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Practice Exam For Real Estate Questions And Answers With Verified Solutions 100% Correct!!!
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Practice Exam For Real Estate Questions And Answers With Verified Solutions 100% Correct!!!
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Practice Exam For Real EstateQuestions And Answers With Verified
Solutions 100% Correct!!!
the texas real estate license act (TRELA) was passed in? - ANSWER✔✔ A:1919
B:1929
C:1939
D:1949
C IS CORRECT.
when must representation be disclosed and in what form? - ANSWER✔✔ A:
orally or in writing at first contact
B: in writing at first contract
C: using the TREC promulgated IABS at the first face-to-face contact
D: in writing at the first face-to-face contact with a party
A IS CORRECT.
an unlicensed assistant who has accompanied an agent to an open house. agent
needs to leave, unlicensed assistant agrees to stay at the property & lock up for the
agent. as a result of these actions what is true? - ANSWER✔✔ A: the agent can be
charged with class A misdemeanor
B: the broker can be charged with class A misdemeanor
C: only the agent can be fined by TREC
D: the unlicensed agent, the agent, & the sponsoring broker can all be fined by
TREC for the unauthorized activity of the assistant
D IS CORRECT.
,disclosure of agency must be given: - ANSWER✔✔ A: at first face to face meeting
B: at first substantive dialogue
C: at first contact
D: on the TR promulgated IABS form
B IS CORRECT.
TREC rules require a license holder to disclose his dual role if he is representing
himself in a transaction. TREC also requires a license holder to disclose if his
client is a business entity in which the broker or salesperson owns: - ANSWER✔✔
A: 5% or more
B: 10% or more
C: more than 10%
D: more than 15%
C IS CORRECT.
a property owner has discovered mold on his property. what is true in this
situation? - ANSWER✔✔
TREC has the power to order a witness to appear for documents for its
investigations. this is called a Subpoena Power. If license holder fails to respond to
subpoena what can TREC do? - ANSWER✔✔ A: penalty against license holder up
to $4,000
B: immediately revoke license
C: file suit with attorney general to enforce subpoena
D:file felony charges
C IS CORRECT. it is not a TREC fine. must have hearing to revoke license.
,a license holder in violation of the TRELA has received summons from TREC that
possible revocation of license. the license holder fails to respond, what will TREC
do? - ANSWER✔✔ A: schedule hearing in county court where license holder
practices real estate
B: schedule hearing at the State Office of Administrative Hearings (SOAH)
C: schedule hearing in the district court serving the license holder
D: schedule hearing at main office of license holder
B IS CORRECT. if you fail to respond to a summons, TREC will schedule your
hearing in Austin, at the SOAH.
TREC has received texas real estate sales license from mary. she completed all
educational requirements. TREC will begin background check. Which of the
following statements is FALSE? - ANSWER✔✔ A: TREC has no time limit for
determining
B: TREC has 30 days to complete
C: TREC must notify mary of decision
D: mary has 30 days to appeal a detail of app
B IS CORRECT. TREC has NO time limit to review. if declined, must notify in
writing. only 30 days to appeal.
Agent decided to become inactive for a while. he now wishes to activate the
license. what will he have to do? - ANSWER✔✔ A: apply thru broker, $50, 30hr
continuing course
B: apply thru broker, pay $200, 30hr continuing course
C: apply thru broker, 18hr continuing corse if necessary
D: apply thru broker, 30hr continuing corse if necessary
C IS CORRECT. licnsees past their 2yr SAE period (expired) must be sponsored
by broker & 18hr to reactivate.
, which of the following must be posted in a public location on your brokers wall in
the place of business? - ANSWER✔✔ A: franchise license from the secretary of
state
B: consumer information notice 1-4
C: policy and procedures manual
D: brokers name in a t least 1/2 size of the largest posted advertisement
Fidelity is one of the Canons of Professional Ethics, within the Rules of
Commission, that means which of the following? - ANSWER✔✔ A: being
scrupulous & meticulous in the performance of your functions
B: being knowledgeable in your geographic market area
C: avoiding lying, omitting or misrepresentation
D: providing the IBAS at first substantive dislodge in real estate transaction
A IS CORRECT. Fidelity is being faithful observant, scrupulous, and meticulous
in the performance of your functions. the others describe competency, integrity, &
SB 489
which of the following actions are grounds for suspension or revocation of your
license by TREC? - ANSWER✔✔ A: an agent failing to disclose a 10% ownership
interest in an entity involve in the transaction
B: drawing up a bill of sale of sale for personal property outside the transaction
C: advising a buyer to get an attorney opinion go title
D: failing to list an expiration fate in an employment contract
D: IS CORRECT. employment agreements must have an expiration date to be
valid & enforceable. ownership interests over 10% must be disclosed in a
transaction. brokers/agents may draw up a bill of sale if it doesn't involve real
property. you must advise a buyer in writing to get a title policy or attorneys
opinion of title
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