Term
When can earnest money be deposited?
a. Once the offer has been accepted and notification has been given
b. Once the offer has been made
c. At any time
d. Earnest money can never be deposited |
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Definition
| Once the offer has been accepted and notification has been given. |
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Term
Which of the following is an example of a contract made under duress?
a. Buyer B presents Seller A with an new offer, and he accepts it
b. Buyer B presents Seller A with a new offer, and he rejects it
c. Buyer B explains to Seller A he must accept his offer or he will damage Seller A's reputation
d. Buyer B explains to Seller A that he will accept his counteroffer if he throws in a free month of rent |
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Definition
| Buyer B explains to Seller A he must accept his offer or he will damage his Seller's relationship. |
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Term
When an agent acts as an intermediary, which party's best interests does the agent represent?
a. The buyer
b. The seller
c. Both parties
d. Neither party |
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Definition
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Term
When an agency relationship has been terminated, the agent still owes the principal the duty or duties of:
a. Confidentiality and accounting
b. Loyalty and confidentiality
c. Loyalty and accounting
d. Good faith and loyalty |
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Definition
| Confidentiality and accounting |
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Term
What is the legal philosophy concerning consideration?
a. A person must offer money in order to receive a promise
b. A person cannot do something of value withour receiving something in turn
c. A person must not suffer a legal detriment in order to gain a benefit
d. A person can do something of value without compensation |
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Definition
| A person cannot do something of value without receiving something in return. |
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Term
All of the following methods of terminating an agency relationship are valid EXCEPT:
a. The principal can notify the agent of termination at any time
b. The third party can notify the agen and the principal of termination of he relationship at any time
c. The agent can notify the principal of termination at any time
d. The agent and the principal can mutually agreen to end the relationship |
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Definition
| The third party can notify the agent and the principal of termination of the relationship at any time. |
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Term
The tenant in a tenancy at sufferance is referred to as:
a. The passover tenant
b. The holdover tenant
c. Teh current tenant
d. The possession tenant |
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Definition
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Term
Broker X is representing Seller Y in the sale of his condo, whch has been slow to sell because of a leaky roof, which the seller disclosed right away to the broker. Broker X tires of the slow sale and has the roof patched to disguise it but the patch doesn't fix the problem. Broker X then finds a buyer and neglects to tell the buyer about the roof. If this buyer purchases the condo and then decides to sue over the roof, which individual would be liable?
a. Both the broker and the seller would be liable
b. The seller would be liable because sellers are automatically liable for their agents' error
c. Only the broker would be liable for faliling to disclose this latent defect
d. No one would be liable because the buyer should have been able to discover this defect |
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Definition
| Only the Broker would be liable for failing to disclose the latent defect. |
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Term
Agent A happens to own a property that is similar to a property listed for her client, Seller B. A prospective buyer inquiries about Seller B's property, and Agent A tells the buyer that her property is priced lower than Seller B's property. This is a breach of:
a. Loyalty
b. Confidentiality
c. Obedience
d. Interest |
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Definition
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Term
Which method used baselines, townships and ranges to describe land?
a. Metes and bounds
b. The rectangular survey system
c. Recorded plats
d. Land survey |
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Definition
The rectangular survey system or The Public Land Survey System (PLSS),
Beginning with the Land Ordinance of 1785, it began a transition to the Public Land Survey System (PLSS) used in the central and western states. |
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Term
The duty of reasonable care and skill incldueds all of the following EXCEPT:
a. Being able to give advice on relevant law, accounting, engineering and inspection matters
b. Having greater knowledge of the real estate profession thatn a layperson
c. Acting as a competent real estate professional would act
d. Referring clients and customer to professionals for advice outside of the licensee's expertise |
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Definition
| Being able to give advice on relevant law, accounting, engineering and inspection matters |
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Term
Which os the following is NOT a method of describing real estate?
a. Metes and bounds
b. The rectangular survey system
c. Recorded plats
d. Land survey |
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Definition
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Term
When must the agent give the client or customer written disclosure of agency law and relationships?
a. Before initial contact
b. Upon initial contact
c. Upon substantive dialogue
d. Before the praty signs an agreement |
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Definition
| Upon substantive dialogue |
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Term
A real estate sales contract will NOT include:
a. The lease agreement
b. The sales agreement
c. Mortgage details
d. The deposit amount |
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Definition
|
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Term
| How much authority do real estate agents have in their clients' affairs? |
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Definition
| Real estate agents usually have limited authority for a specific duty or transaction |
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Term
The lender may not ask about the receipt of alimony or child support unless the borrower intends to use that money to qualify for the:
a. Child support
b. Loan
c. Public assistance program
d. Commercial loan |
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Definition
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Term
All of the following actions are grounds for suspension or revocation of license under the Texas Occupations Code EXCEPT:
a. Procures or attempts to procure a license under this chapter by fraud, misrepresentation, or deceit
b. Being fired by the sponsoring broker
c. Making a material misstatement of fact in an application for a license
d. The person fails to honor a check issued to the commission |
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Definition
| Being fired by the sponsoring broker |
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Term
Which of the following is a concept found in the Preamble?
a. REALTORS should always perform their duties with integrity and honor
b. REALTORS do not need to be informed of current events and issues that affect the real esate industry
c. Land should be sold for the highest price
d. REALTORS should only strive to best serve the interests of their company |
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Definition
| REALTORS should always perform their duties with integrity and honor. |
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Term
Why is it necessary to have a Code of Ethics?
a. Because it give real estate REALTORS a standard to follow when dealing with real estate transactions.
b. Because it provides REALTORS with insurance against code violations
c. Because it gives REALTORS an upper hand over clients
d. Because it allows clients to have an advantage over REALTORS |
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Definition
| Because it gives real estate REALTORS a standard to follow when dealing with real estate transactions. |
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Term
What is the dollar amount of a second violation for a discriminatory practice withing 5 years?
a. $10,000
b. $25,000
c. $30,000
d. $50,000 |
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Definition
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Term
Failing to honor, withing a reasonable time, a check issued to the comission after the commission has sent, by certified mail, a request for payment:
a. Is evidence of poor and personal financing
b. Is grounds for license suspension or revocation
c. Is frowned upon, but not a punishable offense
d. Can result in additional late fees and interest charges |
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Definition
| Is grounds for license suspension and revocation |
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Term
A meeting or written communication that involves a substantive discussion relating to specific real property is called:
a. Disclosure
b. Fiduciary obligation
c. Substantive dialogue
d. Intermediary |
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Definition
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Term
When REALTORS receive offers and counter offers:
a. He or she should submit them to the seller until the closing of a lease unless the seller has waived this obligation in writing
b. He or she is not obligated to present any offers that do not meeting the seller's requirements
c. He or she only needs to present offers that he know the seller will accept
d. He or she should only present offers that are reasonable. |
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Definition
| He or she should submit them to the seller until the closing of a lease unless the seller has waived this obligation in writing. |
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Term
Which of the following is a method of testing paint for the presence of lead?
a. Encapsulation
b. Chemical stripping
c. X-ray fluorescence
d. Replacement |
|
Definition
X-ray fluorescences (XRF)
X-ray fluorescence (XRF) is the emission of characteristic "secondary" (or fluorescent) X-rays from a material that has been excited by bombarding with high-energy X-rays or gamma rays. The phenomenon is widely used for elemental analysis and chemical analysis, particularly in the investigation of metals, glass, ceramics and building materials, and for research in geochemistry, forensic science and archaeology. |
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Term
The most important thing to remember when advertising real estate is:
a. Describe the property, not the people
b. Describe the people, not the property
c. Property for all
d. Best property for everyone |
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Definition
| Describe the property, not the people |
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Term
Which of the following legal land description methods depends upon longitude and latitude?
a. Rectangular survey
b. Metes and Bounds
c. Recorded plat
d. Vertical land description |
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Definition
Rectangular survey or a more correct answer would be the Public Land Survey System (PLSS).
The PLSS is the surveying method used historically over the largest fraction of the United States to survey and spatially identify land parcels before designation of eventual ownership, particularly for rural, wild or undeveloped land. It is sometimes referred to as the rectangular survey system (although non rectangular methods such as meandering can also be used). |
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Term
Which of the following is not a reason to have an exclusive agreement?
a. It sets forth the terms of the relationship
b. In case of any complications, the parties can refer to the written contract to resolve any problems.
c. It prevents any future misunderstandings.
d. It helps increase the REALTOR's potential commissions. |
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Definition
| It helps increase the REALTOR's potential commissions. |
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Term
| The Federal Waters Pollution Control Act is another name for which of the following? |
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Definition
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Term
Who wrote the 1995 memorandum as an Assistant Secretary for Fair Housing and Equal Opportunity which provides specific guidelines for advertisements in real estate business?
a. Robert Goldberg
b. Abraham Lincoln
c. Robert Achtenberg
d. John F. Kennedy |
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Definition
Roberta Achtenburg
Roberta Achtenberg (born July 20, 1950) is an American politician. She currently serves as a Commissioner on the United States Commission on Civil Rights. She served as Assistant Secretary of the U.S. Department of Housing and Urban Development, becoming the first openly lesbian or gay public official in the United States whose appointment to a federal position was confirmed by the United States Senate. |
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Term
A TREC hearing can be called by anyone:
a. Aggrieved or financially damaged during a real estate transaction
b. Denied a real estate license
c. Wanting to write an amendment to The Real Esate License Act
d. Looking to find a sponsoring broker |
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Definition
| Denied a real estate license. |
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Term
Which of the following refers to the investment permanence of real estate?
