Practice Quiz

Texas Real Estate Exam - Question List

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16. Principal characteristics of Fee Simple Title include all of the following EXCEPT:
  1. It is free of encumbrances
  2. It may be willed
  3. It is transferable
  4. It is of indefinite duration
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17.

Otto, the owner of Blackmore, sold it to Anne, but reserved to himself a life estate, and remained in possession. Later, Otto sold his life estate to Beth, and surrendered possession to her. Anne then demanded immediate possession as the fee owner. In this situation:

  1. Anne is entitled to possession
  2. Beth should sue for the return of his purchase price
  3. Otto is liable for damages to Anne
  4. Beth can retain possession as long as Otto lives
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18. Jed gives Jake a written option allowing Jake to buy Jed’s house for $100,000 within eighteen months from the date of the option. Jake gives Jed $0.25 payment in exchange for the option. The option is:
  1. Void for lack of sufficient consideration
  2. Voidable for lack of consideration, but only at Jed's discretion
  3. Valid; the consideration is sufficient
  4. Unenforceable because the option right extends beyond one year
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19. Mortgage interest rates usually decrease when:
  1. The supply of mortgage money increases substantially
  2. Inflationary trends are on the upswing
  3. Businesses are expanding and making large capital expenditures
  4. The Federal Reserve Board increases the reserve requirements for member banks
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20. Under most circumstances it is unlawful for anyone to act as an escrow holder unless they have been licensed by the Commissioner of Corporations. Which of the following would be in violation of the law?
  1. The real estate broker who holds an escrow for a buyer and a seller whom he had represented in the sale
  2. The real estate broker who solicits escrows from his fellow brokers and agrees to make no charge for the work
  3. The attorney at law who handles an escrow for a fee on behalf of his clients’
  4. The licensed escrow company that is incorporated and advertises for escrows for a fee
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