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REAL ESTATE

STATE PRACTICE EXAM 2

QuestionAnswer
Buyer asks a sales agent w/ LMN to show buyer a house listed w/ XYZ Realty but doesN't wish to enter A relationship. As long as the buyer is inform that LMN rep the seller, sales agent may show buyer house, +the broker may act as subagent of seller if LMN Realty has obtained the listing broker's and the seller's consent to subagency and the buyer is given the TREC Information About Brokerage Services
Regarding the Real Estate Recovery Fund, payments may result in the revocation of a license until the money is repaid plus interest.
A broker or sales agent who fails to give the statutory title notice to the buyer at or before closing may have the license suspended or revoked and cannot collect a commission on the subject sale.
lic holder signed a ten rep W/ a tenlooking for an apT or a com building to lease. holder doesn't charge a fee to pros tenants; but holder exp to rec a com from owner. lic holder tells a owner pros tenant could pay a higher rent. Which is TRUE? The license holder's disclosure violated the statutory and common law duties of confidentiality and loyalty owed to the tenant.
At a license holder's discretion they may make changes to a TREC promulgated form or other approved forms. By doing so they may be guilty of the unauthorized practice of law and could face disciplinary action.
unlicensed assist worked to help ensure closing of a difficult trans. assistant's work included making calls to the pros buyers, encouraging to accept the seller's counteroffer bc of the assist efforts, sale went through. Under Texas law, the broker may not pay a commission to the assistant under the facts presented here. They are both in violation of rules regarding unlicensed assistants.
Broker signs a agreement w/ a seller. Agreement contains the clause: "If the property has not sold after 3 mos from date of signing, this agreement will auto continue for additional 3 months until the prop is sold." Based on these facts, the agreement provides grounds for loss of the broker's license.
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
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.
In Texas, an 18-month lease must be in writing and signed in order to be enforceable due to it being required by the Statute of Frauds.
Sales agent Joanna Hastings paid the local telephone company to list her name in the directory under the real estate heading as "Joanna Hastings, Real Estate Sales Agent, Residential Property Is My Specialty." Based on this info, Joanna must also include the name of her sponsoring broker.
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 individual, in Texas, may enter into legally enforceable contracts when the person reaches the age of 18
The onsite property manager for an apartment complex is responsible for negotiating leases for the apartments. In this position, the onsite manager is exempt from the licensing requirements.
An ack is a formal declaration before a notary public or auth public official that authenticates sign on a document. A jurat is when the signer is swearing to the content of the doc. Which of the following statements is TRUE regarding ack and jurats? in Texas, either an acknowledgement or jurat is required for a deed to be eligible for recording
When a mechanic's lien is created under an expressed written contract it creates a(an) voluntary specific lien.
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.
Which statement BEST describes the role of a broker acting as an intermediary in Texas? The intermediary's duties are more restricted than a true agent's duty to one principal.
In order to qualify for a Texas Veterans Land Board program an applicant must have served no less than ______ days of active duty service or training. 90
What is the last thing written on the TREC-promulgated contract form to execute the contract? date
When a licensed broker changes his place of business, TREC must be notified within 10 days of the move to the new location
Which of the following statements is TRUE regarding referral fees and/or gifts? Brokers may pay a referral fee to other licensed brokers.
Regarding community property, which of the following is TRUE? Neither spouse may sell any real estate owned as part of their community property, unless both spouses sign the sales contract and deed.
In Texas, an oral contract for the sale of real estate, as well as leases, for more than one year are unenforceable
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
Which of the following is FALSE regarding trust accounts? Trust accounts may contain operating funds belonging to employed brokers or sales agents.
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 person acting as a real estate broker, real estate sales agent, or a right-of-way agent without a license or registration is guilty of a Class A misdemeanor that is punishable by a fine of NOT more than $4,000.
TREC-promulgated contracts address all of the following EXCEPT a purchase for a commercial building.
Agent, wanting to prov great service by selling quickly, decides the defects are not sig +ex the info in MLS, advertising, +com w/ buyer brokers. Buyer, unaware purch home to discover defects 6 mos after closing. whom can the buyer have legal recourse? Broker and sales agent
Created by: vtlove116
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