a. Variety
b. Immobility
c. Fixity
d. Situs |
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Definition
Fixity
The state of being unchanging or permanent. |
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Term
Under the Endangered Species Act, taking …
a. Refers to entering an endangered species' habitat
b. Refers to the taking of property under eminent domain
c. Means the killing of any listed plant, animal, fish or insect
d. Has been clearly defined by case law |
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Definition
| Means the killing of any listed plant, animal, fish or insect |
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Term
What type of words may convey discriminatory preferences that do not lend themselves to "statewide" or "nationwide" lists?
a. Prefixes
b. Catchwords
c. Title words
d. Discrimintory words |
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Definition
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Term
How are zoning ordiances enforced?
a. By HUD
b. Through building permits
c. Through building codes
d. By AJH inspectors |
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Definition
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Term
Who acts as a screening committee for complaints?
a. The Grievance Commission
b. The Complaints Committee
c. The Professional Standards Hearing Panel
d. The Grievance Committee |
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Definition
|
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Term
Each day a violation continues or occurs may be considered ________ by TREC.
a. A continuation of violation
b. A sequential violation
c. A separate violation
d. A conglomerate voilation |
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Definition
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Term
What type of agreement should a buyer's agent have in order to establish an agent - client relationship with a prospective buyer?
a. Listing agreement
b. Independent contractor's agreement
c. Information about brokerage services agreement
d. Buyer's representation agreement |
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Definition
| Buyer's representation agreement |
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Term
Which of the following in not an example of an information land reference?
a. 123 Main Street
b. Hyde Park
c. T1N, R1W
d. Central Park |
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Definition
T1N, R1W
The Public Land Survey System (PLSS) is the surveying method used historically over the largest fraction of the United States to survey and spatially identify land parcels before designation of eventual ownership, particularly for rural, wild or undeveloped land. It is sometimes referred to as the rectangular survey system (although non rectangular methods such as meandering can also be used). |
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Term
According to Peter Patchin, MAI, market-value loss can be divided into three categories. Which of the following in NOT one of these categories?
a. Time value of money
b. Cleanup Cost
c. Liability to the public
d. Stigma after cleanup |
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Definition
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Term
Under the additional landowner burden established by the Brownfield Act, in order to invoke the innocent landowners defense, landowners must do all of the following EXCEPT:
a. Comply with any land-use restrictions or relied on in connection with a response action
b. Provide financial assistance for the cleanup effort
c. Take reasonable steps to stop any continuing hazardous release
d. Prevent any threatened future release |
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Definition
| Provide financial assistance for the cleanup effort |
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Term
Commerical property transactions are covered by the laws such as:
a. Federal Fair Housing Act
b. State Law
c. American with Disabilities Act
d. Federal Equal Credit Opportunity Act |
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Definition
| Americans with Disabilities Act |
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Term
| What term refers to an annually cultivated crop that is generally considered personal property rather than real estate? |
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Definition
|
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Term
| One may turn real estate into perosnal property through ________. |
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Definition
|
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Term
| If after judicial review the administrative penalty is reduced or is not upheld by the court, the administrator shall: |
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Definition
| Remit the appropriate amount, plus accrued interest, to the person if the person paid the penalty |
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Term
| Not later than the 20th day after the date the person receives the notice under Section 1101.703. All of the following actions in reference to receiving notice of a fine or penalty are false except: |
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Definition
| Request in writing a hearing on the determination |
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Term
Molds need which of the following to grow and multiply?
a. Sunlight
b. Moisture
c. Lots of ventilation
d. Heat |
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Definition
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Term
The term firable refers to …
a. Asbestos in hard form
b. Asbestos in loose, crumbling form
c. Lead-containing pipes
d. Pipe that do not contain lead |
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Definition
| Asbestos in loose, crumbling form |
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Term
Which one of the following is not included as a protected class in the Civil Rights Act of 1968?
a. Race
b. Religion
c. Sex
d. Familial Status |
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Definition
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Term
Aside from the Fair Housing Act, there are two other important federal Acts which protect individuals from unfair housing practices. They are Federal Equal Credit Opportunity Act (ECOA) and:
a. Disabilities Employment Act (DEA)
b. Consumer Protection Act (CPA)
c. American Racism Act (ARA)
d. The American with Disabilities Act (ADA) |
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Definition
| The American with Disabilities Act (ADA) |
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Term
According to it technical definition, real property refers to ______ and _______.
a. Land, the fixtures affixed to it
b. Real estate, the emblements on it
c. Improvements, the land on which they are built
d. Real estate, ownership right associated with it |
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Definition
| Real estate, ownership rights associated with it |
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Term
What term refers ot an annually cultivated crop that is generally considered personal property rather than real estate?
a. Fixture
b. Emblement
c. Plat
d. Datum |
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Definition
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Term
It is illegal to discriminate in offering loans for real estate transactions. Which term is associated to the illegal practice of a lending institution denying loans or restricting their number for certain areas of a community?
a. Redlining
b. Loan fraud
c. Racism
d. Illegal rendering |
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Definition
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Term
Farming practices are legal so long as:
a. The division is made between 2 real estate firms.
b. The division is made within one firm.
c. The division is made between numerous firms.
d. Farming is not legal. |
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Definition
| The division is made within one firm. |
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Term
| Which of the following should licenses do? |
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Definition
| Licensees should disclose any relevant environmental infomration that might affect a prudent purchaser's decision to buy |
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Term
Which of the following is true of electromagnetic forces?
a. Research shows they cause cancer
b. Research has not yet established their legitmacy as a health concern
c. They are only dangerous at extremely high levels
d. They cannot be measured |
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Definition
| Research has not yet established their legitimacy as a health concern |
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Term
Which of the following should licenses do?
a. Licensees should disclose only environmental information over which they command expertise
b. Licensees should not disclose apparent environmental hazards that have not yet been evalutated by a professional
c. Licensees should assume the presence of an environmental hazard if it exists in surrounding properties
d. Licensees should disclose any relevant environmental information that might affect a prudent purchaser's decision to buy |
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Definition
| Licenses should disclose any relevant enviromental information that might affect a prudent purchaser's decision to buy |
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Term
REALTOR Dan has been charged with engaging in unethical professional activity. According to the Standard Practices, Dan has the right to:
a. Appear at board hearings to present evidence
b. Make unauthorized disclosure of allegations
c. Obsturct the Board's investigation
d. File multiple counter ethics complaints |
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Definition
| Appear at board hearings to present evidence |
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Term
Who makes up the Professional Standards Hearing panel and what do they do?
a. Members of the Professional Standards Committee provide due process by hearing sworn testimoney, witnesses and evdience.
b. Members of the Professional Standards Committee provide advice for REALTORS to follow.
c. Members of the Grievance Commission provide due process by hearing sworn testimony, witness and evidence.
d. Members of the Grievance Commission provide advice for REALTORS to follow. |
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Definition
| Members of the Professional Standards Committee provide due process by hearing sworn testimony, witnesses and evidence. |
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Term
Article 2 of the Code of Ethics:
a. Allows the REALTOR to hold pertinent information.
b. Prohibits REALTORS from making any false statements about a property.
c. REquires that the REALTOR disclose information at his/her own discretion.
d. Requires that REALTORS withhold any information that a Seller does not wish to disclose. |
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Definition
| Prohibits REALTORS from making any false statements about a property. |
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Term
A grandmother wishes to place a parcel of real estate into trust for her granddaughter to use for her wedding. She asks her father to manage the trust for the granddaughter until she becomes 21. Who is the beneficiary, the truster and the trustee in this situation?
a. The beneficiary is the granddaughter, the trustor is the grandmother an the trustee is the father.
b. The beneficiary is the daughter, the truster is the father and the trustee is the grandmother.
c. The beneficiary is the grandmother, the truster is the father and the trustee is the granddaughter.
d. The beneficiary is the father, the truster is the grandmother and the trustee is the daughter. |
|
Definition
| The beneficiary is the granddaughter, the trustor is the grandmother and the trustee is the father. |
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Term
| According to the Statute of Frauds, which of the following contracts do NOT have to be in writing? |
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Definition
| Contracts that expire within 6 months |
|
|
Term
| Which of the following in NOT an element of a valid contract? |
|
Definition
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Term
A lis pendens notice is recorded when a _________ affecting a particular parcel of property is filed.
a. Mechnic's lien
b. Lawsuit
c. Judgement
d. Tax
e. ____ |
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Definition
Lawsuit
Lis pendens is Latin for "suit pending." This may refer to any pending lawsuit or to a specific situation with a public notice of litigation that has been recorded in the same location where the title of real property has been recorded. |
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Term
Which of the following is NOT likely to be exempt from ad valorem taxes?
a. Property owned by schools
b. Property owned by religious organizations
c. Property owned by businesses
d. Property owned by nonprofit organizations |
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Definition
| Property owned by businesses |
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Term
Under an open listing:
a. Several brokers are constracted to sell a property and all receive commission
b. One broker alone is contracted to sell a property and only he or she may recieve commission
c. One broker alone is contracted to sell a property, but the owner reserves the right to sell the house him or herself and pay no commission
d. Any broker who is the procuring cause of sale receives commission |
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Definition
| Any broker who is the procuring cause of sale receives commission |
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|
Term
A Multiple Listing Service (MLS) is:
a. A system by which sellers pool their disclosure statements to allow all members the opportunity to view the condition of properties in the pool
b. A system by which brokers pool their listings to allow all member brokers the opportunity to show and sell any of the pooled listings
c. A contract employing multiple brokers, otherwise known as a Simple Listing
d. An agreement giving the broker a percentage of the sales price of a piece of real property in excess of some predetermined amount |
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Definition
| A system by which brokers pool their listings to allow all member brokers the opportunity to show an dsell any of the pooled listings |
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Term
Settlement Agent A if filling out the HUD-1 Settlement Statement for a transaction between Seller X and Buers A, B, C. On the top portion of the HUD-1, there is not enough space to list the names and addresses of all of the buyers. What should Settlement Agent A do?
