalty.

What are the full conditions for a broker to appoint an associated license

holder acting as an intermediary? - ANSWER- clause 2 and 3

What is the minimum annual coverage limit for each occurrence that a

real estate business entity must maintain for errors and omissions

insurance, if the designated agent owns less than 10 percent of the

business? - ANSWER- $1,000,000

What is the maximum amount of payments from the trust account for

claims arising out of a single transaction? - ANSWER- $50,000

including attorney's fees, interest, and court costs

In what document would you find a brief summary of the alleged license

law violation? - ANSWER- Notice of Violation and Penalty

The position, that requires that property owners obtain permits for use of

water, is called - ANSWER- the Doctrine of Prior Appropriation

Owners who enjoy the littoral right of use - ANSWER- do not own the

water or the land beneath the water, if their properties abut a navigable,

non-moving body of water.

Landowner Norm noticed that after a recent flood 2 feet of new soil was

deposited on his property. What is the process called that resulted in

Norm's extra river frontage? - ANSWER- Accretions

In Texas, what space is designated as public beach easement? -

ANSWER- Anything between the high tide line and the low tide line

Which act changed land ownership in the U.S. to an allodial system? -

ANSWER- The Treaty of Paris

Management of escheated property falls on - ANSWER- the Texas

General Land Office.

What distinguishes a freehold estate from a leasehold estate? -

ANSWER- A leasehold endures only for a specific period of time.

Which of the following is NOT a form of legal life estate? - ANSWERPur autre vie

Upon the death of the owner, a life estate passes to - ANSWER- the

original owner or other named person.

Which entity issues water right permits? - ANSWER- The Texas

Commission on Environmental Quality (TCEQ)

Homestead law provide for which of the following? - ANSWER- The

homestead is exempt from seizure for the collection of general debts.

Rural Homesteads in Texas may not be more than ... acres for a family. -

ANSWER- 200

What distinguishes a pur autre vie life estate from an ordinary life

estate? - ANSWER- The pur autre vie estate endures only for the

lifetime of a person other than the grantee

Which U.S. Amendment to the Constitution requires just compensation

for any eminent domain sale? - ANSWER- 5th

Which of the following statements best defines a short sale? -

ANSWER- A lender allows a borrower in default on mortgage to sell the

mortgaged property for less money than necessary to satisfy the loan.

Easements and encroachments are types of - ANSWER- encumbrances.

Which of the following is not a ground for granting a prescriptive

easement order? - ANSWER- harmful use

There are two adjoining properties. An easement allows property A to

use the access road that belongs to property B. In this situation, property

A is said to be which of the following in relation to property B? -

ANSWER- Dominant tenement