Texas Principles 1 Exam Practice Questions - Champions Sc1. a: Townhomes and single-family homes differ in that ______a common wall.
(a) townhomes
... [Show More] share
(b) single-family homes are sold as distinct living units within (c) owners of townhomes do not
own the land because of (d) townhomes are retro-commissioned and share
2. a: Rights that are associated with the ownership of real property are often referred to as the
owner's:
(a) Bundle of rights
(b) Constitutional rights (c) Statutory rights
(d) Civil rights
3. a: The agreement between a broker and a client is most often a(n) __________ agency
relationship.
(a) Special (b) General (c) Universal (d) Sub
4. a: A professional association whose local affiliates own and operate MLS systems throughout
the United States is the:
(a) NAR (b) CCIM (c) BOMA (d) ICSC
5. a: The concept behind the government survey system is the ________ of a grid on top of the
land.
(a) overlay
(b) metes and bounds (c) coordinates
(d) leaps and bounds
6. a: You can use the acronym ____________ to remember the five essential elements of a valid
and enforceable contract.
(a) COLIC (contractual capacity, offer and acceptance, legality of object, In writing & signed, and
Consideration) (b) COLLIE
(c) EOVEC
(d) OLDCAR (obedience, loyalty, disclosure, confidentiality, accountability, and Reasonable
care/diligence)
7. a: Releases can terminate ________.
(a) easements
(b) prescriptions (c) implied grants (d) necessities
8. a: Julie, a salesperson at Acme Realty, obtained a listing on Seller Sam's property on Oak
Street. The following week, Julie was found to be mentally incompetent and was admitted to
the state mental hospital in Rusk. Given Julie's unfortunate status, what is the effect on the
listing with Seller Sam?
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(a) The listing agrhool of Real Estat [Show Less]