a. Attache an extra page to list the names and addresses of all three buyers
b. Enter the name and address of Buyer A (the primary buyer) only
c. Enter the names of Buyers A, B an dC but only the address for Buyer A
d. It is ok to enter only two of the buyers, and the settlement agent can pick which two to enter |
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Definition
| Attach an extra page to list the names and addresses of all three buyers |
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Term
If a transaction is not exempt from the Foreign Investment in Real Property Tax Act (FIRPTA) and the seller is not a citizen, then what must the closing agent do?
a. Withold 10% of the proceeds within 10 days of closing and send it to the IRS
b. Withhold 15% of the proceeds within 10 days of closing and send it to the IRS
c. Withold 10% of the proceeds within 20 days of closing and sent it to the IRS
d. Withold 15% of the proceeds within 20 days of closing and sent it to the IRS |
|
Definition
| Withhold 10% of the proceeds within 10 days of closing and send it to the IRS |
|
|
Term
Zoning ordinances and taxing codes are what type of market characteristic?
a. Economic
b. Physical
c. Governmental
d. Social |
|
Definition
|
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Term
What year did Congress enact FIRREA?
a. 1980
b. 1987
c. 1989
d. 1990 |
|
Definition
1989
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s.
FIRREA dramatically changed the savings and loan industry and its federal regulation, including deposit insurance. The "Paulson Blueprint" summarized it in the following:
The Federal Home Loan Bank Board (FHLBB) was abolished.
The Federal Savings and Loan Insurance Corporation (FSLIC) was abolished, and all assets and liabilities were assumed by the FSLIC Resolution Fund administered by the FDIC and funded by the Financing Corporation (FICO).
The Office of Thrift Supervision (OTS), a bureau of the U.S. Treasury Department, was created to charter, regulate, examine, and supervise savings institutions.
The Federal Housing Finance Board (FHFB) was created as an independent agency to take the place of the FHLBB, i.e. to oversee the 12 Federal Home Loan Banks (also called district banks) that represent the largest collective source of home mortgage and community credit in the United States.
The Savings Association Insurance Fund (SAIF) took the place of the FSLIC as an ongoing insurance fund for thrift institutions (like the FDIC, the FSLIC was a permanent corporation that insured savings and loan accounts up to $100,000). SAIF is administered by the Federal Deposit Insurance Corporation.
The Resolution Trust Corporation (RTC) was established to dispose of failed thrift institutions taken over by regulators after January 1, 1989. The RTC will make insured deposits at those institutions available to their customers. |
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Term
The Federal Home Loan Mortgage Corporation is sometimes referred to as:
a. Fannie Mae
b. Freddie Mac
c. Ginnie Mae
d. Sallie Mae |
|
Definition
Freddie Mac
The Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac, is a public government-sponsored enterprise (GSE), headquartered in the Tyson's Corner CDP in unincorporated Fairfax County, Virginia.
The FHLMC was created in 1970 to expand the secondary market for mortgages in the US. Along with other GSEs, Freddie Mac buys mortgages on the secondary market, pools them, and sells them as a mortgage-backed security to investors on the open market. This secondary mortgage market increases the supply of money available for mortgage lending and increases the money available for new home purchases. The name, "Freddie Mac", is a variant of the initialism of the company's full name that had been adopted officially for ease of identification. |
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Term
Loan limits above a loan-tovalue (LTV) ratio of 80 percent require _______ .
a. A five percent down payment
b. A two percent funding fee
c. Priviate Mortgage Insurance
d. A one percent loan orgination fee |
|
Definition
| Private Mortgage Insurance |
|
|
Term
A banker's year has how many days?
a. 360, or 361 for a leap year
b. 360
c. 365, or 366 for a leap year
d. 365 |
|
Definition
360
A year that consists of 12 months, each of them having 30 days each, and amounting to a 360-day year. This system makes it easier for financial institutions to calculate interest. |
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Term
A lender charges a loan discount to …
a. Reimburse the recipient of the loan for accrued items
b. Lower the lending rate
c. Insure the loan amount
d. Decrease the tax rate |
|
Definition
|
|
Term
Which of the following is a step in formulating the management plan?
a. Scheduling exterminator visits
b. Analysis of the owner's objectives
c. Overseeing capital improvements
d. Signing lease agreements |
|
Definition
| Analysis of the owner's objectives |
|
|
Term
What is the title/degree offered by the Building Owners and Managers Association International, and what institute offers it?
a. Certified Property Manager (CPM); Property Management Certification Institute (PMCI)
b. Real Property Administrator (RPA); Building Owners and Managers Institute (BOMI)
c. Accrediated Management Organization (AMO); Building Owners and Managers College (BOMC)
d. Accrediated Property Manager (APM); Institute of Real Estate Management (IREM) |
|
Definition
| Real Property Administrator (RPA); Building Owners and Managers Institute (BOMI) |
|
|
Term
The maximum duration of annuity payments from a Charitable Gift Annuity is:
a. Half a lifetime
b. One lifetime
c. Two lifetimes
d. Three lifetimes |
|
Definition
|
|
Term
Which of the following is ta benefit of a Roth IRA?
a. It allows for high contributions amounts
b. It may be purchased with pre-tax monies
c. It can purchase real property for the account holder's personal use
d. It allows for large rollovers from other accounts |
|
Definition
| It allows for large rollovers from other accounts |
|
|
Term
Why is an abstract of title useful to a prospective buyer?
a. It allows the buyer to biew previous owners and the liens and encumbrances on a title.
b. It allows the abstracterto formulate an opinion of the title's condition.
c. It lets the buyer identify other prospective buyers.
d. It discloses private information about the title to a property. |
|
Definition
| It allows the buyer to view previous owners and the liens and encumbrances on a title |
|
|
Term
If a user wanted to use the tract index, what information would he or she need to most effectively search the index?
a. Parcel ID
b. Street name
c. Deed type
d. Lien type |
|
Definition
|
|
Term
What is consideration?
a. A clause clarifying the type and extent of interest conveyed by the granting clause.
b. Something of value that induces a party to join in a contract
c. The most general and most complete ownership one can hold.
d. A formal declaration that one is acting under his or her own free will, signed before a public notary or authorized public officer. |
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Definition
| Something of value that induces a party to join in a contract |
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Term
Which of the following is the TREC promulgated form for licensee use in reselling most residential homes?
a. One to Four Family Residential Contract
b. New Home, Comoplete Construction Contract
c. Farm and Ranch Contract
d. Condominium Contract |
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Definition
| One to Four Family Residential Contract |
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Term
Which of the following statements is true of deeds in lieu of foreclosure?
a. Dees in lieu of foreclosure are more damaging to credit than foreclosure.
b. Mortgagors should only consider offering a deed in lieu of foreclosure as a last resort.
c. Mortgagors should offer a deed in lieu of foreclosure to avoid a partial claim.
d. Lenders should always accept a deed in lieu of foreclosure. |
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Definition
Mortgagors should only consider offering a deed in lieu of foreclosure as a last resort.
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.
The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him/her from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he/she would in a formal foreclosure. Another benefit to the borrower is that it hurts his/her credit less than a foreclosure does. Advantages to a lender include a reduction in the time and cost of a repossession, lower risk of borrower revenge (metal theft and vandalism of the property before sheriff eviction), and additional advantages if the borrower subsequently files for bankruptcy.
If there are any junior liens a deed in lieu is a less attractive option for the lender. The lender will likely not want to assume the liability of the junior liens from the property owner, and accordingly, the lender will prefer to foreclose in order to clean the title. |
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Term
Which of the following statements true?
a. Short-term gains are those held for at most 1 year and are taxed according to capital gains tax rates
b. Short-term gains are those held for at most 2 years and are taxed as normal income
c. Long-term gains are those held for more than 1 year and are taxed according to capital gains tax rates.
d. Long-term gains are those for more than 2 years and are taxed as normal income. |
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Definition
| Long-term gains are those held for more than 1 year and are taxed according to capital gains tax rates |
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Term
Which of the following statements regarding a broker's splitting commission with a principal is true?
a. Monies to be split with a principal are subtracted from the brokers's fees by the title company and recorded on the HUD-1 Settlement Statement.
b. Brokers are never allowed to split commission with principals or third parties.
c. FHA insured loans allow the broker to return monies to the seller
d. FHA insured loans allow the broker to return monies to the buyer |
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Definition
| Monies to be split with a principal are subtracted from the broker's fees by the title company and recorded on the HUD-1 Settlement Statement |
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Term
A broker will receive commission in all of the following situations EXCEPT:
a. A broker finds a buyer willing to purchase the property at some price acceptable to the seller
b. A buyer whom the broker identified as a potential purchaser of the property buys it during the protection period.
