Exam (elaborations)
TEXAS STATE EXAM QUESTIONS AND 100 VERIFIED CORRECT ANSWERS GUARANTEED A+
- Course
- Institution
TEXAS STATE EXAM QUESTIONS AND 100 VERIFIED CORRECT ANSWERS GUARANTEED A+
[Show more]
Seller
Follow
learnsphere
Content preview
TEXAS STATE EXAM QUESTIONS AND100% VERIFIED CORRECT ANSWERS
GUARANTEED A+
r By what date must the current year's real estate taxes be paid in order to avoid a penalty and interest
on the taxes? - Correct answer.By January 31st of the next year
Arthur was a Texas licensed Real Estate Sales agent for a long time. He then chose to become inactive
and TREC has been holding his license in inactive status. He now wants to activate the license. What
does he need to do? - Correct answer.Apply through a broker, pay $200 and take an 18-hour continuing
education course
Prior to issuance of an inspector's license, a newly approved inspector must remit what amount to the
Real Estate Inspection Recovery Fund? - Correct answer.$10
A broker has a verbal listing agreement with a seller. The seller has agreed to sign a written listing
agreement but has not done so yet. What is true? - Correct answer.The brokers' status at this time is
that of a volunteer
Written permission is required to place a sign on the property. A verbal real estate agreement is not
enforceable against the client. A promise to sign is not a signature. The agreement must be signed to be
enforceable.
When is it NOT mandatory for the seller to provide a copy of the "Seller's Disclosure of Property
Condition" to prospective buyers? - Correct answer.When the property is a commercial property -- it is
required in a FSBO
When a sponsoring broker is unaware that a salesperson is violating the Texas real estate ode through
activities such as blockbusting, discrimination, and commingling funds, which of the following is true of
the sponsoring broker's responsibility? - Correct answer.If the sponsoring broker is deemed to be
completely unaware of the salesperson's illegal activities, the broker will be absolved of responsibility.
,Which of the following licensees is subject to the provisions of the Texas Real Estate License Act? -
Correct answer.One whose job entails recruiting qualified renters and buyers for real estate
Broker Joe has a listing contract and a buyer's representation agreement, and so is acting as an
intermediary in a transaction. The buyer tells Joes that if he is successful in purchasing the property, he
plans to buy all the surrounding property too. What should Joe tell the seller? - Correct answer.Nothing,
as this is confidential information from the buyer.
Patty rents a storefront in downtown Arlington for her day spa, Boundless Beauty. She pays $1,500 a
month in rent, plus a portion of the landlord's taxes, maintenance, and insurance (which fluctuates).
Which type of lease does Patty have? - Correct answer.Net lease
Patty has a triple net lease because she is paying for a portion of all three of the landlords operating
costs (taxes, maintenance, and insurance) on a regular basis -- in addition to her monthly rent. A net
lease is one that requires a tenant to contribute to some of the landlord's operating costs. Both types of
leases are favorable for the landlord because they allow rising costs to be passed along to tenants. Net
leases an include caps on costs. A gross lease, in contrast is most similar to the typical residential lease
that stipulates a fixed monthly rent regardless of the landlord's fluctuating operating costs. A gross lease
with stops is a lease that allows the landlord to pass along some of the operating costs when they reach
a certain level.
Ash Mason owns a home with an expansive lawn in the Dallas suburbs and has decided to install an in
ground pool for recreational and health purposes. She has chosen non-slip pavers for the perimeter of
the pool (to reduce risk of falls and, thereby, her liability as property owner) and plans to add a deck at
one end of the pool for lounging. Which of the following factors should she consider most carefully in
deciding whether or not to erect a fence around part or all of her backyard? - Correct answer.possibility
that the pool might be an attractive nuisance
an unfenced pool may be considered an attractive nuisance because it appeals to children but presents
safety risks.
Which of the following statements is true of a security deposit? - Correct answer.a security deposit must
be returned to the tenant within 30 days of the end of the lease unless the property has been damaged
What is required for a broker to act as an intermediary? - Correct answer.The broker must have written
permission of the seller and the buyer, including information on how the broker is to be paid.
, A broker sponsors one associate license holder. He has a listing and a buyer client who wants to purchase
that listing. What is true? - Correct answer.the broker can act as intermediary with written consent from
both parties
What is the difference between a broker in an intermediary position and an associated license-holder
acting as intermediary? - Correct answer.The appointed associate can give advise and opinions to one
party in the transaction, but the broker cannot give advice and opinions to either party
Which of the following situations is NOT exempt from the Texas Property Code, Section 5.008? - Correct
answer.a real estate broker that has successfully negotiated the sale of a previously occupied single-
family dwelling
all previously occupied single-family dwellings are subject to Section 5.008, the "Seller's Disclosure of
Property Condition," EXCEPT in the case of foreclosure, transfer of primary residence per divorce
settlement, or transfer between family members.
A broker from Florida refers a buyer to a Texas broker. The Texas broker works with the buyer who finds a
property to buy, The buyer then asks the Florida licensee to represent his interest to the Texas broker.
The Florida broker reviews all terms and conditions set forth in the buyer's offer. The Texas broker
presents the offer. It is accepted. The transaction closes and the Texas broker earns a commission. any he
pay the Florida broker a commission? - Correct answer.Yes
A Texas broker can pay an out of state broker a commission as long as the other broker does not
negotiate in Texas. Preparing an offer and giving advice are not considered acts of negotiation. A referral
gift of up to $50 in value, not cash, is given to an unlicensed person who provides a referral.
Which of the following closing tasks is outside of the realm of a salesperson or broker's duties?
A. Going over closing procedures with the buyers and/or sellers
B. Conducting the necessary title searches
C. Disbursing escrow monies to attorneys
D. Arranging a schedule for closing - Correct answer.conducting necessary title searches
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 learnsphere. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.82. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52355 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now