Texas Real Estate State Bundle 2024/2025 with complete solution Graded A+

When must a property owner declare their primary residence as their homestead to get homestead protection? a. At closing b. Never c. After 1 year of occupancy d. After Jan 1 of the first year of full occupancy - b According to the TREC residential resale contract form, if a termination option ...

Which aspect of the Canons of Professional Ethics and Conduct requires the broker or sales agent to be informed on market conditions and national, state, and local developments affecting the real estate business? - competency. If the court learns that the seller placed a sign that said "Not Incl...

Special Conditions Addenda and Forms - sale of other property by buyer addendum (contingency), Back Up Contract Addendum: when property already under contract in case of fall through, Seller Financing Addendum: seller finances buyer, environmental assessment addendum, condo resale certificate: se...

Broker-Salesperson Relationship - RE broker responsible to commission, members of public, and broker clients for all acts by broker or salesperson No salesperson shall accept compensation from anyone but sponsoring broker vicarious liability- 1995 limits to licensee ability through TRELA amendmen...

conditions upon which a joint tenancy can be made - there must be unity in time, title, interest and possession time-acquire ownership at the same time tile-acquire title from same source interest-equal interest in property possession-all owners have right to possess property An appeal can be ...

If a real estate broker maintains a trust account, how many years must that broker retain records of all deposits and withdrawals from the account? - four. A licensee maintaining a trust account must retain a documentary record of each deposit or withdrawal from the account for a period of four y...

Net lease - In a net lease the owner passes many of the costs to the tenant, who pays the taxes, insurance and maintenance costs. Net leases are typically commercial leases. Physical Deterioration - is when something within the property itself causes a loss in value. Physical deterioration is cau...

If one of the parties in a real estate transaction are not considered competent, the contract between the parties is considered... - Voidable Contract As a seller's agent in a transaction, the agent is required to do which of the following? - Inform the seller of any material information, presen...

A seller's broker is required to tell their client any relationship they may have with the buyer. This is an example of what fiduciary duty? - disclosure The prohibition of fair housing discrimination by a licensee is described as which of the following... - Texas Real Estate License Act A real...

How does the Real Estate License Act require brokers to provide consumers with information for the purpose of filing complaints? a. The broker must display Consumer Protection Notice TREC No. CN 1-2 in each place of business. b. Agents can tell them orally. c. Brokers are not required to provide...

The amount the borrower makes prior to any deductions for taxes or insurance is: A) Guaranteed income B) Net income C) Gross income D) Gross margin - Gross income _______: In the Texas Constitution, a principle residence of a family or adult single person is protected from forced sale for all ...

TREC Complaints - written against licensee, investigate through interviews, witnesses, etc. Standards and Enforcement Services (SES) notify licensee Priority of complaints: file must be maintained and risk based approach used TREC (Texas Real Estate Commission) - Created in 1949 consisting of 9 c...

A developer decides to build a commercial property in the middle of a residential subdivision. What is required? a) approval from surrounding property owners b) a variance c) a non-conforming use designation d) this would violate deed restrictions and cannot be done - b) a variance A buyer and...

adverse possession - the transfer of title when a person develops legitimate ownership interests in another person's property through an openly hostile and continuous occupation of the land -when a property owner "sleeps on his rights" 2 closing processes - 1. the closing of the loan between t...