c. A casualty loss, such as a fire, flood or hurricane, casues irreparable damage to the property
d. Teh seller is unwilling to consummate the sale of the property. |
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Definition
| A caualty loss, such as fire, flood or hurricane, causes irreparable damage to the property |
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Term
Expenses that the seller curently owes but that will later be billed to the buyer are called:
a. Prepaid Items
b. Accrued Items
c. Credited Items
d. Outstanding Items |
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Definition
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Term
What term refers to the process of combining various results from inquiries and equations into a single, final value estimate?
a. Conformity
b. Balancing
c. Reconcilation
d. Reporting |
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Definition
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Term
What year did the Appraisal Foundation Form?
a. 1987
b. 1989
c. 1990
d. 1997 |
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Definition
1987
The Appraisal Foundation is a non-profit organization established in 1987. The Foundation is overseen by the Appraisal Subcommittee (ASC), a subcomittee of the Federal Financial Institutions Examination Council (FFIEC).[1][2] The ASC is charged with the responsibility of overseeing the Foundation, which "is a private, not-for-profit corporation charged by [Title XI of FIRREA] with the responsibility of establishing, improving and promoting minimum uniform appraisal standards and appraiser qualifications criteria".[3]
Headquartered in Washington, DC, the Foundation is directed by a 24-member Board of Trustees. The Board of Trustees appoints members to and provides financial support and oversight of the three independent Boards: the Appraisal Practices Board (APB), the Appraiser Qualifications Board (AQB), and the Appraisal Standards Board (ASB). The mission statement of the Foundation is:
Promoting professionalism and ensuring public trust in the valuation profession. This is accomplished through the promulgation of standards, appraiser qualifications, and guidance regarding valuation methods and techniques.
—Adopted by the Board of Trustees May 19, 2012 |
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Term
The figure for a borrower's total debt service includes:
a. Gross Montly Income
b. Down Payment
c. Overtime Wages
d. Total Housing Expense |
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Definition
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Term
| The charge for a VA loan guarantee is: |
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Definition
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Term
If a lot has appeciated by A dollars in one year at the rate of R, what was its original value?
a. R/A
b. R x A
c. A / R
d. A-R |
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Definition
| A/R, or (dollars divided by rate) |
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Term
Which degree/title is offered to property management firms by the Institute of Real Estate Management (IREM) program?
a. Accredited Management Organization (AMO)
b. Certified Realty Organization (CRO)
c. Property Management Program (PMP)
d. Secondary Mangerial Program (SMP) |
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Definition
| Accredited Management Organization (AMO) |
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Term
Which of the following is NOT a factor that influences rental rates for a particular property?
a. Supply and Demand
b. Occupancy Rate Trends
c. Weather Trends
d. Employment |
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Definition
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Term
Capital Gains realized on a property are calculated by subtracting the seller's ______ from the sales price.
a. Boot
b. Net
c. Basis
d. Recaptured Depreciation |
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Definition
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Term
Which of the following can be exchanged for like kind property under Section 1031?
a. Tenancy-in-Common
b. Partnership Interest
c. Foreign Property
d. A Principal Residence |
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Definition
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Term
| When a user seraches the grantor index, what information will he or she NOT find? |
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Definition
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Term
What is a trustee's deed?
a. A deed that sets up a legal relationship between a beneficiary, a truster and a trustee
b. A deed that conveys property for natural love and affection
c. A deed that conveys title from a trustee to a beneficiary
d. Another term for a deed in trust |
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Definition
| A deed that conveys title from a trustee to a beneficiary |
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Term
What is the purpose of the Real Estate Broker-Lawyer Committee?
a. To publish TAC
b. To handle TREC accounts
c. To promulgate contract forms for license use
d. To handle cases in which a licensee injuries a member of the public |
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Definition
| To promulgate contract forms for licensee use |
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Term
| The following requirements apply to which alternative to foreclosure? 2) A loan has been delinquent for at least 4 months but not more than 12 months b) The borrower is in a position to stgart making mortgage payments in full |
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Definition
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Term
| A person who sells a property from an MLS for which he or she in not the listing broker is know as: |
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Definition
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Term
| The seller has breached the Listing Agreement contract when: |
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Definition
| He or she is unwilling to consummate the sale of the property. |
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Term
| The license also has the responsiblity to give the buyer the one-page Notice to the Homebuyer form from: |
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Definition
| NAR/HUD Homebuyer Protection Initiative |
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Term
A clear title is easily ________ and consequently, __________ property value.
a. Transferable, increases
b. Transferable, decreases
c. Substituted, increases
d. Substituted, decreases |
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Definition
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Term
What does one call the price he or she pays to borrow money?
a. Market value
b. Sales price
c. Cost of credit
d. Depreciation |
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Definition
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Term
VA loans can be made for:
a. Any property the owner plans to occupy
b. Any one-to-four family dwelling the owner plans to occupy
c. Any property the owner plans ot rent to moderate or low income families
d. Any property being sold by a veteran or a select group of others |
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Definition
| Any one-to-four family dwelling the owner plans to occupy |
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Term
The current maximum amount of VA borrower eligbility is:
a. $30,000
b. $60,000
c. $120,000
d. $240,000 |
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Definition
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Term
| What percentage of the original value of a lot is its appreciated value? |
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Definition
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Term
Which of the following is not a typical item of proration?
a. Home owner's insurance
b. Interest on a loan
c. Home improvements charges
d. Property taxes |
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Definition
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Term
Which of these terms is amoung the elements that must be included in the management agreement?
a. Identification of all tenants
b. Duties and responsbilities of the manager
c. Guarantee of non-interference from the owner
d. Accounting policies of past manager |
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Definition
| Duties and responsibilities of the manager |
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Term
Which of these tasks in NOT a part of the local market analysis?
a. Finding out whether public transportation is available and safe
b. Determining the occupancy rate of comparable local properties
c. Identifying the strength of he local economy
d. Surberying the condition of the property's grounds and common areas |
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Definition
| Surveying the condition of the property's ground and common areas |
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Term
A __________ or a property that is to be immediately converted to one does not qualify as a like kind replacement property.
a. Second Home
b. Principal Residence
c. Partnership Interests
d. Property held for resale |
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Definition
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Term
Which of the following statements about zoning ordinances is TRUE?
a. They should always promote the highest and best use.
b. They are set by HUD.
c. They set building codes.
d. They are a result of the Interstate Land Sales Full Disclosure Act. |
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Definition
| They should always promote the highest and best use. |
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Term
A multiple listing service told Broker A that she cannot belong to the service because she refused to comply with the service's set commissions. What is this action called?
a. Antitrust
b. Price fixing
c. Deceptive trade
d. Allocating markets |
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Definition
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Term
All of the following situations are considered the boycotting of competitors EXCEPT:
a. One broker deciding to not deal with an individual brokerage
b. Two brokers agreeing to not deal with several bokerages
c. A brokerage being unfairly denied access to a particular real estate professional organization
d. Three or more brokers agreeing to not deal with an individual broker |
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Definition
| One broker deciding to not deal with an individual brokerage |
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Term
Which of the following deeds is used when an owner does not know if he or she holds anytitle in the subject property?
a. A quitclaim deed
b. A bargain and sale deed
c. A general warrantly deed
d. A special warranty deed |
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Definition
A quitclaim deed.
A quitclaim deed is a legal instrument by which the owner of a piece of real property, called the grantor, transfers any interest to a recipient, called the grantee. The owner/grantor terminates (“quits”) any right and claim to the property, thereby allowing claim to transfer to the recipient/grantee. |
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Term
If two or more brokers agree to divide a market area up so that each broker only covers a certain segment of that area, this is called:
a. Boycotting competitors
b. Blacklisting
c. Restricted trade
d. Allocating markets |
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Definition
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Term
The Texas Deceptive Trade Practices - Consumer Protection Act (DTPA) allows for:
a. Consumers to take action against sellers using deceptive or unfair trade practices
b. Brokers to take actions against brokers engaging in antitrust violations
c. Clients and consumers to take action against licenses for license law violations
d. Brokers to take actions against clients for misrepresentation |
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Definition
| Consumers to take action against seller using decptive or unfair trade practices |
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Term
When a license is the seller's agent, he or she can be considered the:
a. Seller of goods
b. Consumer of goods
c. Seller of services
d. Client of services |
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Definition
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Term
Which of the following will NOT help a license prevent litigation under the Texas Deceptive Trade Practice-Consumer Protection Act?
a. Disclosing all known information about the property
b. Recommending that buyers have the property inspected
c. Keeping careful notes of all tranactions
d. Maintaining confidentiality for the seller |
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Definition
| Disclosing all known information about the property |
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Term
Agent A informs Buyer B that the roof of the house has a leak. Buyer B asks Agent A for her opinion in how bad the leak is and how much she thinks it may be to fix. How should Agent A respond?
a. Agent A should refer the buyer to a specific contractor for an opinion and estimate
b. Agent A should give the buyer a list of qualified professionals who can give the buyer an opinion and estimate
c. Agent A should offer her opinion on the matter
d. Agent A should refuse to answer the question |
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Definition
| Agent A should give the buyer a list of qualified professionals who can give the buyer an opinion and estimate |
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Term
If a licensee is found guilty of a violation of the Texas Deceptive Trade Practices - Consumer Protection Act, which of the following actions could be take against him or her?
a. He or she could be liable for economic damages
b. His or her license could be suspended for up to one year
c. His or her license could be revoked permanently
d. He or she could be required to pay a fine |
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Definition
| He or she could be liable for economic damages |
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Term
Choose the kind of insurance that would protect against financial loss to the leasing office of an apartment complex resulting from a temporary telephone service cutoff:
a. Fire and extended coverage
b. Business interruption
c. Liability
d. Contents and personal property |
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Definition
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Term
What types of information should a manager require in order to screen a prospective tenant for a residential proerpty?
