100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Texas Specific Exam 02 Question and answers rated A+ $13.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Real Estate Brokerage
  4.  
  5. Real Estate Brokerage

Exam (elaborations)

Texas Specific Exam 02 Question and answers rated A+
 6 views  0 purchase
  • Course
  • Real Estate Brokerage
  • Institution
  • Real Estate Brokerage

Texas Specific Exam 02 Question and answers rated A+In which of the following situations can a licensee legally and ethically accept a net listing? A) Only when the principal understands current market values and requires a net listing. B) Anytime the seller agrees, as long as the agent earns n...

[Show more]

Preview 3 out of 21  pages

Document information

  • July 20, 2024
  • 21
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • Real Estate Brokerage
  • Real Estate Brokerage

Seller

avatar-seller
LEWISSHAWN55

Reviews received

Content preview

Texas Specific Exam 02
Texas Specific Exam 02
2024/2025 In which of the following situations can a licensee legally and ethically accept a net listing?
A) Only when the principal understands current market values and requires a net listing.
B) Anytime the seller agrees, as long as the agent earns no more than 10% of
the sale proceeds.
C) Whenever the sale price exceeds the owner's asking price by at 25%.
D) Only when he is representing both parties of a transaction - correct answer
✔A) Only when the principal understands current market values and requires a net listing.
*Net listings are discouraged because they enable the agent to place personal
interests above the principal's interests. Net listings should only be executed when the principal is familiar with market values and requires a net listing. The
licensee should always work diligently to obtain the best price possible for the principal and although commissions are always fully negotiable, a maximum should be set for the amount to be earned on a net listing.
It is the responsibility of a broker to let clients know that a real estate recovery trust account exists to pay damages to aggrieved persons. Which of the following ways is NOT an acceptable method to communicate to clients the availability of this trust account?
A) Through a written contract for the license or certificate holder's services.
B) In a brochure that the license or certificate holder distributes.
C) On a bill or receipt for professional services.
D) By directing them to the web site of the Texas Real Estate Commission. - correct answer ✔D) By directing them to the web site of the Texas Real Estate Commission. *A broker has the responsibility to let clients know that a real estate recoverey trust account exists to pay damages to aggrieved persons. This information can be communicated through: a written contract for the license or certificate holder's services; on a brochure that the license or certificate holder distributes; on a prominent sign in the broker's place of business; on a bill or receipt for professional services; in a prominent display on the website of a regulated person. The notice must include the commission's name, mailing address, and telephone number. Directing clients to the TREC website is not sufficient notification.
Subagency is ______ in Texas, while undisclosed dual agency is______ in Texas.
A) illegal, legal
B) legal, legal
C) legal, illegal
D) illegal, illegal - correct answer ✔C) legal, illegal
*Subagency is allowed in Texas while undisclosed dual agency is not.
What is required of a seller's agent who shows a property to a prospective buyer?
A) The seller's salesperson must advise the buyer to enter into a buyer's representation agreement with a qualified licensee.
B) The seller's salesperson must enter a buyer's representation agreement with the prospective buyer.
C) The seller's salesperson must show the property without any commentary on the relationship with the seller.
D) The seller's salesperson must notify the prospective buyer of the relationship between the salesperson and the seller and the salesperson's

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller LEWISSHAWN55. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.99
  • (0)
  Add to cart