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Texas State Portion Real Estate Exam part 2.
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Texas State Portion Real Estate Exam part 2.
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Who is responsible for any wrongs done by a salespersonwhile acting within the scope of the agency agreement?
The broker is liable for the wrongdoing of his or her
salespersons. The principal is liable for any wrongs
committed by the broker while acting within the scope of
the agency agreement.
what is the distinction between sales contracts and option
contracts?
One characteristic of sales contracts is mutual obligation.
Option contracts lack mutual obligation. The buyer in an
option contract is not obligated to buy.
A listing agreement must contain:
a standard street address is sufficient.
If the commission investigates a complaint and determines that
an individual's real estate license should be suspended or
revoked, the licensee is entitled to a hearing before the
commission within how many days after the commission
reaches its decision?
A licensee who faces suspension or revocation of their
license is entitled to a hearing within 30 days of the
commission reaching their decision.
Which of the licensed entities does not fall under the regulatory
authority of the Texas Real Estate Commission?
The Texas Appraiser Licensing and Certification Board has
jurisdiction over state licensed and certified appraisers. In
addition to licensing brokers and salespersons, the Texas
Real Estate Commission is responsible for licensing real
estate inspectors and for regulation of companies that
sell and issue residential service contracts ("home
warranties"). (Article 65736, Vernon's Texas Civil
Statutes.
A licensee in Texas may not practice law, unless licensed and
authorized to do so in Texas. Practicing law includes
altering contracts, or drawing up:
a deed, deed of trust, will, or other written instrument that
may transfer or affect the title to land.
What penalties may a licensee who breaches the agency
relationship face?
A licensee who breaches the agency relationship may be
sued for damages, termination of the contract, and/or
non-payment of the commission.
,Undisclosed dual
agency is: a violation of
the TRELA.
What is the composition of the Broker-Lawyer Committee?
Six broker members are appointed by the Texas Real
Estate Commission; six attorney members are appointed
by the President of the State Bar of Texas. The appointees
serve a term of six years with one-third of them being
appointed every two years.
A licensee must disclose any existing agency relationships to a
new client. This disclosure:
may be done orally or in writing.
A broker may do which of the following for an individual without
actually representing the individual?
A broker may obtain financing, assist in locating a
property, and prepare a contract or lease for an individual
without representing the individual.
A real estate licensee must notify the real estate program
manager if:
A licensee must notify the real estate program manager
within 20 days of receiving any criminal complaint,
information, indictment, or conviction in which the licensee
is named as a defendant; or entry of a civil court order,
verdict, or judgment, against the licensee in any court of
competent jurisdiction in which the subject matter therein
involves any real estate or business-related activity by the
licensee.
Pamela, who lives in a suburb in which many homes are rented,
decides to open a rental agency in order to assist her
friends in finding suitable renters. Pamela's conduct is
unacceptable because it involves an activity for which a
real estate license is required.
The sole broker of a brokerage firm has his or her real estate
license suspended for two years. What would happen to
the licenses of the salespersons affiliated with this broker?
If the broker's license is suspended or revoked, the
salespersons' licenses are made inactive and must be
returned to the commission. A salesperson's license may
be made active when the salesperson is sponsored by a
new broker.
Which agency is responsible for the contract forms used by Texas
licensees?
The Texas Real Estate Commission
,
A community property with rights of survivorship agreement must:
doesn't need to go through probate, must be signed by
both spouses, must include the property description, be in
writing, contain wording that makes evident the intent of
survivorship, and be recorded in the county courthouse.
Generally, the most important responsibility of an agent is to:
represent the financial interests of the client.
Broker Bea recently entered into a listing contract with Seller
Sally. Broker Bea just learned that Sally is actually 17
years old and not married. The listing contract is:
voidable at the option of the minor.
Which of the following people would need to obtain a real estate
license if they were involved in a real estate activity?
A. the executor of an estate
B. a court-appointed guardian
C. a trustee of the bankruptcy court
D. one who sells lots in a mobile home park
D. The sale of land/lots is an act of brokerage and requires
that one have a license if he or she is not the owner of the
lot. The other three answers are listed as people who do
not need a license in Section 3 of the Texas Real Estate
License Act.
An agency relationship may be terminated by
expiration of time, agreement, rescission, abandonment,
or by the death of either party.
A property owner may claim a homeowner's exemption in Texas
on a residence that is both owned and occupied. The
exemption reduces the assessed value of the residence by
$7,000 dollars
A broker must maintain a place of business in the state of Texas.
If the location changes, the broker has how long to notify
the commission?
The broker must notify the commission of any change of
address within 10 days.
What happens when an applicant for licensure has failed to pass
the competency examination within the prescribed six-
month period?
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