a. Legal identification, criminal record (if any), academic records and credit history
b. Legal identification, criminal record (if any), employment history, rental history and credit history
c. Legal identification, academic records, rental history, and bank account number
d. Legal identification, criminal record (if any), employment history and bank account number |
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Definition
| Legal identification, criminal record (if any), employment history, rental history and credit history |
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Term
What is a granting clause?
a. It is the grantor's statement of intention to convey a property.
b. It means "to have and to hold".
c. It refers to the amount that the buyer agrees to pay for the property.
d. It defines the level of the deed of conveyance. |
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Definition
| It is the grantor's statement of intention to convey a property. |
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Term
Which of the following is characteristic of a marketable title?
a. It has no major liens or encumbrances.
b. It contains slight title defects.
c. It does not allow the buyer to have quiet enjoyment of the property.
d. it contains lis pendens notices. |
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Definition
| It has no major liens or encumbrances. |
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Term
To what does a breach of contract refer?
a. When a license does not use forms prescribed by TREC
b. When a liencse engages in the unauthorized practice of law
c. When attorney's list, sell or market real estate for a commission
d. When a party to a contract does not perform as stated in the contract without legal cause |
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Definition
| When a party to a contract does not perform as stated in the contract without legal cause |
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Term
If a seller breaches a contract, then a buyer may seek all of the following legal remedies, EXCEPT:
a. Declare the contract forfeited
b. Sue for specific performance
c. Sue for compensatory damages
d. Rescind the contract |
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Definition
| Declare the contract forfeited |
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Term
Tax Liens can be lifted when it mutually benefits the IRS and the
a. Creditor
b. Delinquent taxpayer
c. Local government
d. Tax collection |
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Definition
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Term
A court can retain custody of property for the duration of a lawsuit in which of the following?
a. Writ of certiorari attachment
b. Court attachment
c. Writ of attachment
d. Court custody lien |
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Definition
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Term
Before signing a Listing Agreement, the license should present all of the following to a seller EXCEPT:
a. Teh services that his or her brokerage firm offers in marketing a listing
b. The net proceeds the seller can expect to recieve from the sale
c. A list of potential buyers for the property
d. A completed Comparative Market Analysis for the property |
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Definition
| A list of potential buyers for the property |
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Term
The buyer is responsible for paying _______ for a new loan and __________ for assuming the seller's existing loan.
a. Loan origination fees; assumption fees
b. Mortgage fees; assumption fees
c. Mortgage fees; debt assumption fees
d. Credit fees; debt fees |
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Definition
| Loan origination fees; assumption fees |
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Term
If a loan has private mortgage insurance, the buyer pays the premium for what time period?
a. 1 year
b. 3 years
c. 5 years
d. 6 months |
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Definition
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Term
Which of the following statements is TRUE?
a. An appraiser's fee may be contingent upon his or her final value estimate.
b. A good appraisal organization exceeds state and federal eduation standards.
c. Individual states set their own minimum education requirements.
d. Most single-family residential appraisers work for government agencies. |
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Definition
| An appraiser's fee may be contingent upon his or her final value estimate. |
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Term
Which of the following illustrates the economic lifecycle of the average commondity as state under the principle of inclining and declining periods?
a. Growth, stabilization, decline
b. Growth, decline
c. Construction, completion, sale
d. Negotiations, sale, conveyance |
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Definition
| Growth, stabilization, decline |
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Term
To amortize a loan is to:
a. Pay it off over time
b. Take it over from the original borrower
c. Make the full amount of the loan due upon default
d. Leave it to collect interest |
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Definition
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Term
All of the following payments may be collected in an escrow account except:
a. Taxes
b. Private Mortgage Insurance (PMI)
c. Principal Payments
d. Hazard Insurance |
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Definition
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Term
What are the total housing expenses and total debt service ratios for FHA loans?
a. 22% and 28% respectively
b. 28% and 36% respectively
c. 29% and 36% respectively
d. 29% and 41% respectively |
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Definition
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Term
The fraction 102/120 reduces to
a. 4/5
b. 17/19
c. 17/20
d. 19/20 |
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Definition
17/20
120/102 = 1.176
20/17 = 1.176 |
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Term
A linear measurement measures which of the following?
a. Length
b. Area
c. Volume
d. Precent |
|
Definition
Length
lin·e·ar adjective \ˈli-nē-ər\ formed by lines : made up of lines, forming a line, of or relating to the length of something |
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Term
Which of the following is a concern when conducting a property analysis?
a. Occupancy rates of comparable local properties
b. Availability of utilites in the neighborhood
c. Outside appearance or curb appeal of the property
d. Availability and security of transportation in the neighborhood |
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Definition
| Occupancy rates of comparable local properties |
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Term
Under a 1031 exchange there is a _______ rule of engagement, meaning that an identified replacement property must be purchased within this time.
a. 180 day
b. 160 day
c. 10 day
d. 18 day |
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Definition
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Term
A Qualified Product is a retirement account that:
a. Is funded with pre-tax monies that accumulate taxable interest
b. Is funded with pre-tax monies that are later disbursed tax-ree
c. Is funded with after-tax monies that accumulate interest tax-free
d. Is funded with pre-tax monies that are taxed at disbursement |
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Definition
| Is funded with pre-tax onies that are taxed at disbursement |
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Term
Qualified Products are funded with:
a. Annuity payments from a charitable organization
b. Deferred taxes from a 1031 exchange
c. After-tax monies from an account holder's pay
d. Pre-tax monies from an account hoder's pay |
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Definition
| Pre-tax monies from an acount holder's pay |
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Term
Which of the following is not a type of three-party exchange?
a. Baird Exchange
b. Starker Exchange
c. Alderson Exchange
d. Direct Deeding |
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Definition
Starker Exchange or Under Section 1031 of the United States Internal Revenue Code (26 U.S.C. § 1031), the exchange of certain types of property may defer the recognition of capital gains or losses due upon sale, and hence defer any capital gains taxes otherwise due.
A non-simultaneous exchange is sometimes called a Starker Tax Deferred Exchange (named for an investor who challenged and won a case against the IRS). See Starker v. United States, 602 F.2d 1341, 79-2 U.S. Tax Cas. (CCH) paragr. 9541, 44 A.F.T.R.2d 79-5525 (9th Cir. 1979) |
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Term
A Decedent A dies intestate and leaves behind a 2 bedroom house and 5 acres of land. There are no living heirs or relatives. What will happen to his estate?
a. The state will take possession of the property according to the law of escheat.
b. The probate court will sell his estate and donate the proceeds to a charity.
c. The property will be divided among county officials.
d. An adverse possessor will stake claim to the property. |
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Definition
The state will take possession of the property according to the law of escheat.
Escheat is a common law doctrine which transfers the property of a person who dies without heirs to the crown or state. It serves to ensure that property is not left in "limbo" without recognized ownership. It originally applied to a number of situations where a legal interest in land was destroyed by operation of law, so that the ownership of the land reverted to the immediately superior feudal lord. |
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Term
What does the the term title refer?
a. The intangible, just ownership of realty
b. The tangible document that conveys ownership
c. A person acting under power of attorney
d. The section of a deed that states the grantor's intent to part with the subject property |
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Definition
| The intangible, just ownership of realty |
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Term
Which of the following is NOT a seller disclosure required by the State of Texas?
a. Lead-Based Paint Disclosure
b. Seller's Disclosure Notice
c. Requirement of Recording
d. Notice of Additional Tax Liability |
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Definition
| Outside appearance or curb appeal of the property |
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Term
In order to qualify for a pre-foreclosure ...
a. The loan has to be at least one year delinguent
b. The delinquent borrower generally must sell the houes within three to five months
c. The delinquent borrower generally must sell the house within two months
d. The loan must be at least eight months deliquent |
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Definition
| The delinquent borrower generally must sell the house within three to five months |
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Term
An employment contract to market real estate in know as:
a. An Earnest Money Contract
b. A Marketing Agreement
c. A Disclosure Agreement
d. A Listing Agreement |
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Definition
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Term
Which organization has developed a set of rules, regulations and forms for contracting Listing Agreement?
a. The U.S. Department of Housing and Urban Development
b. The National Association of REALTORS
c. The Attorney General's Office
d. The Federal Housing Authority |
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Definition
| The U.S. Department of Housing and Urban Development |
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Term
What is the purpose of the seller's disclosure?
a. To eliminate the need for a licensed home inspector's report
b. To aid in the appraisal process
c. To eliminate a borker's liability for misinformation
d. To protect buyers, sellers and brokers from misinformation |
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Definition
| To protect buyers, sellers and brokers from misinformation |
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Term
How a licensee ensure that a closing goes through smoothly?
a. By checking that the client is meeting deadlines
b. By minimizing all communication with the other party's broker
c. By minimizing involvement
d. By providing legal advice to clients |
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Definition
| By checking that the client is meeting deadlines |
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Term
Which of the following expenses is included in credits?
a. Prepaid loan
b. An upcoming mortgage payment
c. Interest owed on a loan
d. Unpaid utilties bills |
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Definition
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Term
Which of the following would an appraiser complete in the first step of the appraisal process, stating the problem?
a. Find the highest and best use
b. Gather population information relating to population disbursement
c. Calrigy any limitations to the appraisal
d. Establish the cost of credit |
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Definition
| Find the highest and best use |
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Term
Which of the following is the best documentation of the physical condition of he property at the time of the appraisal?
