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REAL ESTATE

STATE PRACTICE EXAM 3

QuestionAnswer
Which of the following addenda contains the words "time is of the essence"? Addendum for Sale of Other Property by Buyer
A broker's assistant worked to ensure the successful closing of a transaction. Included making calls to the prospective buyers, encouraging them to accept the seller's counteroffer. The sale went through with no problem.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.
All of the these are true regarding the operation of a trust account EXCEPT the broker may not authorize other persons to sign on the account.
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
A broker has developed a website advertising the broker's office. What, if anything, does the broker need to include? Status as a broker on each page of the site
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
It would constitute unauthorized practice of law for a real estate license holder to complete a contract prepared by the license holder using language from TREC as a guide.
A husband is survived by his wife + their 2 daughters. The couple's community property $50,000, but husband also has left separate real property $150,000.Without leaving a will, wife most likely will receive through the courts of descent and distribution sole ownership of the community property and one-third ownership in her husband's separate property.
Five years ago, a condominium unit was the site of a brutal and highly publicized murder. The unit was sold to an elderly woman who contracted the AIDS virus in a blood transfusion and died in the unit last year. As the agent for the woman's estate, you are specifically relieved of liability for nondisclosure of the AIDS-related death but should probably disclose the murder.
Who promulgates forms for mandatory use by Texas brokers and sales agents? Texas Real Estate Commission
How many acres are protected as a rural Texas homestead of a family? 200 acres maximum
In Texas, an oral contract for the sale of real estate, as well as leases, for more than one year are unenforceable.
Members of the Texas Real Estate Commission are appointed by the governor
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.
All of these are true regarding alternate names EXCEPT a sales agent who uses an alternate name cannot use that name in advertising.
When should a real estate license holder provide the Information About Brokerage Services form to a party to a real estate transaction At the time of the first substantive dialogue with the party concerning a specific real property
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 information, must also include the name of her sponsoring broker.
A sales agent obtains a listing contract on behalf of the sales agent's sponsoring broker. When a prospective buyer asks to look at the property, the sales agent must provide the prospect with the TREC Information About Brokerage Services form and inform them orally or in writing that the sales agent and sales agent's broker represent the seller's interests.
Sales agent engaged in activities that constitute violations of the Texas Fair Housing Act. The sales agent also cashed a $25,000 earnest money check. The sales agent's sponsoring broker was unaware. In the event a complaint is filed with TREC, the broker might not have his license revoked as long as the broker was not negligent in supervising the activities of the sales agent.
A person must be licensed as a real estate broker or sales agent if that person is engaging in the real estate brokerage business.
Licensed sales agent obtains a listing. Days later, the sales agent meets prospective buyers at the property and tells them, "Our office represents the seller for this property, so I'm very familiar with it." Under these circumstances, the sales agent has properly disclosed agency relationship with the seller.
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.
When the license of a sponsoring broker is suspended or revoked, the sponsored sales agents must stop listing and selling.
The License Act requires that every listing has a definite termination date.
In Texas, a defaulted borrower must be given how many days to cure the default prior to the lender accelerating the loan and calling it due? 20 days to bring payments current (equitable redemption)
Buyer asks agent w/ LMN to show buyer a house w/XYZ but doesn't enter into agency relationship. As long as buyer is informed, LMN reps the seller, agent from LMN may show buyer the house, and broker for LMN may then act as a subagent of the seller if LMN has obtained the listing broker's and the seller's consent to subagency and the buyer is given the TREC Info About Brokerage Services form explaining the buyer's right to be represented
All of these forms of ownership are recognized under Texas law EXCEPT tenancy by the entirety.
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.
Broker signs listing agreement w/seller. It contains: "If the prop has not been sold after 3 months from date of this signing, this agreement will auto continue for additional 3-month periods until the property is sold." Based on these facts, agreement provides grounds for loss of the broker's license.
Which would be considered acting in a lawful position as an intermediary? Appointed license holders communicating with and carrying out the instructions of different principals in one transaction
Created by: vtlove116
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