TEXAS PRINCIPLES OF REAL ESTATE 1 FINAL LATEST 2023-2024 ACTUAL EXAM 220 QUESTIONS AND CORRECT DETAILED ANSWERS (100% VERIFIED ANSWERS) |AGRADE

TEXAS PRINCIPLES OF REAL ESTATE 1 FINAL

LATEST 2023-2024 ACTUAL EXAM 220 QUESTIONS

AND CORRECT DETAILED ANSWERS (100%

VERIFIED ANSWERS) |AGRADE

What federal act allowed single persons to exclude up to $250,000 in

real estate gains from taxation? - ANSWER- The Taxpayer Relief Act

What type of building product is known by the name EIFS? -

ANSWER- Exterior synthetic stucco

How is Alternative Minimum Tax under Tax Relief Act determined? -

ANSWER- tied to inflation

What is a co-op? - ANSWER- units that are owned by a corporation that

sells shares of stock to the owners.

What is the typical height of high-rise buildings? - ANSWER- 6 floors

or higher

The Texas Uniform Condominium Act allows owners shares of common

elements - ANSWER- but the common elements cannot be partitioned.

What are the specific features of PUDs? - ANSWER- low-price and a

minimum of maintenance cost

In what document would you find covenants and restrictions regarding

use and transfer of condo units? - ANSWER- Declaration Provisions

If the broker is paying an inordinate amount of selling expenses, what

may be an agent's commission split? - ANSWER- 40%

What do "blind ads' do? - ANSWER- Conceal the identity of the person

placing the ad.

What's the penalty for individual violators of the Sherman Act? -

ANSWER- up to $1,000,000

What is the first step in marketing a listed property? - ANSWER- make

a marketing plan

What two escrow mistakes must a broker avoid? - ANSWERCommingling and conversion

What three things make a waiver be valid and enforceable? - ANSWERThe waiver is in writing and is signed by the consumer, the consumer is

not in a significantly disparate bargaining position and s/he is

represented by legal counsel

What is the term given to the act of mixing personal funds with escrow

monies? - ANSWER- commingling

Which federal statute prohibits price fixing and boycotting? -

ANSWER- sherman antitrust act

A broker does not withhold taxes for - ANSWER- independent

contractors

What is the deadline for submission of the contract? - ANSWER- 24

hours from the agent's receipt of the deposit

The acronym DTPA stands for - ANSWER- The Texas Deceptive Trade

Practices-Consumer Protection Act

What act prohibits unfair methods of competition in interstate

commerce, but carries no criminal penalties? - ANSWER- The Federal

Trade Commission Act

Which of the following states that the agent has a special responsibility

to be honest when performing his or her duties? - ANSWER- integrity

What is the advantage of a professional standards hearing when a

problem occurs? - ANSWER- a decrease of time and money expenses

for all of the parties involved

Which entity recommends changes to articles in the NAR Code of

Ethics? - ANSWER- Professional Standards Committee

Are ethics and legality similar categories? - ANSWER- nothing

The Consumer Information Form 1-1 deals with the - ANSWER- Real

Estate Recovery Trust Account.

What is the legal force of the 5 Canons of Professional Ethics and

Conduct? - ANSWER- they have the force and effect of law in Texas

What is the secondary goal of the Code of Ethics? - ANSWER- to

provide protection for the public by using a formal complaint process

Who sits on the NAR Grievance Committee? - ANSWER- realtors

Under what Texas Real Estate Commission Canon would you find the

practice of exercising skill and judgment in performing duties? -

ANSWER- competency

According to the Texas Real Estate Commission Canons, one aspect of

competency has to do with - ANSWER- stay informed

What organization conducts professional standards hearing for local or

state associations? - ANSWER- a panel of realtor members