Exam (elaborations)
TREC PRACTICE EXAM QUESTIONS AND ANSWERS
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TREC PRACTICE EXAM QUESTIONS AND ANSWERS
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TREC PRACTICE EXAM QUESTIONS AND ANSWERSRegardless of the number of applicants, payments from the Real Estate Recovery Trust
Account may not exceed:
$50,000 per transaction, with a maximum of $100,000 per license holder for
multiple transactions.
How long are terms for members of the Texas Real Estate Commission?
six years
May an unlicensed person make calls to determine whether a person is interested in
buying or selling property and make an appointment for a licensed agent to talk to
them?
No
What type of property requires the Texas Seller's Disclosure of Property Condition?
Single Family Residential Homes
No action for judgment, which results in an order for collection from the real estate
recovery trust account, shall be started later than:
two years
How often is continuing education required for Texas real estate licensees?
two years
Cold calling in Texas is
legal with active real estate license
What state agency is responsible for the licensing of real estate appraisers?
Texas Appraiser Licensing and Certification Board
Under agency law in Texas dual agency is
illegal
Which document must be presented to both buyers and sellers entering into an agency
relationship with a broker under Texas Law?
An Information About Brokers Services Form
Is commingling legal in Texas?
No.
, Under no circumstances can an unlicensed office personnel do the following:
Host open houses
Jimmy is selling his house. Pam is buying it. Which of the following cannot draft a sales
contract?
Either One of Their Agents
Texas state agency disclosure laws specifically require agents to:
Disclose the type of agency you have with your client.
How long must all Texas brokers maintain their trust account records?
four years
real estate buyer also purchases personal property
bill of sale (deed real property)
What do liens and easements have in common?
Both are encumbrances
A balloon payments is associated with
large payment during the term or at the end of the payment schedule
An agreement that permits occupancy between two specified dates, at the end of
which the property must be vacated
estate for years
An individual is exempt from real estate licensure in Texas if the individual is doing
which of the following:
-running an apartment locator service for several different complexes
-listing real estate for sale, rent, exchange or trade
-being an on-site manager of an apartment complex
-procuring prospects for the rental of real estate
being an on-site manager of an apartment complex
According to the TREC residential resale contract form, if a termination option fee is
paid, day one of the option period is:
The day following the effective date of the contract
When a broker is acting for more than one party, the broker should disclose:
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