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REAL ESTATE

STATE PRACTICE EXAM 1

QuestionAnswer
When a property is subject to mandatory membership in a Homeowners Association (HOA) the TREC form Subdivision Information, Including Resale Certificate for Property Subject To Mandatory Membership in a Property Owners' Association is completed by the homeowners association.
In real estate advertising which of the following would NOT be considered a trigger term? APR
As a result of a hearing, it was determined that a license holder had violated a provision of the licensing act. The maximum administrative penalty for the violation may NOT exceed $5,000 for each day the violation continued.
Broker took a listing for a small office building. The prop is in excellent condition/produces a good income, broker's sales agent has decided to purchase it as an investment. If the broker's sales agent wishes to buy this property, the sales agent must inform the owner in writing that the buyer is a license holder and is a sales agent of the listing broker before entering into a purchase contract.
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.
When must the broker or sales agent give the seller a written Information About Brokerage Services form that explains brokerage services? On the first substantive dialogue with the seller
A lease for a term of more than 1 year must be in writing to be enforceable.T/F TRUE
License holder tells a landlord that the prospective tenant could probably pay a somewhat higher rent than the landlord is asking. Which statement is TRUE? The license holder's disclosure violated the statutory and common law duties of confidentiality and loyalty owed to the tenant.
According to the Texas Real Estate License Act, which of the following must appear in a written listing agreement in Texas? A definite termination date not subject to prior notice
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 has developed a website to attract buyers and sellers. What, if anything, must the sales agent include? Name of the sponsoring broker/company
Unless otherwise exempt, to renew a license in Texas a broker must have completed 18 hours of continuing education in the last 2 years, which include 4 hours in Legal I and 4 hours in Legal II.
All of the following types of agency are permitted in Texas EXCEPT a broker employed to negotiate a transaction between the parties as a dual agent under common-law principles.
A license holder who allows a license to expire has how long to reinstate the license without monetary penalty? NO TIME
A seller would most likely be required to give a buyer the written Seller's Disclosure of Property Condition form required by the Texas Property Code in all of these transactions EXCEPT a sale of commercial property.
Regarding a competitive market analysis or a broker's price opinion, which of the following statements is TRUE? It must contain a prescribed statement that clearly establishes that it is not and should not be regarded as an appraisal.
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.
In Texas, real estate brokers or sales agents must disclose a known latent defect to prospective buyers.
The following is true regarding Texas Law of Descent and Distribution regarding adopted and illegitimate children EXCEPT when a child is legally adopted they are generally considered heirs of the adopting parent(s) as well as ancestors of the adopting parent(s).
In regards to recording documents in Texas, all of the following are true EXCEPT deeds to Texas land may be in English or Spanish.
For a broker to file court action, to collect an unpaid fee, the broker must have been licensed at the time the fee was earned.
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.
Under the provisions of the TRELA, TREC may adopt rules regarding advertising to prohibit a false, misleading, or deceptive practice by the person.
All of these forms of ownership are recognized under Texas law EXCEPT tenancy by the entirety.
Unless affected by factors such as marriage of a minor or removal of emancipation by court order, the normal legal age of emancipation in Texas is 18
Seller has no knowledge of any plumb sys prob on the prop the seller is selling. Pipes are corroded/will need replaced soon. Seller's Disclosure of Prop Condition, when responding, whether the seller is aware of plumbing sys prob, the seller should enter NO
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.
Seller+buyer written auth for the broker to funct as an inter. S agent w/realty has prev working for, but not appointed to buyer. S agent prev working for, but not appointed to seller + sales agent working w/ but not appoint buyer may legally disclose market data (but not analysis) to the seller and buyer.
If the Seller's Disclosure Notice is NOT given prior to the execution of the contract, the purchaser may, within seven days after receiving the notice, terminate the contract FOR ANY REASON
Who promulgates forms for mandatory use by Texas brokers and sales agents? Texas Real Estate Commission
Created by: vtlove116
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