a. A photo journal
b. A clarification of the appraisals limitations
c. A legal description of the property
d. An inspection date |
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Definition
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Term
The cost of FHA insurance is:
a. A one-time Mortgage Insurance Premium
b. A one-tome Mortgage Insurance Premium and annual MIP payments
c. Annual Mortgage Insrance Premium payments
d. 2.25% of the original amount |
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Definition
| A one-time Mortgage Insurance Premium and annual MIP systems |
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Term
Who qualifies for an FHA isnured loan?
a. Anyone
b. U.S. citizens only
c. U.S. citizens or holders of green cards only
d. Low income families only |
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Definition
| U.S. citizens or holders of green cards only |
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Term
When amortizing a loan:
a. None of the payments are tax deductible
b. Interest payments and principal payments are tax deductible
c. Only interest payments are tax deductible
d. Only payments on the principal are tax deductible |
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Definition
| Only interest payment are tax deductible |
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Term
Interest is the cost of the use of _______.
a. Money
b. Property
c. Time
d. Taxes |
|
Definition
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|
Term
Which of the following terms refers to a lease in which a tenant must pay the landlord directly only for stated rent?
a. Gross or straight lease
b. Net lease
c. Index lease
d. Graduated lease |
|
Definition
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Term
When should the property manager present market analysis to the owner?
a. In October, at the end of the fiscal year
b. At the beginning of his or her tenure, along with the property analysis
c. At each monthly meeting
d. After annual taxes are paid |
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Definition
| At the beginning of his or her tenure, along withthe property analysis |
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Term
Which of the following is NOT true of a CGA?
a. It is a conservative planning tool similar to a single premium commercial annuity
b. Upon exchange, taxes are due immediately
c. The CGA has 3 tiers of income
d. Guaranteed, fixed and tax favorable stream for up to two lives |
|
Definition
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Term
Like kind exchanges are ____ under IRC Section 1031.
a. Tax Deferred
b. Tax Exempt
c. Tax Free
d. Tax Sheltered |
|
Definition
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|
Term
Which of the following is NOT an element of a valid contract?
a. Mutual agreement
b. Lawful objective
c. Acknowledgment
d. Competent parties |
|
Definition
|
|
Term
| Side Note: Statement from the Appraisal Institute on its Withdrawal from The Appraisal Foundation |
|
Definition
CHICAGO (Sept. 7, 2010) – The decision today by the Appraisal Institute’s Board of Directors to withdraw from The Appraisal Foundation as a sponsor was a difficult but necessary one. As the nation’s largest organization of real estate appraisers, we must preserve our integrity and must act as an independent voice representing the interests of our members, the profession and the public interest before legislative and regulatory bodies.
The Appraisal Foundation’s decision to sanction the Appraisal Institute for conduct said to have violated the Foundation’s Bylaws is simply wrong, and the penalty imposed was unjust and unwarranted. Independence from the Foundation strengthens our position to advocate without constraint on behalf of our members, the profession and the public interest.
For the past nearly 80 years, the Appraisal Institute has been the leader in raising valuation standards and ethics and in protecting the public interest. This will not change. In fact, the Appraisal Institute’s decision will allow it to respond to rapidly changing market forces by providing our members with new education, skills and professional advancement. We look forward to continuing to work with professional associations, legislators, regulators and others in our mission of advancing professionalism and ethics, global standards, methodologies and practices through the development of property economics worldwide. |
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Term
| What is the Appraisal Institute? |
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Definition
| The Appraisal Institute is a global membership association of professional real estate appraisers, with more than 25,000 members and 91 chapters throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. For more information regarding the Appraisal Institute, please visit www.appraisalinstitute.org. |
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Term
If a broker represents an owner or seller of real estate, they can assist a potential buyer; however the broker must act foremost, in the interest of:
a. The seller
b. Self preservation
c. The buyer
d. Closing the deal |
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Definition
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Term
| A lease calls for a minimum monthly rent of $1,000 plus 12 percent of yearly gross in excess of $500,000. Ho much is one month's rent if a company grosses $850,000 annually? |
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Definition
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Term
How can a REALTOR avoid taking advantage of their clients?
a. By being caring, considerate and communiations
b. By not considering all points of views
c. By acting passively and doing what the client wants
d. By offering services that he or she is not competent in |
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Definition
| By being caring, considerate and communiations |
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Term
Considering surface are, what the msot common legal land description method?
a. Metes and bounds
b. Vertical land description
c. Recorded plat
d. Rectangular survey |
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Definition
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Term
Which of the following is true of PCBs?
a. PCBs have not been manufactured in the United States since 1965
b. PCBs occur naturally in ore deposits
c. PCBs often seep in through cracks in the basement floor
d. PCBs will not burn and are good insulators |
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Definition
PCBs will not burn and are good insulators.
PCBs are produced by chlorination of biphenyl; its commercial production started about 60 years ago. The total amount produced world-wide is estimated at 1.5 million tons [Ivanov and Sandell 1992, Rantanen 1992].
Depending on the degree of chlorination of the PCBs, their physico-chemical properties, like inflammability or electric conductivity, brought about a wide field of application. Thus, PCBs have been used as electric fluids in transformers and capacitors, as pesticide extenders, adhesives, dedusting agents, cutting oils, flame retardants, heat transfer fluids, hydraulic lubricants, sealants, paints, and in carbonless copy paper. Some of their applications resulted in a direct or indirect release of PCBs into the environment. Relatively large amounts were released due to inappropriate disposal practices, accidents and leakages from industrial facilities. |
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Term
Who periodically check buildings for building code compliance during construction?
a. HUD
b. The Justice of the Peace
c. Office of Interstate Land Sales Registration
d. AHJ inspectors |
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Definition
| Authorities Having Jurisdiction (AHJ) inspectors |
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Term
In which case are pets allowed in an apartment complex that doesn't normally allow pets?
a. |
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Definition
| If the pet assists the tenant in some medical way |
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Term
A broker will appoint an agent to a client when the broker is:
a. To busy to help the client
b. Trying to mentor a new agent
c. Acting as an intermediary
d. Uncomfortable working with the client due to the clients race or national orgin |
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Definition
| Acting as an intermediary |
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Term
In order to foster high levels of professionalism and expertise, REALTORS should NOT strive to:
a. Be informed about laws, proposed legislation, government regulations, public policies and current market conditions.
b. Seek information that is pertinenet to the clients.
c. Advise clients and customers properly.
d. Use pertinent information against clients and other REALTORS. |
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Definition
| Use pertinent information against clients and other REALTORS. |
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Term
What method of land description is commonly used to describe air lots, condomimiums and subsurface locals?
a. Vertical land description
b. Metes and bounds
c. Rectangular survey
d. Recorded plat |
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Definition
| Vertical land description |
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Term
A resident broker must have a __________ in the state of Texas?
a. Fixed office
b. At least 5 sponsored agents
c. At least on branch office
d. A current driver's license |
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Definition
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Term
Title VIII of the Civil Rights Act of 1968, also known as the Fair Housing Act, and the Civil Rights Act of 1866 both prohibit discrimination in:
a. Religion
b. Real estate practices
c. Sex
d. Race |
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Definition
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Term
If a brker or agent guarantees, authorizes or permits a person to guarantee that futre profits will results from a resale of real property:
a. They have disclosed important information that would influence a potential buyer
b. The have disclosed their interest in a potential real estate transaction
c. They have completed their fiduciary duty to hold the clients interests above all others
d. They have violated the Texas Occupations Code and could have their license suspended or revoked. |
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Definition
| They have violated the Texas Occupations Code and could have their license suspended or revoked. |
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Term
As a result of the Civil Rights Act of 1866, individuals of all races have:
a. Different Rights
b. Military obligations
c. Same Rights
d. No rights |
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Definition
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Term
When forced to provide reasonable accommodation for handicapped individuals, a landlord may pay for the extra expense by:
a. Charging a higher security deposit
b. Requiring a deposit of funds in an escrow account
c. Bribing the law enforcement officers
d. Collect the funds from the other residents residing in that property |
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Definition
| Requiring a deposit of funds in an escrow account |
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Term
Which of the following is NOT true of wetlands?
a. Both the Corps and the EPA exercise authority over wetlands
b. Wetlands can help control flooding, filter out pollution and clean drinking water
c. To be protected, wetlands cannot be man-made
d. If cattails are grwoing in a landlord's swampland, it most likely qualifies as a wetlands area |
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Definition
| To be protected, wetlands cannot be man-made |
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Term
The ________ considers the community's best interest first when making decisions?
a. Social contract ethics approach
b. Rules and laws ethical method
c. Best community approach
d. Societal improvement approach |
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Definition
Social contract ethics approach
The basic objective in social contract ethics is to get a balance between authority and freedom. |
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Term
Which of the following, passed in 1968, regulates the sales and marketing of land over state lines?
a. Interstant Land Sales Full Disclosure Act
b. Zoning ordinances
c. Deed restrictions
d. Building codes |
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Definition
| Interstant Land Sales Full Disclosure Act |
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Term
Some areas, such as historic districts, art districts, and/or cultural districts, may use _________ to legally influence the appearance of buildings.
a. Asethetic ordiances
b. Building codes
c. Plats
d. Bench marks |
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Definition
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Term
An associate acting as an agent forthe buyer in a real estate transaction must not disclose:
a. To the seller's agent, that the buyer will pay more than list price unless authorized to do so, by the Buyer, in writing
b. To the buyer, that the seller is willing to offer $5,000 for a decorating allowance
c. That the home has possible mold contamination
d. That the property, built before 1978 has potential for lead based paint |
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Definition
| To the seller's agent, that the buyer will pay more than list price unless authorized to do so, by the Buyer, in writing |
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Term
The Home Mortgage Disclosure Act of _____ made the practice of redlining illegal.
a. 1968
b. 1975
c. 1980
d. 1981 |
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Definition
1975
The Home Mortgage Disclosure Act (or HMDA, pronounced HUM-duh) is a United States federal law that requires certain financial institutions to provide mortgage data to the public. Congress enacted HMDA in 1975.
