According to trec rules - Study guides, Class notes & Summaries

TREC State Exam Practice questions 1. TREC has the power to order witnesses to appear and/or produce records of documents for its investigations and hearings. This is called subpoena power. If a license holder fails to respond to a subpoena, what can TREC do? (a) TREC can assess an administrative penalty against the license holder for up to $4,000. (b) TREC can immediately revoke the license of the license holder without a hearing. (c) TREC can file suit with the Attorney Gen...

Final Exam RELE 1200 Questions and Answers 100% Pass 1. According to paragraph 18 of the One to Four Family Residential Contract, at closing, earnest money is first applied to cash down payment 2. Which addendum is commonly used in a transaction involving an 80% fixed-rate loan? Third Party Financing Addendum 3. In the Third Party Financing Addendum, what should be the cap on interest rates? A rate the buyer will pay that is available in the market 4. When may a potential purchaser's offer ...

PROMULGATED CONTRACTS PRACTICE TEST Exam Questions And Answers 100% Verified Agent Kara signed a buyer's representation agreement with her client that set her commission at 3%. The listing broker of the home her client chose offered 3.5% to the buyer's broker. What percentage of the sale price of the home will Kara's commission be? - answer3.5% What does Paragraph A of the Addendum for Back-Up Contract specify a back-up contract holder do when they execute the contract?* - answerdeposi...

PROMULGATED CONTRACTS PRACTICE TEST Exam Questions And Answers 100% Verified Agent Kara signed a buyer's representation agreement with her client that set her commission at 3%. The listing broker of the home her client chose offered 3.5% to the buyer's broker. What percentage of the sale price of the home will Kara's commission be? - answer3.5% What does Paragraph A of the Addendum for Back-Up Contract specify a back-up contract holder do when they execute the contract?* - answerdeposi...

Texas Promulgated Forms Questions and Answers Test Bank 2023 with complete solution Which of the following is TRUE for the statute of limitations for contracts for the sale of real estate and oral contracts for leases of less than one year? The statute of limitations is four years for the sale and two years for the lease. The voiding of a contract by a minor is an example of terminating a contract by operation of law. Which of the following would NOT be considered a competent party? A 30...

PROMULGATED CONTRACTS PRACTICE TEST Exam Questions And Answers 100% Verified Agent Kara signed a buyer's representation agreement with her client that set her commission at 3%. The listing broker of the home her client chose offered 3.5% to the buyer's broker. What percentage of the sale price of the home will Kara's commission be? - answer3.5% What does Paragraph A of the Addendum for Back-Up Contract specify a back-up contract holder do when they execute the contract?* - answerdeposi...

Texas Real Estate Exam (State) (2023/2024) Already Passed Texas Real Estate Commission (TREC) -created in 1949 -purpose: to administer the provisions of the License Act -authority to make rules and regulations -9 members (3 represent the general public, 6 are real estate brokers) -all appointed by the governor and approved by the Senate -serve 6 year terms -has the power to subpoena books, records, and witnesses -has the power to issue or revoke Real Estate Licenses Broker Lawyer Committee -wri...

Promulgated Contracts Exam(real estate exam 6)Already Graded A+ When would it be appropriate to use the New Home Contract (Incomplete Construction)? for a client buying a new home that is being built A buyer needs more option period time. They have asked the seller, who agreed, and signed TREC's Amendment to Contract. What else must they do to make the extension official? pay an additional option fee In TREC promulgated contracts, what does Paragraph 21: Notices provide information about...

Default of contract and types of damages (pg 137) (Ans- Liquidated Damages - The seller can choose to accept the buyer's earnest money as liquidated damages, releasing all parties from any further obligation under the contract. Liquidated damages are damages that are established in the contract. Monetary Damages - The injured party may "seek such other relief as may be provided by law." This would be an award of monetary damages by the court. Because monetary damages are awarded by the ...

champions school of real estate law of agency chapter quiz Questions and Correct Answers 2024 An agency relationship exists when one person, the ______________ acts for, or on the behalf of another person, the _____________________. - Answer -Agent, principal Which of the following is ground for suspension or revocation of license by TREC? - Answer -Splitting commission with a person other than a license holder The commission can deny licensure to an applicant based on the applicants? - A...