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REAL ESTATE
STATE PRACTICE QUIZ 2
| Term | Definition |
|---|---|
| The Commission has the power to revoke a sales agent's license if the license holder | deposits a buyer's earnest money into the sales agent's own bank account. Depositing a buyer's down payment into the sales agent's own bank account would be commingling of personal and client funds, a prohibited practice. |
| Each advertisement must include the following in a readily noticeable location in the advertisement | the name of the license holder or team placing the advertisement and the broker’s name in at least half the size of the largest contact information for any sales agent, associated broker, or team name contained in the advertisement. |
| All of the following statements are true regarding the Statute of Frauds, for the sale or lease of real estate for more than one year, EXCEPT | when sellers are co-owners, such as tenants in common or joint tenancy, only one owner must sign. When sellers are co-owners all co-owners must sign. |
| An individual, in Texas, may enter into legally enforceable contracts when the person reaches the age of | 18 |
| 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. A violation of the License Act by an unlicensed person is a Class A misdemeanor, which is punishable by up to a $4,000 fine or imprisonment for a term not to exceed one year or both. |
| 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 |
| 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. |
| Under the provisions of the TRELA, TREC may | adopt rules regarding advertising to prohibit a false, misleading, or deceptive practice by the person. TREC may adopt rules regarding advertising to prohibit a false, misleading, or deceptive practice by the person |
| 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. The owner must disclose latent structural defects or any other known structural defects on or before the effective date of a contract for the sale of real property. |
| Regarding listing agreements in Texas, which of the following might result in the suspension or revocation of an individual's real estate license? | no definite termination date. Listings must have a definite termination date not subject to prior notice. |
| If a seller fails to provide the buyer with the Seller's Disclosure of Property Condition as required by the Texas Property Code, the buyer | may choose to terminate the contract, and the earnest money will be refunded to the buyer |
| In Texas, a mechanic's lien | can force the sale of homestead property if there was a contract signed by both spouses and acknowledged prior to the time the work began or the materials were delivered. |
| 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. Advertising property with the intent of selling it as advertised is not considered a deceptive act. |
| The onsite property manager for an apartment complex is responsible for negotiating leases for the apartments. In this position, the onsite manager | exempt from the licensing requirements. In this position, the onsite apartment manager is exempt from the licensing requirements. |
| 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. In Texas, a license holder must present the Information About Brokerage Services form at the time of the first substantive dialogue with the party |
| An airline pilot told a broker about some friends who were looking for a new home. The broker contacted the friends and eventually sold them a house. May the broker give the airline pilot a gift for this valuable lead? | Yes, as long as the gift was not prearranged, not cash, and the value does not exceed $50 retail value. |
| A husband owns a rental property occupied by a tenant. The wife has no ownership interest in the property. If the husband wants to sell the property, who is required by law to sign the listing agreement? | husband only. Only the husband must sign the listing contract since the property is not the residence of the wife |
| Before a license is revoked or suspended, the license holder is entitled to a | hearing conducted by the State Office of Administrative Hearings. If commission proposes to deny, suspend, or revoke a person's license or cert of registration, the person is entitled to a hearing conducted by the State Office of Administrative Hearings. |
| 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. Homestead rights in Texas may be vested in a single or married person and may be either urban or rural |
| 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. Property owners who rent, sell, or buy property for themselves are exempt from licensing requirements. |
| To be entitled to an affidavit claiming a mechanic's lien which of these is MOST true? | provider must have worked under an expressed or implied contract. To be entitled to an affidavit claiming a mechanic's lien, the provider must have worked under an expressed or implied contract. |
| 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. The broker may authorize other persons to sign on the account but is responsible for supervising the trust accounts. |
| Broker signs agreement w/ seller. Agreement contains the following clause: "If the prop has not been sold after 3 mo from the date of signing, this will auto continue for additional 3-mo after until the prop is sold." Based on these facts, the agreement | provides grounds for loss of the broker's license. Listings must contain a definite termination date not subject to prior notice or the license holder could face TREC disciplinary action. |
| 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 | name of her sponsoring broker. All advertising must identify the sponsoring broker's name or the name of the brokerage. |
