TX-BROKERAGE (SEA) EXAM LATEST 2024/2025
ACTUAL QU ESTIONS AND CORRECT ANSWERS
|GRADED A+ (GUARANTEED PASS)
The _____ is required to ascertain that Brokers are aware of all of their
responsibilities. - ANSWER -Texas Real Estate Commission
The _____ course is to address the regulatory aspects of the management,
operation and supervision of a real estate brokerage firm in Texas. The course
provides an understanding and working knowledge of a broker's responsibilities
and obligations under 22 TAC §535.2. - ANSWER -Broker Responsibility MCE
Who Must Take The Broker Responsibility MCE Course? - ANSWER -A broker who
sponsors salespersons, a designated broker of a business entity, and a license
holder who is a delegated supervisor of one or more license holders (for six
months or more during the supervis or's current license period), to complete this
six—hour broker responsibility course to renew a license.
"Act of God" - ANSWER -A natural disaster or fire
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Broker must, at a minimum, maintain the following records in a format that is
readily available to the Commission for at least ____ years from the date of
closing, termination of the contract, or end of a real estate transaction - ANSWER -
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Recruitment of a salesperson by a broker is not regulated with the exception that
instructors or other persons associated with a ___ may NOT recruit or solicit
prospective salespersons or brokers in a classroom during class time - ANSWER -
School
There is no provision in the Act or the TREC Rules prohibiting a broker from _____
a salesperson or broker —associate affiliated with another broker. - ANSWER -
Recruiting
________ are exempt from any of the provisions of the Texas Real Estate License
Act. They are permitted to repr esent clients in real estate transactions by virtue of
their license to practice law. - ANSWER -Attorneys
If the designated broker does NOT directly own at least 10% of the entity TREC
requires proof that the business entity maintains _______ in the amount of $1
million per occurrence. - ANSWER -Errors and omissions insura nce
Two requirements that must be met for all advertisements - ANSWER -Must
"clearly and conspicuously contain the name of the broker, either a bus iness
entity or an individual ."and An advertisement must include a designation that
serves to clearly identi fy the advertiser as a real estate agent.
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Brokers CANNOT share their fees with attorneys who perform a brokerage
service, attorneys must seek compensation for that service directly from one of
the ______ in a transaction - ANSWER -Principals
Can a listing broker share a portion of the listing broker's commission with an
attorney who represented the buyer in a real estate transaction? - ANSWER -No. A
broker is prohibited from sharing fees with or otherwise compensating the
attorney acting as a buyer's agent unless the attorney holds an active real estate
license.
Is a link to the IABS form required on my website? - ANSWER -Yes. Rule 531.20(b)
states that each broker and sales agent must provide a link on its homepage to
the IABS Form labeled "Texas Real Estate Commission Information About
Brokerage Services".
IABS link must be in at least a ______ point font and in a readily noticeable place
on the homepage of the business website of the broker an d sales agent. -
ANSWER -10
Does a link to the IABS Form in my email signature satisfy the representation
disclosure required by TRELA §1101.558? - ANSWER -No. Rule 531.20(d) states
that providing a link to the IABS Form in a footnote or signature block of an email
is insufficient
The IABS Form can be provided by: - ANSWER -(1) personal delivery; (2) first class
mail or overnight common carrier delivery service; (3) in the body of an email; or
(4) as an attachment to an email or as a link in the body of an e mail so long as
there is a specific reference to the IABS Form in the body of the email.
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Reasons people give for wanting to open their own Brokerage: - ANSWER -
Wanting to create something from scratch, Wanting to be their own boss,
Wanting to train and mot ivate real estate agents to be successful, Wanting to be
leader in their community or in the industry, An entrepreneurial spirit
Two good resources for finding past statistic for the real estate industry are -
ANSWER -The National Association of REALTORS® and the Real Estate Center at
Texas A&M University.
The _______ indicates the strength of the economy. - ANSWER -Gross domestic
product or GDP
Most good economies have a GDP of about _____ - ANSWER -3%
A new broker will need a good real estate attorney an d a good _____ on their
team. - ANSWER -Certified public accountant (CPA)
The Rules of the Texas Real Estate Commission require that a Broker have
a_______ before you start hiring agents - ANSWER -Policy and Procedures Manual
Policy and Procedures Manual must include - ANSWER -Agent's Authorized
Activity, Advertising, Compensation, Records Management, Trust Accounts
The new broker will want to consider three possibilities. - ANSWER -Purchasing an
existing real estate business, p urchasing a franchise office or a start up from
scratch
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