HMDA grew out of public concern over credit shortages in certain urban neighborhoods. Congress believed that some financial institutions had contributed to the decline of some geographic areas by their failure to provide adequate home financing to qualified applicants on reasonable terms and conditions. Thus, one purpose of HMDA and Regulation C is to provide the public with information that will help show whether financial institutions are serving the housing credit needs of the neighborhoods and communities in which they are located. A second purpose is to aid public officials in targeting public investments from the private sector to areas where they are needed. Finally, the FIRREA amendments of 1989 require the collection and disclosure of data about applicant and borrower characteristics to assist in identifying possible discriminatory lending patterns and enforcing antidiscrimination statutes. |
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Term
Dangerous levels of ___________ can sometimes be foun in manufactured and mobile homes. Manufactured homes that contain this substance are required to carry a warning label.
a. Asbestos
b. Formaldehdye
c. Radon gas
d. Lead |
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Definition
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Term
Son A receives a parcel of land from his mother as a wedding gift; however, he and his wife do not want to live there. Son A contacts REALTOR A who agrees to list hte property. After looking over the property, REALTOR A tells Son A that $30,000 is a good listing price for the parcel of land. Unfamiliar with land values and appraisals, Son A trust his agent, and agrees to list hte property at that price. Three days later, REALTORS A calls Son A and explains to him that he would like to purchase the property. What is not a fact in this case?
a. Son A agrees to list the property at $30,000
b. REALTOR A intentionnally listed the property at a lower price so that he could purchase it.
c. Son A trusted his agent becasue of the fiduciary obligations that his agent owed to him.
d. Son A's mother left him a parcel of land. |
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Definition
| REALTOR A intentionally listed the property at a lower price so that he could purchase it. |
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Term
Building codes apply to all of the following, EXCEPT:
a. Structural soundness
b. Sanitation
c. Appearance
d. Building materials |
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Definition
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Term
HUD is required to investigate the complaint and five notice to the person making the complaint whether or not HUD intends to resolve the complaint. Within how many days HUD must take this action after receiving the complaint?
a. 120 days
b. 90 days
c. A month
d. 100 days |
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Definition
100 days
Congress intended the administrative process under the Fair Housing Act to be "economical and efficient," and to provide unrepresented victims of discrimination with a speedy and comprehensive remedy. The FHA requires HUD to complete its investigation of fair housing complaints "within 100 days after the filing of the complaint...unless it is impracticable to do so."
A review of all of HUD’s cases in which a charge was issued between January 2004 and October 21, 2008, indicates that the average age of cases in which a determination of reasonable cause was made and a charge issued was 502 days. The shortest time period between the filing of a complaint and the issuance of a charge was 143 days, while the longest was 1254 days. |
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Term
Which of the following is true of Banker's Environmental Risk Insurance?
a. It will pay for cleanup but will not pay of the balance of a loan
b. It helps the lender avoid foreclosing on contaminated property and becoming liable for clean-up cost
c. Lenders have insisted on obtaining such insurance for the last 30 years
d. It relieves both the borrower and the lender from all liability, keeping a loan from going into default |
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Definition
It helps the lender avoid foreclosing on contaminated property and becoming liable for clean-up costs.
The Secured Creditor/Bankers Environmental Risk Property Insurance Program protects lenders against loss due to a borrower defaulting on a commercial real estate loan that is secured by an insured property, leasehold or fixed assets.
If there is a default on the loan caused by a pollution condition on the insured property, the policy will indemnify the lender for the outstanding loan balance. Additionally, the policy will provide coverage for the lender against third-party claims for bodily injury, property damage or cleanup costs resulting from pollution conditions on the property. Because risk protection is provided to both lender and borrower, transactions can be completed confidently and efficiently. This type of insurance is very beneficial to Brownfield site transactions because it protects the lender to some degree from unknown environmental problems. |
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Term
Article 16 allows REALTORS to be aggressive and innovative; however, which of he following is allowed according to this Article?
a. Telephone solicitations of property owners who have exclusive listing agreement with another REALTOR.
b. Extensive solicitaions of clients who have contracts with other REALTORS.
c. Written soliciations of prospective clients who have an exclusive listing agreement with another REALTOR.
d. Inquiries concerning the status of a seller's property. |
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Definition
| Inquiries concerning the status of a seller's property. |
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Term
According to the rectangular survey method of land description, which of the following is TRUE about hte location T2N, R2E?
a. It is two rows noth of the base line and two column east of hte principle meridian.
b. It is two row north of hte principle meridian and two column east of hte base line.
c. It is two rows south of the principle meridian and two columns west of the base line.
d. It is two rows south of the base line and two coluns west of the principle meridian. |
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Definition
| It is two rows noth of the base line and two column east of hte principle meridian. |
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Term
By definition in the Texas Occupations Code, for what purpose can the commission use subpoena?
a. To compel the attendance of witnesses for examination under oath
b. To enforce regional homeowners association bylaws
c. To hold agents accountable to heir sponsoring brokers for deliquent desk fees or errors and omissions insurance payments
d. To request on-time payment renewal fees |
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Definition
| To compel the attendance of witnesses for examination under oath |
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Term
The exemptions to the fair housing laws are technical. It is highly recommended that a person seeking to create a transaction under one of the exemptions to federal, state, or local fair housing laws seek:
a. Justice
b. Real estate consultations
c. Legal advice
d. Fair housing advice |
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Definition
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Term
Which of the following is an example of ethical conduct in real estate?
a. Intentional fraud
b. Negligent misrepresentation
c. Negligence
d. Disclosure of adverse information |
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Definition
| Disclosure of adverse information |
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Term
For a land description to be legal it must:
a. Contain a street address
b. Locate a surface parcel
c. Distinguish the subject property from all other properties in the world
d. Utilize the metes and bounds method of land description |
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Definition
| Distinguish the subject property from all other properties in the world |
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Term
Any person who believes that they have been injured by a discriminatory practice by a real estate licensee or who believes that they will be injured may file a complaint with:
a. National Association of REALTORS (NAR)
b The Secretary of Housing and Urban Development (HUD)
c. Attorney general
d. State's real estate commission |
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Definition
| The Secretary of Housing and Urban Development (HUD) |
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Term
Which of the following may hold neighbors responsible for water damage?
a. The Common Enemy Doctrine
b. The Common Sense Rule
c. Teh reasonableness rul
d. The laissez faire doctrine |
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Definition
The reasonableness rule
In business, the Reasonability Rule often comes into play in the realm of commerce. Contracts are often signed and executed within the boundaries of the Reasonability Rule (are the terms reasonable to both parties, for example). One can even argue that the "meeting of the minds" requirement under contract law is in fact a codification of the Reasonability Rule. |
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Term
Which of the following would a developer most likely use to establish elevation?
a. A plat
b. A contour
c. A fixture
d. An emblement |
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Definition
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Term
A license holer who represents a party in a proposed real estate transaction shall disclose, orally or in writing, that representation at the time of the license holder's first contact unless:
a. The agent is instructed not to by their sponsoring broker
b. Teh license holder meets with a party who is represented by another agent or broker holder.
c. The proposed transaction is for a residential lease of 6 months and a sale is being considered
d. TREC represents the party |
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Definition
| The license holder meets with a party who is represented by another agent or broker holder |
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Term
The ADA addresses discrimination in four general areas. Which of the following is not included in these four areas?
a. Employment
b. Public services
c. Medical services
d. Public Accommondations and Commercial Facilities |
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Definition
Medical Services
On July 26, 1990, President Bush signed into law the Americans with Disabilities Act of 1990 ("ADA"), a federal law which prohibits discrimination against individuals with disabilities. The ADA addresses discrimination in four general areas: Employment (Title I);. Public services (Title II); Public accommodations and commercial facilities (Title III); and, Telecommunications (Title iV). Teh purpose of he ADA is to give individual with disabilities civil rights protection against discrimination similar to those afforded to individuals on the basis of race, color, national origin, sex, and religion. |
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Term
Environmental law treats _____ the same as commercial real estate.
a. Single family properties
b. Multi-family properties
c. Single and multi-family properties
d. Wetlands |
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Definition
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Term
What is a Standard of Practice?
a. It is an example of how an article has been applied in the real life situation.
b. It is similar to an Artivle, except that it is not legally binding.
c. It is merely a suggestion, not a required interpretation of an act.
d. It is the same as an Artivle; it must be abided by. |
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Definition
| It is an example of how an article has been applied in the real life situation. |
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Term
After investigation of a possible violation and the facts relation to that violation, the TREC administrator determines that a violation has occurred, the administrator may issue a violation report stating which of the following?
a. The name address and phone of the person who submitted the complaint
b. The amount of the recommended penalty
c. The time and place of the hearing to administer the penalty
d. Teh revocation or suspension date of the agent or broker's license |
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Definition
| The amount of the recommended penalty. |
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Term
In Rules and Laws Ethics, a person who follows this approach believes:
a. That the law does not work toward the better good of everyone.