| 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. Each page of the sales agent's website must include the name of the sponsoring broker/company. |
| An ack is a formal declaration before a notary public or authorized public official that authenticates signatures. A jurat is used when signer is swearing to the content. Which of the following statements is TRUE regarding acknowledgements and jurats? | In Texas, either an acknowledgement or jurat is required for a deed to be eligible for recording. |
| In Texas, all of the following statements are true regarding the execution of corporate deeds EXCEPT | signature of at least two authorized officers is required. Corporate deeds may be executed by an authorized officer. |
| A broker or sales agent may perform all of these actions in preparation for a closing EXCEPT | conduct any title searches that might be required. |
| In Texas, licenses are renewed | biennially, in the month issued. Licenses are renewed every two years in the month issued. At the time of renewal, licensees must submit proof of completion of continuing education hours. |
| A real estate sales agents' licenses expires | two years from the last day of the anniversary month of issuance. Texas licenses are issued for a two-year term and must be renewed prior to the expiration |
| Who is responsible for filling in the effective date on the promulgated purchase contracts? | buyer. The contract calls for the broker to fill in the date of final acceptance. |
| 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. Each page of the website must indicate her status as a broker or agent. |
| Regarding the Real Estate Recovery Fund, payments | may result in the revocation of a license until the money is repaid plus interest. No broker or sales agent is eligible to receive a new license until the license holder repays the money plus interest. |
| 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, 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. In Texas, written property disclosures must be made for the sale of most previously occupied single-family dwelling units, whether or not a real estate agent is used. |
| After an investigation, the Commission determines that a license holder acting as a property manager improperly withheld a tenant's security deposit. In addition to awarding an administrative penalty, the Commission may also | order the license holder to refund the security deposit. The Commission may order a license holder to pay a refund to a consumer instead of or in addition to imposing an administrative penalty or other sanctions |
| A couple is engaged to be married. Real estate that either owns at the time of marriage will remain that spouse's prop in severalty, and property acquired after the wedding belongs to both of them equally. The form of ownership upon their marriage will be | community property. |
| The License Act requires that every listing | has a definite termination date. All listings must specify a definite period during which the broker is to be employed and must have a definite termination date. |
| 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. The intermediary must remain impartial to the interests of both parties and must maintain confidentiality with both parties. |
| Which of the following actions is required of a landlord of residential property? | change the locks within seven days after a new tenant takes occupancy. The premises must be rekeyed no later than seven days after a new occupant takes possession of a leasehold premise. |
| An unlicensed individual who engages in one activity for which a real estate license is required is subject to an administrative penalty of up to | $5,000, in addition to other penalties provided by law. |
| A married couple's community property includes | wages earned by either spouse. A married couple's community property includes wages earned by either spouse. All other examples are the separate property of the receiver. |
| In Texas, real estate commissions are | negotiable between the client and the broker. Commissions are always negotiable between the principal and the agent. |
| 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. The Canons of Professional Ethics and Conduct define integrity to include "…employment of prudence and caution so as to avoid misrepresentation…by acts of commission or omission." |
| Sales agent obtained a written agreement w/seller auth the broker to act as intermediary and make appts. Another sales agent for same co has an oral agreement to rep. Buyer agreed orally, broker could act as an intermediary and make appts. The broker may | not act as an intermediary or make appointments under this scenario |
| 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. |
| Seller lists home w/ brokerage and discloses material defects. The sales agent decides the defects are not sig and excludes. A buyer, unaware, purchases home to discover defects 6 most after closing. Against whom may the buyer have legal recourse? | Broker and sales agent |
| 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) |
| license holder has signed a tenant rep agreement. The holder does not charge a fee to pros tenants; rather,holder expects to receive a com from a landlord. Holder tells owner that pros tenant could pay a higher rent than 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 |
| Which is TRUE?A) lease for 1 year or > must be in writing to be enforceable. B) lease for term > 1 year must be in writing to be enforceable. C) lease for 15 mos can be oral and still enforceable. D) lease for <6 mos must be in writing | A lease for a term of more than 1 year must be in writing to be enforceable. |
Created by:
vtlove116
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