Exam Prep - State Portion II - Trebs 2024(100% Correct)
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Course
- Trebs 2021
Institution
- Trebs 2021
T2. According to TREC rules, when MUST you inform a seller about the market value of their home?
A. When the offer is presented
B. When the listing is taken
C. Upon first face-to-face meeting with the seller
D. TREC rules don't require you to inform the seller of the market value. - ANSWERSB. W...
Exam Prep - State Portion II - Trebs
2024(100% Correct)
T2. According to TREC rules, when MUST you inform a seller about the market value of
their home?
A. When the offer is presented
B. When the listing is taken
C. Upon first face-to-face meeting with the seller
D. TREC rules don't require you to inform the seller of the market value. - ANSWERSB.
When the listing is taken. A licensee is required to tell the seller the value of their
property when they take the listing on the property. The licensee will do a Comparative
Market Analysis (CMA) and tell the seller the value of the property. A CMA is not an
appraisal.
T2. A residential rental locator shall prominently display in a place accessible to clients:
A. The locator's license
B. A statement that the locator is licensed by the commission
C. Both A and B
D. A locator does not need to display license. - ANSWERSC. Both A and B. The
residential rental locator (apartment locator) must display the locator's license and a
statement that the locator is licensed by TREC. The distinction is that the licenses of
salespersons do not need to be "displayed" at the broker's office. Only apartment
locator's licenses need to be displayed to comply with TREC rules.
T2. An individual manages several properties for several owners. Is this person required
to have a real estate license?
A. Only if the properties are within the city limits
B. Only if the owners want him/her to market the property for sale
C. Yes
D. No - ANSWERSC. Yes. A property manager who manages properties for more than
one person IS required to have a license. If the manager was managing just the owner's
property and no others, he would not have to have a real estate license.
T2. Which of the following is required to have a Texas real estate license to sell a
property in Texas?
A. A builder
B. A person licensed as a salesperson in another state
C. An attorney-in-fact
D. An owner selling his own property - ANSWERSB. A person licensed as a
salesperson in another state. For example, A salesperson from Oklahoma would have
to have a Texas real estate license to practice real estate in the state of Texas.
Remember also that Texas has no reciprocity with any other state for licensing
requirements.
, T2. Who would NOT have to have a real estate license to practice real estate in Texas?
A. Apartment locators
B. Raw land sales person
C. An attorney from Texas
D. Timeshare salesperson - ANSWERSC. An attorney from Texas. An apartment
locator, a person who sells land, and a timeshare salesperson are all required to have a
real estate license to practice real estate in Texas. An attorney licensed in Texas may
do a real estate transaction without having a real estate license.
T2. Which of the following is required to have a Texas Real Estate License in order to
conduct a real estate transaction in Texas?
A. An attorney licensed in Texas
B. A salesperson licensed in Oklahoma
C. A public official conducting transactions as his official duties
D. The on-site manager of an apartment complex - ANSWERSB. A salesperson
licensed in Oklahoma. A salesperson licensed in another state is required to be licensed
in Texas and have a sponsoring Texas broker in order to do real estate transactions in
Texas.
T2. Bob has decided to sell his home himself. Is he required to have a real estate
license in order to advertise his property for sale?
A. No
B. Yes
C. He may advertise in the newspaper without a real estate license, but he must have a
real estate license to advertise on the Internet.
D. He may not place a sign in his yard unless he has a real estate license. -
ANSWERSA. No. Bob may advertise and sell his own property without having a real
estate license, and he is not required a hire a licensed broker.
T2. Who does not need a real estate license?
A. A person who offers to lease real estate for compensation
B. A person who offers to sell her own property
C. A person who offers to exchange real estate for compensation
D. An apartment finder for compensation - ANSWERSB. A person who offers to sell her
own property. An owner is not required to have a real estate license to sell his/her own
home.
T2. Which of the following is NOT required to have a real estate license issued in
Texas?
A. An apartment locator
B. An on-site manager of an apartment complex
C. A property manager working for 7 owners
D. A person collecting rent on 5 houses owned by 5 different owners - ANSWERSB. An
on-site manager of an apartment complex. If the apartment manager is just working for
one owner, he/she is not required to have a real estate license.
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