Practice Quiz

Texas Real Estate Exam - Question List

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36. Which of the following is not a necessary element in the formation of a contract:
  1. Offer
  2. Acceptance
  3. Consideration
  4. Performance
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37. A broker who is hired by an owner to sell his property must reveal all significant and material information to the principal. Which of the following would be considered material information and must be revealed?
  1. The new lender will require the buyer to maintain an impound account
  2. Agent’s knowledge that a better offer to purchase is imminent
  3. The prospective buyer is of oriental descent
  4. None of the above
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38. In simple terms, a sum of borrowed money (principal) usually repaid with interest is called a:
  1. mortgage
  2. loan
  3. conventional loan
  4. alternative mortgage
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39. A schedule that shows how much of each payment will be applied to principal and how much toward interest over the life of the loan is called a/n:
  1. amortization schedule
  2. annual percentage rate
  3. assumption
  4. both A and C
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40. A title search of a property would show the following to be true:
  1. the seller is the legal owner of the property
  2. there are no liens or other claims against the property
  3. the previous owners came over on the Mayflower
  4. both A and B
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