Texas Principles of Real Estate 1Questions and Answers
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Texas Principles of Real Estate 1 Texas Principle
Institution
Texas Principles Of Real Estate 1 Texas Principle
1988, the Fair Housing Amendments Act did what? - added handicap and familial status.
A commission member would be removed from office under what conditions? - • Does not have the
required qualifications at the time of appointment
• Does not maintain the required qualifications during servic...
Texas Principles of Real Estate 1
1988, the Fair Housing Amendments Act did what? - ✔✔added handicap and familial status.
A commission member would be removed from office under what conditions? - ✔✔• Does not have the
required qualifications at the time of appointment
• Does not maintain the required qualifications during service on the commission
• Is ineligible for membership
• Cannot discharge the member's duties for a substantial part of the member's term
• Is absent from more than half of the regularly scheduled commission meetings during each calendar
year, unless the absence is excused by majority vote of the commission
A listing contract form adopted by the commission that relates to the contractual obligations between a
seller of real estate and a license holder acting as an agent for the seller must include what? - ✔✔A
provision informing the parties to the contract that real estate commissions are negotiable
A provision explaining the availability of Texas coastal natural hazards information important to coastal
residents, if that information is appropriate
A person who receives a commission or other consideration as a result of acting as a broker or
salesperson without holding a license is liable to an aggrieved person for what amount of penalty? -
✔✔Not less than the amount of money received or more than three times the amount of money
received
A person whose license has been expired for 90 days or less may renew the license by: - ✔✔paying to
the
commission a fee equal to 1-1/2 times the required renewal fee.
According to the Sunset Act, when would the license code expire if it is not renewed? - ✔✔September 1,
2019 (or 12 years after its last renewal)
Accretion - ✔✔The gradual loss or addition of land resulting from the action of water
,Any person who believes they have been discriminated against has how long to file a complaint with
HUD in: - ✔✔one (1) year of the alleged act.
In addition to or instead of filing a complaint with HUD, a person may file a suit in a state or federal
court within two (2) years of the alleged violation.
Are sellers required to use TREC Form OP-H to provide the property condition disclosure to a buyer? -
✔✔That specific form is not required; however, the seller must use a form that reads substantially
similar to the Texas promulgated form OP-H.
Avulsion - ✔✔Sudden addition of land from water receeding
Blockbusting - ✔✔Making a profit by inducing owners to sell by telling them that persons of a protected
class are moving into the neighborhood which will have detrimental results.
Broker Jed tells buyer Sam that when he signs his purchase agreement he must also purchase a
subscription to Jed's monthly newsletter. What would you say about this? - ✔✔This is a tie-in
arrangement which is prohibited by the Sherman Antitrust Act.
Canons of Professional Ethics and Conduct. These five canons have the force and effect of law in Texas: -
✔✔Fidelity
Integrity
Competency
Consumer info form 1-1
Discriminatory Practices
Claiming for Payment from Trust Account - ✔✔Payments from the trust account for claims arising out of
a single transaction may not exceed a total of $50,000, regardless of the number of claimants.
Payments from the trust account for claims based on judgments against a single licensee may not
exceed a total of $100,000.
Community Reinvestment Act - ✔✔passed by Congress in 1977 to prevent redlining and to encourage
banks and thrifts to help meet the credit needs of all segments of their communities.
, contract - ✔✔an agreement between two or more parties who, in a "meeting of the minds," have
pledged to perform or refrain from performing some act. A valid contract is one that is legally
enforceable by virtue of meeting certain requirements of contract law.
Corporation - ✔✔a separate legal entity established under state law by the filing of articles of
incorporation with
the Secretary of State. If just a few people hold all the stock in a corporation so they can actively control
the
business, the corporation is said to be closely held.
Datums - ✔✔Standard elevation reference points
defeasible fee estate - ✔✔perpetual estate, provided the usage DOES conform to stated conditions.
Easement appurtenant - ✔✔gives a property owner a right of usage to portions of an adjoining property
owned by
another party.
easement by necessity - ✔✔n easement appurtenant granted by a court of law to a property owner
because of a circumstance of necessity, most commonly the need for access to a property.
Easement in gross - ✔✔a right to use property that does not attach to the real estate. Utilities or
railroads are examples. Those employed to buy or sell easements in gross must be licensed or registered
with TREC.
Easements can be created by: - ✔✔voluntary grant, court decree, by necessity, prescription, or eminent
domain.
Education Standards Advisory Committee (ESAC) - ✔✔committee consists of twelve (12) members
appointed by the commission. Members serve two-year terms, expiring on December 31 of each even-
numbered year.
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