Exam Prep - State Portion III - Trebs 2024 Questions & Answers 100% Correct!!
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Course
Trebs 2024
Institution
Trebs 2024
T3. A license holder has taken a listing on a property and is using a lottery to sell the property. This is:
A. Grounds for suspension or revocation of license
B. Lawful if they obey the Texas State Lottery Law
C. Allowed because the seller request this type of sale
D. Only allowed if the selle...
Exam Prep - State Portion III - Trebs 2024
Questions & Answers 100% Correct!!
T3. A license holder has taken a listing on a property and is using a lottery to sell the property. This is:
A. Grounds for suspension or revocation of license
B. Lawful if they obey the Texas State Lottery Law
C. Allowed because the seller request this type of sale
D. Only allowed if the seller agrees to the lottery paragraph in the listing agreement - ANSWERSA.
Grounds for suspension or revocation of license. TRELA does not allow a license holder to offer a
property for sale by lottery. A lottery/raffle sale of a home is illegal nationwide, except under narrowly
defined circumstances, such as a non-profit.
T3. All of the following would be cause to suspend or revoke a license being held by a broker or
salesperson under the Real Estate License Act EXCEPT:
A. Knowingly making a substantial misrepresentation
B. Acting in the dual capacity of broker and undisclosed principal in any transaction
C. Failing to specify in a listing contract a definite termination date which is not subject to prior notice
D. Revealing to an owner an offer which your knowledge and experience convince you to be well below
"fair market value" - ANSWERSD. Revealing to an owner an offer which your knowledge and experience
convince you to be well below "fair market value." Answers "A," "B," and "C" are all listed in the license
act as reasons the real estate license could be revoked. Answer "D" is the correct answer. A licensee is
required to give the client advice and opinions, and your knowledge and experience would be an
example of advice and opinions.
T3. The commission may suspend or revoke the license of a broker or salesperson who guarantees that
future profits will result from a resale of real property.
A. True
B. False - ANSWERSA. True. A licensee may not promise or guarantee profits from the resale of a
property.
T3. Chapter 531 Canons of Professional Ethics and Conduct includes:
A. Fidelity
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