b. That the law strives for the best results for the society as a whole.
c. The law and rule markers do not take into consideration the needs and wants of others.
d. That fundamental truths are unsound; therefore, no decision should be based on them. |
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Definition
| That the law strives for the best results for the society as a whole. |
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Term
Which of hte following are not grounds for supension or revocation of a license?
a. Making a false promise that is likely to influence a person to enter into an agreement when the license holder is unable or does not intend to keep the promise.
b. Fails to make clear to all parties to a real estate transaction the party for whom the license holder is acting.
c. Fails or refuses to disclose a client's financial situation to the owner or seller of property whom the agent doesn not represent.
d. Fails within a reasonable time to properly accont for or remit money that is received by the license holder and that belongs to another person. |
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Definition
| Fails or refuses to disclose a client's financial situation to the owner or seller of property whom the agent doesn not represent. |
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Term
Which of the following is considered an unauthorized practice of law?
a. Completing a TREC promulgated contract form
b. Advising a person regarding the validity of legal sufficiency of an instrument of the validity of title to real property.
c. Advising a client to seek legal counsel for questions regarding specific verbiage contained in a contract.
d. Advising a party to a transaction to whom the agent or broker has fiduciary obligations. |
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Definition
| Advising a person regarding the validity of legal sufficiency of an instrument of the validity of title to real property. |
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Term
What are Safe Harbor Agreements?
a. Agreements that give landowners government protection from any future discovery of environmental hazards on their land.
b. Deals that result in a relaxation of the Endangered Species Act.
c. Agreements that allow developers to build on endangered species' habitats for a fee.
d. Agreements that allo hazardous-waste carrying ships into U.S. harbors. |
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Definition
| Deals that result in a relaxation of the Endangered Species Act. |
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Term
If there is a contractual disput or specific non-contractual dispute (between firms or REALTORS):
a. The REALTORS should litigate the matter.
b. The REALTORS should submit the dispute to arbitrations.
c. The REALTORS should dismiss the dispute.
d. The REALTORS should file an ethics complaint. |
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Definition
| The REALTORS should submit the dispute to arbitrations. |
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Term
Which of the following is NOT true of radon gas?
a. Radon Gas can enter into a building through the cracks in the floor of a basement..
b. Radon Gas is part of the natural decay process of uranium.
c. Well-unsulated and energ-efficient homes may experience higher levels of contamination.
d. Homeowners can reduce the effects of radon gas by decreasing moisture. |
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Definition
Homeowners can reduce the effects of radon gas by decreasing moisture.
It is a radioactive, colorless, odorless, tasteless[2] noble gas, occurring naturally as an indirect decay product of uranium or thorium.
Some level of radon will be found in most homes. Radon enters a home through the lowest level in the home that is in contact with open ground. Typical entry points of radon into homes are cracks in solid foundations, construction joints, cracks in walls, gaps in suspended floors, gaps around service pipes, cavities inside walls, and the water supply. |
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Term
Superfund is another name for …
a. The Brownfields Act.
b. The EPA
c. USPAP
d. CERCLA |
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Definition
CERCLA. Superfund or Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) is a United States federal law designed to clean up sites contaminated with hazardous substances as well as broadly define "pollutants or contaminants".
The Small Business Liability Relief and Brownfields Revitalization Act (Pub .L.No. 107-118, 115 stat. 2356, "the Brownfields Law") was signed into law by President George W. Bush on January 11, 2002. Brownfields are defined as, "A former industrial or commercial site where future use is affected by real or perceived environmental contamination."[1] The Brownfields Law amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA or Superfund) by providing funds to assess and clean up brownfields, clarifying CERCLA liability protections, and providing funds to enhance state and tribal response programs. Other related laws and regulations impact brownfields cleanup and reuse through financial incentives and regulatory requirements.
The United States Environmental Protection Agency (EPA or sometimes USEPA)
Uniform Standards of Professional Appraisal Practice (USPAP) |
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Term
Buyer X has hired Broker Y to help her find a house. Broker Y employs several salespeople and, although Buyer X did not specifically authorize this, Broker Y delegates tasks to the salesperson. What kind of authority allows Broker Y to do this?
a. Implied actual authority
b. Express authority
c. Apparent authority
d. Authority by ratification |
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Definition
Implied actual authority, also called "usual authority", is authority an agent has by virtue of being reasonably necessary to carry out his express authority.
Express authority means an agent has been expressly told he or she may act on behalf of a principal.
Apparent authority (also called "ostensible authority") exists where the principal's words or conduct would lead a reasonable person in the third party's position to believe that the agent was authorized to act, even if the principal and the purported agent had never discussed such a relationship.
Ratification is a principal's approval of an act of its agent where the agent lacked authority to legally bind the principal. |
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Term
If the broker holds the earnest money, he or she must:
a. Place the funds in his or her personal account.
b. Place the funds into an escrow account.
c. Transfer to funds to the seller.
d. Use the funds to advice the sale. |
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Definition
| Place the funds into an escrow account. |
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Term
The agent always represents the interests of:
a. The buyer
b. The principal
c. The licensee
d. Both parties |
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Definition
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Term
What type of leasehold estate automatically renews at the end of the lease term?
a. Estate for years
b. Estate at will
c. Tenancy at sufferance
d. Periodic estate |
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Definition
Periodic estate.
Periodic estate (periodic tenancy)—automatically renewing lease (month to month, week to week) |
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Term
Broker X is diligent in giving buyers the Notice of Prospective Buyers form, which explains that the buyer should obtain a title insurance policy or that the abstract of title should be examined by his or her attorney. Broker X also holds a valid real estate license. To be eligible to receive compensation from transactions, whatelse must Broker X do?
a. Maintain a brokerage firm with at least three employees.
b. Use only teh exclusive right to sell agreements
c. Make sure that all affliated licensees are independent contractors, not employees
d. Make sure that every agreement is in writing, with the terms of compensation spelled out. |
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Definition
| Make sure that every agreement is in writing, with the terms of compensation spelled out. |
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Term
An option fee is:
a. The deposit of the optionee must make to have a lease-out-option.
b. The deposit of the optionee must make to hold the property.
c. The deposit of the optionee must make to pay for future damages and responsibilities.
d. The deposit the optionee must make to have an option agreement. |
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Definition
The deposit the optionee must make to have an option agreement.
In a real estate context, an option fee is money paid by a Buyer to a Seller for the option to terminate a real estate contract. Option fee funds should not be confused with earnest money. The use of option fees is most common in the residential resale market in Texas. |
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Term
Seller An and Buyer B agreen that the seller will pay the commission of Buyer B's agent (Agent X). In this situation, which of the following statements is TRUE?
a. The fact that the seller is paying Agent X's commissionmakes Agent X the seller's agent.
b. The fact that the seller is paying Agent X's commission does not change the existing agency relationship.
c. The fact that the seller is paying Agent X's commission make Agent X a dual agent.
d. The fact that the seller is paying Agent X's commission is a conflict of interest for Agent X. |
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Definition
| The fact that the seller is paying Agent X's commission does not change the existing agency relationship. |
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Term
The ________ requires that specific contracts be in writing and signed by the parties bound by the contract.
a. Statute of of limitations
b. Statue of contracts
c. Statue of frauds
d. Doctrine of laches |
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Definition
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Term
Which type of listing agreement do brokers generally prefer?
a. Open listings
b. Exclusive right to sell listings
c. Agency agreements
d. Buyer representation agreements |
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Definition
| Exclusive right to sell listings |
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Term
What is a leasehold estate?
a. It is a type of property ownership in which the property owner occupies the property.
b. It is a type of property ownership in which the tenant occupies the property without the property owner's consent.
c. It is a type of property ownership where the tenant occupies a property that he or she does not own.
d. It is a type of property ownership in which the property owner doesn not have any actual ownership intersest. |
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Definition
| It is a type of property ownership in which the tenant occupies the property without the property owner's consent. |
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Term
When is the licensee considered a seller of services and thereby liable under the Texas Deceptive Trade Practices - Consumer Protection Act?
a. When the licensee is the seller's agent
b. When the licensee is the buyer's agent
c. When the licensee conducts any brokerage business
d. When the licensee is a non-agent |
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Definition
| When the licensee is the seller's agent |
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Term
What do bounds refer to?
a. Teh direction of the boundaries that encompass a property.
b. The distance measurements used in the legal description.
c. The perimeter of a property.
d. The latitude and longitude system of mapping. |
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Definition
| The direction of the boundaries that encompass a property. |
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Term
A licensee who is in a relationship of single agency may be in any of the following positions EXCEPT:
a. Seller's agent
b. Buyer's agent
c. Subagent
d. Intermediary |
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Definition
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Term
Why is a legal property description necessary?
a. It provides the courts with a visualization of the subject property.
b. It allows the courts to identify the property with reasonable certainty.
c. It provides the courts with an estimation as to where the property is located.
d. It provides the seller and buyer with an estimation of the property's boundaries. |
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Definition
| It allows the courts to identify the property with reasonable certainty. |
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Term
Price fixing, boycotting competitors and allocating customers or markets are:
a. Allowed under the Sherman Antitrust Act.
b. Not common occurrences in the real estate industry.
c. Common antitrust violations in the real estate industry.
d. Violations of the Texas Deceptive Trade Practices - Consumer Protection Act |
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Definition
| Common antitrust violations in the real estate industry. |
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