1) Any activity you do for the purpose of generating potential clients a) Prospecting b) Pricing c) Listing d) Appraisal 2) Who requires licensees to have the seller complete the “Seller’s Disclosure Notice” to be given to the potential buyer? a) TRELA b) HOA c) HUD d) TREC 3) If a licensee fails to exert reasonable efforts to represent their client's interest, the agent could be found guilty of a) Negligence b) Non-Disclosure c) Demand d) Illiquid 4) A lender may terminate foreclosure proceeding if the defaulting borrower executes a) a wraparound mortgage b) a lis pendens c) a waiver of redemption d) a deed in lieu of foreclosure 5) Which of the following professionals involved in the real estate business are most concerned about managing real estate for clients? a) Brokers and agents b) Property managers c) Corporate real estate managers d) Appraiser 6) The overriding test of whether an item is a fixture or personal property is a) whether the owner owns the property the items is affixed to b) how it is described in a sale or lease contract c) what the title records on the property indicate d) how the buyer defines the item 7) A distinct feature of a joint tenancy is that joint tenants a) may elect to have any percent of ownership in the property b) cannnot will their interest to a party outside the tenancy c) own seperate physical portions of the land d) cannot lease the property 8) Texas Real Estate Commission (TREC) has how many members a) 6 b) 3 c) 9 d) 12 9) The person who’s authorized to represent and act on behalf of another person. Example: agent a) Principal b) Client c) Customer d) Licensee 10) In a _______________ agency relationship the principal empowers them to perform any and all actions that may be legally delegated to an agency representative. The instrument is the power of attorney. a) Universal b) Special c) General d) Fiduciary 11) The agent’s fiduciary duties to a principal are: a) COLD b) CDLOA c) COALD d) DOLAC 12) Texas’s disclosure statement is called the “Seller’s Disclosure Notice.” What Should Not Be Disclosed? a) Termites, pests and mold issues b) Sewer and plumbing issues c) Why the seller is selling d) Race, sex, familial status 13) What are the agent’s duties to the customer a) availability, compensation, information b) set a realistic asking price, market the property c) Honesty, reasonable care, proper disclosure d) care, obedience, accountability 14) What are common violations of escrow regulations? a) Commingling and Conversion b) Conversion c) Commingling d) Cohersion and cohlusion 15) The process of marketing a listed property occurs in three broad steps. a) Marketing plan, Personal expertise, Company’s strengths b) Advertise, advertise, advertise c) Initiating a marketing plan, Selling the prospect, Performing pre-closing activities d) Pre-qualify, determine location, buy

Principles of Real Estate I

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