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REAL ESTATE

NATIONAL PRACTICE QUIZ 1

QuestionAnswer
When a property is foreclosed on because of a mechanic's lien, in Texas, what is the statutory period of redemption? NONE
Which of the following actions is required of a landlord of residential property? Change the locks within seven days after a new tenant takes occupancy
In Texas, when a broker is listing a home and asks the seller to complete the Seller's Disclosure of Property Condition, which statement is TRUE ? Seller disclosure of known property conditions is required by state statute.
The office manager for a local real estate firm is responsible for the following activities: coordinating the flow of paperwork through the office, preparing forms and advertising copy, and hiring and supervising clerical personnel. The office manager is exempt from real estate licensing requirements.
A license holder must use the earnest money contract forms, addenda, and leases promulgated by the Commission unless a Texas attorney prepares the forms and the property owner requires their use.
A seller's listing agreement has expired, and the seller lists with a different brokerage firm. The original listing agent now has a buyer interested in the seller's property. Based on this information, the original agent cannot disclose to the buyer offers received on the seller's property while it was listed with the original agent.
If a real estate broker maintains a trust account, how many years does TREC require the broker to retain records of all deposits and withdrawals from the account? 4
In Texas, if an owner defaults on her mortgage loan and the property is sold at a foreclosure sale, the owner may redeem the property prior to the sale, under the equitable right of redemption.
A real estate license holder would be permitted to do which of the following without being guilty of unauthorized practice of law? Advising a buyer to get an attorney’s opinion of a title to a policy of title insurance
All of the property owned by spouses is presumed by Texas law to be community property.
Who must have a real estate broker's license in order to transact business? Person who negotiates the sales of business opportunities, including stock equipment and buildings, for a promised fee
Which of the following may be submitted either at the time of application or subsequent to application? Sales agent sponsorship form
Which of the following statements is TRUE regarding a broker rebating a portion of the commission to the principal? It is legal for a broker to rebate a portion of the commission to the principal.
A buyer who is a client of a broker wants to purchase a house that the broker has listed for sale. Which statement is TRUE? The seller and buyer must be informed of the situation and agree in writing that the broker may act as an intermediary between both of them.
An airline pilot told a broker about some friends who were looking for a new home. The broker contacted the friends and eventually sold them a house. May the broker give the airline pilot a gift for this valuable lead? Yes, as long as the gift was not prearranged, not cash, and the value does not exceed $50 retail value.
An unlicensed assistant may do all of the following EXCEPT make calls to determine whether a person is interested in buying or selling property, or has property they wish to sell, and if so, make an appointment for a licensed agent to talk to them.
A broker or sales agent may perform all of these actions in preparation for a closing EXCEPT conduct any title searches that might be required.
A buyer prospect is interested in viewing a house listed with the real estate company, but does not wish to enter into a buyer representation agreement. A sales agent from the real estate company can show the buyer an in-house listing if the sales agent provides the buyer with an Information About Brokerage Services form at the first substantive dialogue and discloses the company's agency status with the seller.
A sales agent is the owner or president of a brokerage. Which of the following statements is TRUE regarding the use of that title in advertising? A sales agent who holds such a title, is prohibited from using it in advertising as it implies the sales agent is responsible for the operations of the brokerage.
Great service by selling the home quickly, the defects are not sig + ex the info from the MLS, advertising, + com w/ buyer brokers. buyer, unaware of defects, purch the home to discover defects 6 MO after closing. whom may the buyer have legal recourse? Broker and sales agent
In Texas, an oral contract for the sale of real estate, as well as leases, for more than one year are UNENFORCEABLE
An urban homestead is limited to a lot or lots NOT to exceed 10 ACRES
A buyer contacts a real estate broker and indicates an interest in purchasing a home listed by the brokerage. Without entering into a buyer agency relationship with the buyer, a sales agent from the real estate office can do all of the following EXCEPT disclose the motivation for selling of a seller represented by the broker as their agent.
