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Chapter 1102 of the __________ governs the practice of Texas Real Estate inspectors.
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Who requires sponsorship to practice real estate?
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(D) LVL 1 STUDYGUIDE
LEVEL 1 STUDY GUIDE - FLASH CARDS TO REVIEW
| Question | Answer |
|---|---|
| Chapter 1102 of the __________ governs the practice of Texas Real Estate inspectors. | Texas Occupations Code |
| Who requires sponsorship to practice real estate? | a sales agent |
| The role of professional organizations in the real estate industry is to regulate the industry and ensure compliance with all state and federal laws. TRUE or False? | FALSE Why? The role of professional organizations in the real estate industry is to provide EDUCATION & GUIDANCE to improve the practice of their members. |
| What is TRUE about MLS services? a realtor must belong to at least one board in Texas. Local associations provide MLS services only to their members. realtors can only join one MLS in Texas. The more boards an MLS member joins, the better. | a realtor must belong to at least one board in Texas. |
| What is a MLS? | A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. |
| Which choice describes “rubber hits the road” education that meets the education requirements for license renewal? Graduate, REALTOR® Institute National Association of REALTORS® REALTORS® Land Institute Council of Real Estate Brokers Managers | Graduate, REALTOR® Institute |
| What does "rubber hits the road" mean? | Basically, if a course is referred to that, it means that what you learn in the course is information you are going to have to learn in your beginning stages of real estate whether you take the course or not. |
| The average number of months it will take to sell a house in a buyer's market is: | 6 months or more |
| TRUE or FALSE? A seller is more likely to want to work with an agent who uses the words “price reduction” rather than “price adjustment.” | TRUE |
| The NAR® Code of Ethics is reviewed and updated ____________. | every year |
| What is the difference between a client and a customer? | A client has an agency relationship with you or your broker and a customer does not. |
| Can you get in trouble for failing to obey a client’s unlawful instruction? | No |
| To avoid _______-, a license holder should only give factual information from reputable sources, avoid speculation, and point potential buyers to the resources that can help with questions that you shouldn't answer. | misrepresentation |
| Commingling happens when: | license holder mixes their own money with a client or customer's money. |
| Is it wrong if both the buyer and seller pay the commission? | Not if they are both aware of it and authorize it |
| TRUE or FALSE: Employees working for a commercial firm do not have to have a real estate license if they are selling property owned by their firm. | TRUE |
| If your sponsoring broker dies, lets their license get expired, or if they terminate your sponsorship, does your license still stay active? | No |
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