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TX Exam Prep - Ch 2
Ch 2 - Licensing
| Question | Answer |
|---|---|
| Persons requiring a license | -Attorneys must have a real estate license to participate in a commission split -Auctioneers involved in any part of a real estate transaction -Apartment locators -Real Estate sales agents -Entities that receive compensation obo of a license holder |
| Persons requiring a license, cont | - A 3rd party (person or entity or PM) who controls the acceptance or collection of rent from a single family residence - A entity that engages in real estate brokerage & is required to be registered to do biz in TX w/ the SOS |
| Persons requiring a license, cont | - The designated officer of a licensed real estate corporation, or the designated manager of a licensed Real Estate Limited. Liability Company. The designated one is a broker |
| E&O requirements | If a designated agent has < 10% interest in a real estate biz entity, he must provide proof that the entity has E&O insurance with a minimum of $1 million/ occurrence. If designated agent owns 10% or >of the Biz, then the required E&O insurance is $0 |
| PERSONS/ACTIVITIES EXEMPT FROM LICENSING | -TX licensed attys can handle real estate transaction for a client for a fee/cannot participate in broker -broker commission splits. Any atty licensed in a state other than TX - Court appointed receivers, trustees, guardians, & sheriffs (foreclosure) |
| PERSONS/ACTIVITIES EXEMPT FROM LICENSING, cont | - Administrators and executors of a will - On-site apartment managers - New home sales agents working for one builder or owner - Cemetery lot sales agents. - A person selling his own property - An employee leasing/renting property for the owner |
| PERSONS/ACTIVITIES EXEMPT FROM LICENSING, cont | -Corporate employees buying/selling/leasing or renting corporate property - Hotel/motel personnel - An attorney-in-fact. - An auctioneer calling a real estate auction - Anyone selling mobile homes |
| In addition to an individual’s legal name, TREC recognizes three alternatives: | - Broker Assumed Business Name (DBA) - Team Name used only by a team/ group of sponsored sales agents or brokers associated with this broker. - Alternate Name is a name used by an individual license (middle, married , maiden or nickname) |
| Who has the authority to license real estate inspectors in Texas. | TREC |
| The Texas Appraisers Licensing and Certification board – TALCB | - regulates real estate appraisers and administers the Texas Appraiser Licensing and Certification Act |
| Failing the national part of the exam | must take 30 hours |
| Failing the state part of the exam | must take 30 hours |
| Failing both parts of the exam | must take 60 hours |
| Sales Agent Apprentice Education (SAE) Information | SAE - Before or during the first 2- year license period, the individual must complete 90 hours of qualifying education (QE). (This will bring the total number of qualifying hours up to 270 – 180 to become licensed plus 90 for SAE). |
| Sales Agent Apprentice Education (SAE) Information, cont | During the first 2- year license period, the individual must complete 8 hours of continuing education (CE)– 4 hours for Legal 1 and 4 hours for Legal 2. |
| License renewal | Renewal with late education completed within 60 days results in a $200 penalty. An on time renewal with late education completed after the 60-day period results in a $450 ($200 + $250) penalty. (This summary describes an on-time renewal with late CE.) |
| Time limit to deny an application | There is no time limit |
| Deadline for requesting a hearing re denial | If an applicant fails to request a hearing in writing not later than the 30th day after the date the notice denying an application is sent, the Commission's denial is final |
| To activate an inactive sales license | Apply through a broker and complete 18 hours of CE if necessary. |
| A party who owns an option or sales contract on real property | is said to have an equitable interest. |
| Can a TX broker pay a commission to an out of state broker? | Yes as long as the out of state broker does not negotiate in TX . Preparing an offer and giving advice are not considered negotiation. |
| The broker has until _____ to deposit earnest money into the escrow account | 2 business days after receipt |
| A buyer who submitted without receiving the sellers disclosure has ___ days to terminate the contract after he receives the disclosure | 7 days |
| Does the Addendum for Coastal Area Property contain a "Time is of the essence" clause? | No. |
Created by:
deidresj
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