Random
What is the standard capital gains exclusion for someone selling a primary residence?
$250,000 single filer / $500,000 joint filer
Centralized agency established in each county to appraise each property in the county for ad valorem taxes
CAD
Under what circumstances can a person be called a "Realtor?"
NAR
The difference between fraud and misrepresentation is mainly in:
Intent
The starting point for a metes and bounds legal description is called a:
Point of Beginning
What is the only scenario in which you do NOT need a real estate license to sell or lease a property?
NOT receiving commission for the sale
Legal Claim on someone's property as security for a debt is a :
Lien
Illegal practice of directing home seekers to a particular neighborhood based on fair housing protected classes.
Steering
Broker Bob is the intermediary for Buyer B and Seller C. Broker Bob appoints Mary to assist the buyer and John to assist the seller. Who can give advice and opinions to the seller?
John
What type of real estate is indestructible and immovable?
Land
What does PITI stand for?
Principle, Interest, Taxes, Insurance
a written document that transfers real estate from one owner to another
Deed
A listing agreement creates a(n):
Agency Relationship
How would a listing broker BEST share a listing with other agents?
How many TREC promulgated contract forms are there?
What is the name of the report created from a database the insurance companies use to track insurance claims?
CLUE
attached to the property under a commercial lease
Trade Fixture
Which of the following is an example of a limited common element?
What kind of lien is a property tax (ad valorem tax) lien?
Specific/Involuntary
Under which law is a creditor prohibited from discriminating against a borrower based on their marital status?
the Equal Credit Opportunity Act (ECOA)
TRELA establishes that it is crime for an unlicensed person:
To engage in activity for which a real estate license is required
Exaggerating praise of something
Puffing
Kandace donated a property to the local dog rescue with the condition that is would ONLY be used for dogs. When they started taking in cats, ownership automatically reverted to Kandace.
Fee Simple Determinable Estate
What type of contract is a real estate sales contract?
Bilateral
Quincy built a private cabana on the beach in front of his beach house. Is this legal or illegal in Texas?
Illegal under Texas's Open Beach Law