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REAL ESTATE

STATE PRACTICE QUIZ 1

QuestionAnswer
When acting as an active broker or sales agent, a Texas real estate license holder is permitted to do all of the following EXCEPT draft a sales contract.
After real estate has been sold by the city or county to satisfy a delinquent tax lien, the defaulted owner of a homestead usually has a right to redeem the property within a two-year time limit.
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.
All of the following statements regarding the Texas Real Estate Commission are true EXCEPT the state association of REALTORS® selects the members.
All of the following are violations of the Texas Real Estate Licensing Act EXCEPT placing a For Sale sign in front of a house after receiving written permission to post the sign.
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.
Which of these is TRUE regarding application fees and/or application deposits? If a rental application is accepted, the application deposit is credited toward the security deposit.
A consumer files a written complaint with the Texas Real Estate Commission regarding a license holder. TREC must investigate the complaint based on assigned priorities, using a risk based approach regardless of date received.
Which is generally classified as community property? Income earned from separate property
License renewal fees are set by TREC rule.
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.
A broker signs agreement w/a seller. Agreement contains : "If the property has not been sold after 3 months from sign date, this agreement will auto continue for additional 3-month periods thereafter until the property is sold." Based on these facts, provides grounds for loss of the broker's license.
An individual wants to sell her own house. Which statement is TRUE? She does not need a real estate license to sell her house herself.
In Texas, unless stated to the contrary in a deed, ownership of land by a married couple is assumed community property.
Who is responsible for filling in the effective date on the promulgated purchase contracts? buyer
A sales agent is not satisfied with her present real estate company and has decided to become associated with another real estate brokerage company. Before the sales agent may begin actively selling for the new company, the sales agent and the new broker must notify the Commission immediately and submit the appropriate fee.
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.
All of these forms of ownership are recognized under Texas law EXCEPT tenancy by the entirety.
What type of deed is to be used at closing to convey the title to real property, which is the subject of an agreement to purchase based on a TREC-promulgated contract form? General warranty
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
Who promulgates forms for mandatory use by Texas brokers and sales agents? Texas Real Estate Commission
A real estate sales agents' licenses expires two years from the last day of the anniversary month of issuance.
In Texas, a mechanic's lien is a general, voluntary lien, giving security to persons or companies that perform labor or furnish material to improve real property.
A real estate license holder is permitted to give advice on which of the following without being guilty of practicing law without a license? Advising a buyer to get an attorney’s opinion of a title to a policy of title insurance
The Texas Veterans Housing Assistance Program (VHAP) requires the veteran to occupy the property within how many days after closing? 60 days
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
Written notice of a proposed foreclosure sale must be given at LEAST how many days before the date of the sale? 21 days
All of the following are true regarding the Texas homestead law EXCEPT homestead rights in property may be terminated by the death of a spouse.
Under community property laws the property that a person accumulated prior to marriage is called separate property.
3 weeks before man begins his relicensing, he offers to help find buyer for his neighbor. Neighbor agrees to pay man a %. Offer accepted and closes the day before he passes the exam and receives license. The neighbor refuses to pay him. Can the man sue? 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.
Co has entered into agreements w/a seller and a buyer. Seller+ buyer gave written auth for broker to be intermediary. Sales agent previously working for, but not appointed, Seller and sales agent working w/, but not appointed,buyer may legally disclose market data (but not analysis) to the seller and buyer.
Members of the Texas Real Estate Commission are appointed by the governor
A consumer prevails in a suit for a cause of action involving the Texas Deceptive Trade Practices Act. The maximum the consumer may be awarded by a court is actual damages, court costs, attorney fees, and up to treble damages if the court finds conduct committed knowingly or intentionally.
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.
Which of these statements is MOST true of an unlicensed assistant who performs an act for which a license is required? They are guilty of a Class A misdemeanor could be confined in county jail for up to one year and/or fined up to $4,000.
If the amount of money in the Real Estate Recovery Trust Account drops below $1 million, the Texas Real Estate Commission may assess each license holder a pro rata share to bring the account to $1,700,000.
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
A homestead is protected against judgments that result from unsecured creditors.
Which Canon of Professional Ethics requires that the broker or sales agent employ prudence and caution in the discharge of her duties to avoid misrepresentation? integrity
All of the following are true of the Texas Deceptive Trade Practices Act EXCEPT recovery is limited to economic damages if the act is committed knowingly.
A couple is engaged to be married. Any real estate that either owns at the time of marriage will remain that spouse's prop in severalty, + prop acquired after the wedding belongs to both of them equally. The form of ownership upon their marriage will be community property.
Based on the Statute of Frauds, in Texas, contracts for the sale and purchase of real property must be in writing and signed to be enforceable.
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.
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.
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.
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
All of the following are grounds for the Texas Real Estate Commission to revoke a license EXCEPT failing to disclose a death on a property listed for sale, if the death occurred due to a cause that is unrelated to the property condition.
In Texas, a broker's license may be suspended or revoked for all of these actions EXCEPT depositing trust funds into the broker's escrow account.
All of the following are included in the laundry list of 27 deceptive acts under the DTPS EXCEPT advertising property with the intent of selling it as advertised
When a licensed broker changes his place of business, TREC must be notified within 10 days of the move to the new location.
Created by: vtlove116
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