Champions Exam Prep: State Questions 100% Correct Answers Verified Latest 2024 Version
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Course
Academic Avengers
Institution
Academic Avengers
Champions Exam Prep: State Questions
| 100% Correct Answers | Verified |
Latest 2024 Version
TREC has received an application for a Texas Real Estate Sales License from Mary.
Mary has completed all her educational requirements, and passed the state exam. At this point TREC will
begin the backg...
Champions Exam Prep: State Questions
| 100% Correct Answers | Verified |
Latest 2024 Version
TREC has received an application for a Texas Real Estate Sales License from Mary.
Mary has completed all her educational requirements, and passed the state exam. At this point TREC will
begin the background check.
What is FALSE?
(a) TREC has no time limit for determining integrity
(b) TREC has 30 days to complete the background check
(c) TREC has 30 days to notify Mary of a decision to disapprove her application
(d) Mary has 10 days to appeal a denial of her application - ✔✔False: TREC has 30 days to complete the
background check.
DEF: TREC has no limit on days to review your application or complete your background check.
They have 30 days to notify you of their decision and you have 10 days to appeal that decision.
Marcos was a TX licensed Real Estate Sales agent for some time. He then chose to become inactive and
TREC has been holding his license in inactive status. He now wishes to activate the license.
What will he have to do? - ✔✔Apply through a broker, pay *$50* and take a *18-hour* continuing
education course
,A license holder has defaulted on his student loans.
As a result of this TREC will? - ✔✔*Refuse to renew the license*, unless and until, the loan payments are
brought up to date.
Does the IABS disclose agency or personal interest? - ✔✔Agency Interest
When a license holder markets his own property he should? - ✔✔Inform the buyer that he is a license
holder, and the owner of the property.
DEF: Per TRELA you must always disclose self, spouse, parent or child is involved in a real estate
transaction.
The IABS discloses agency not personal interest. There is no TREC promulgated form solely intended for
this disclosure although paragraph 4 of the TREC contracts are now used for this. Not mentioning your
personal interest in a transaction is illegal.
A Texas broker may pay a commission to?
(a) A foreign broker who doesn't negotiate in Texas
(b) A licensed attorney in Texas
(c) An in-house employee of a principal
(d) Any unlicensed person for a referral - ✔✔A foreign broker who doesn't negotiate in Texas.
DEF: Any licensed broker outside of Texas is considered a foreign broker and may be paid a referral fee
out of your commission.
, Attorneys must also have a real estate license. In-house employees must have a license.
Only licensed brokers in Texas can receive a real estate commission in Texas.
Which of the following actions is NOT a violation of the TRELA?
(a) A broker offers a guaranteed buy back of a property for a set price, if the purchaser is not happy with
the investment after a two-year period of ownership
(b) A broker guarantees a buyer that an investment property will appreciate over the next two years
(c) Selling real estate by lottery
(d) Placing a sign to sell or lease real property with only the verbal consent of the owner - ✔✔Putting
your money where your mouth is and signing a contract to purchase with a two year close date to buy it
back yourself is legal.
You can't guarantee a future profit verbally as this is illegal.
Selling real estate by lottery and putting a sign in the yard on verbal consent is also illegal.
A sales agent wished to transfer to a new broker. When may he engage in the business?
(c) When his fees and sponsorship forms have been mailed to TREC - ✔✔When fees and sponsorship
forms have been mailed to TREC.
Which of the following is the responsibility of the broker?
(a) The listing advertisements of the sales agents he sponsors
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