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principles of real estate chapter 7 Texas Real Estate License Act questions & answers
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principles of real estate chapter 7 TexasReal Estate License Act questions &
answers.
Broker-Lawyer Committee ANS -drafts and revises contract forms that are capable of being
standardized to expedite real estate transactions and minimize controversy
broker ANS -an individual who sells or leases real estate for another in exchange for a commission
business entity ANS -qualified to transact business in the state
AKA: domestic entity or foreign entity
residential rental locator ANS -means a person who offers for consideration to locate a unit in an
apartment complex for lease to a prospective tenant. The term does not include an owner who offers to
locate a unit in the owner's complex.
real estate ANS -means any interest in real property, including a leasehold, located in or outside this
state. The term does not include an interest given as security for the performance of an obligation.
T/F: A sales agent is not considered licensed, and therefore, may not engage in the business until his or
her license is received in the sponsoring broker's office. ANS -true
certificate holder ANS -means a person registered under subchapter K
EQUITABLE INTERESTS IN REAL PROPERTY. (a) A person may acquire an option or an interest in a
contract to purchase real property and then sell or offer to sell the option or assign or offer to assign the
contract without holding a license issued under this chapter if the person: (1.2.) ANS -1) does not use
the option or contract to purchase to engage in real estate brokerage; and
2) discloses the nature of the equitable interest to any potential buyer
, three day right of rescission ANS -Chapter 601 of the Business & Commerce Code allows a consumer in
certain transaction to cancel the transaction until midnight on the 3rd day after agreeing to purchase
the good or service
The Texas Real Estate Commission consists of _#_ members appointed by _1_ with the advice and
consent of the _2_ as follows:
- _3_ members who have been engaged in brokerage business as licensed brokers as their major
occupation for the _4_ years preceding appointment; and
- _5_ members who represent the _6_ ANS -#: 9
1: the governor
2: senate
3: 6
4: 5
5: 3
6: public
each member of the commission must be a? ANS -qualified voter
a person is not eligible for appointment as a public member of the commission if the person or the
person's spouse: (1.2.3.4) ANS -1. is registered, certified, or licensed by an occupational regulatory
agency in the real estate industry
2. is employed by or participates in the management of a business entity or other organization regulated
by the commission or receiving funds from the commission
3. owes or controls, directly or indirectly, more than a 10% interest in a business entity or other
organization regulated by the commission or receiving funds from the commission
4. uses or receives a substantial amount of tangible goods, services, or funds from the commission,
other than compensation or reimbursement authorized by law for commission membership,
attendance, or expenses
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