To be entitled to an affidavit claiming a mechanic's lien which of these is MOST true? The provider must have worked under an expressed or implied contract.
From whom may a real estate be compensated? Only their sponsoring broker
Seller told broker she want net $50K if sold her house. Broker accepted the listing and didN'T specify a max amp for the broker's commission. Broker sold the house for $160K. Broker gave $50K to seller / kept the rest. All of the following are true EXCEPT the broker's commission exceeds statutory and NAR guidelines.
The Texas Law of Descent and Distribution provides that when a person dies intestate separate property may be distributed in all of the following ways EXCEPT all separate property descends to the surviving spouse.
All of the following are required attachments to the TREC form Subdivision Information, Including Resale Certificate for Property Subject To Mandatory Membership in a Property Owners' Association EXCEPT previous year’s balance sheet
An individual, in Texas, may enter into legally enforceable contracts when the person reaches the age of 18
All of these people are exempt from the provisions of the Texas Real Estate License Act EXCEPT an individual who receives compensation for procuring prospective buyers or renters of real estate.
Which of the following requires a real estate license? A company that, for a referral fee, matches individuals from different parts of the country who want to exchange properties and assists them in doing so
The Texas Real Estate Commission prohibits a license holder from using a sales contract drafted by the broker
In Texas, licenses are renewed biennially, in the month issued.
In Texas, real estate brokers or sales agents must disclose a known latent defect to prospective buyers.
In Texas, brokers and sales agents who are NOT lawyers may fill in blanks on preprinted contract forms promulgated by the Texas Real Estate Commission.
3 wks b4 man begin RE classes, help find a buyer for his neighbor. He grees to pay the man % commission. Offer is accept while man is taking classes/closes the day b4 he pass the exam/receives his license. Neighbor refuse to pay. Can man sue 4 payment? No, because state law prohibits a person from maintaining an action to collect compensation for acting as a broker or sales agent, unless the person held a license that was in effect at the time the act was commenced.
The Broker-Lawyer Committee drafts and edits forms.
A real estate sales agent decides to sell his own property without using a broker. In offering his property for sale, the sales agent must disclose, in writing, his status as a real estate license holder prior to entering into the purchase agreement.
The Texas Veterans Housing Assistance Program (VHAP) requires the veteran to occupy the property as a principal residence for what period of time? 3 years from the date of closing
How many acres are protected as a rural Texas homestead of a family? 200 max
TREC-promulgated contracts address all of the following EXCEP a purchase for a commercial building.
The Commission proposes to suspend a sales agent's license for misrepresentation that occurred during the sale of the sales agent's personal residence. The license holder is entitled to a hearing conducted by the State Office of Administrative Hearings.
A real estate sales agents' licenses expires two years from the last day of the anniversary month of issuance.
The License Act requires that every listing has a definite termination date.
Homeowner loses his property in a foreclosure sale following a default in the payment of the mort. Trustee named in the deed of trust conduct the foreclosure sale. How many mos does the default homeowner hv to redeem property after the foreclosure sale? NONE
In the event a broker became the owner of funds held in trust, how many days does the broker have to remove those funds from the trust account? 30 days
A license holder who draws an earnest money contract instead of using a form promulgated for a specific purpose will have the license holder's license revoked or suspended.
When a broker and the broker's sales agents represent a seller or owner of real estate, that fact must be disclosed to the buyer, tenant, or broker's agent at the beginning of the first contact with the buyer, tenant, or broker's agent.
When terminating the sponsorship of a sales agent, the broker must notify the sales agent in writing of the termination and immediately return the sales agent's license to the Texas Real Estate Commission.
If a buyer wants to include language that establishes a contingency and that says the earnest money may be returned to the buyer upon the buyer's sole demand, which statement is TRUE? The broker should advise the buyer and the seller to each obtain legal counsel before inserting such an unusual item into the contract.
Created by: vtlove116
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